Business Law Study Guide
BA 3301 Test 1 Review
Chapter 1
Equity vs. Legal Action * Court of Equity – the court will hear what is fair, and the outcome is based on factors not contract terms. * Equity – seeks a remedy when there is no available remedy at law. Deals with fairness in justice, usually stemming from natural law. Injunctions, court orders, restraining order. Civil action. * Court of Law – “black letter law” you did or did not do something. * Legal action – action typically for money damages such as a tort or breach of contract action. Criminal charges.
Sources of Contemporary Law * United States Constitution – supreme law of the land. Any law that conflicts with it is void. 1. Establishes national government, with its three branches 2. Creates a system of checks and balances 3. Guarantees many basic rights to the American people * Branches of the government – division of power * Legislative power – gives the ability to create new laws. Article I, gives power to Congress. * Comprised of two chambers: the Senate (2 senators from each state) and the House of Representatives (based on population, 435 voting members). * Executive power – authority to enforce law. Article II establishes the president as commander and chief of the armed forces and the head of the executive branch of the government. * Judicial power – gives the right to interpret laws and determine their validity. Article III places the Supreme Court at the head of the judicial branch of the federal government. Interpretive power is just as important as the power to create law. * Checks and Balances * The Constitution gives each branch of the government some power over the two other branches. * The President can veto Congressional legislation. * Congress can impeach the president. * The president appoints judges to the federal courts, but these nominees do not serve unless approved by
Chapter 1
Equity vs. Legal Action * Court of Equity – the court will hear what is fair, and the outcome is based on factors not contract terms. * Equity – seeks a remedy when there is no available remedy at law. Deals with fairness in justice, usually stemming from natural law. Injunctions, court orders, restraining order. Civil action. * Court of Law – “black letter law” you did or did not do something. * Legal action – action typically for money damages such as a tort or breach of contract action. Criminal charges.
Sources of Contemporary Law * United States Constitution – supreme law of the land. Any law that conflicts with it is void. 1. Establishes national government, with its three branches 2. Creates a system of checks and balances 3. Guarantees many basic rights to the American people * Branches of the government – division of power * Legislative power – gives the ability to create new laws. Article I, gives power to Congress. * Comprised of two chambers: the Senate (2 senators from each state) and the House of Representatives (based on population, 435 voting members). * Executive power – authority to enforce law. Article II establishes the president as commander and chief of the armed forces and the head of the executive branch of the government. * Judicial power – gives the right to interpret laws and determine their validity. Article III places the Supreme Court at the head of the judicial branch of the federal government. Interpretive power is just as important as the power to create law. * Checks and Balances * The Constitution gives each branch of the government some power over the two other branches. * The President can veto Congressional legislation. * Congress can impeach the president. * The president appoints judges to the federal courts, but these nominees do not serve unless approved by