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KSU - FIN 26074 - Summer 2015 - Lecture 3 Notes (9/16) - Class Notes

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KSU - FIN 26074 - Summer 2015 - Lecture 3 Notes (9/16) - Class Notes

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background image FIN 26074­001 THE LEGAL ENVIRONMENT OF BUSINESS­ Lecture Notes (9/16) The Federal Court system. The other court system in the United States.  Why are there two? Profound differences in both the state and federal. Biases and prejudices 
have perpetuated. Many individuals used to not regard themselves as a U.S. citizen, only a 
citizen to the state in which they lived. 
How does the Ohio Supreme Court get cases? Death penalty in Ohio If the court of appeals rule two different ways. A disagreement between the other two 
courts. 
Most common way­ their own discretion. They decide what they want to hear.  Trial Courts in the federal court system Tax court­ deals with taxes Administrative agencies Primary trial court o U.S. district courts. Criminal and civil U.S. bankruptcy court *judges only appointed for 14 yr. terms Court of claims o Handles lawsuits against the government U.S. court of appeals­ the MAIN trial court How federal court gets jurisdiction Basis of specific statue authority If there is a federal question.  Basis of diversity of citizenship The United States Supreme Court The FINAL court a case can go to 9 judges. All appointed for life except for the bankruptcy one. They only have hear appeals that they want to hear.  Only hears 80­100 cases a year out of the thousands that they receive.  Has absolute discretion over what they want to hear. The rule of four. Only 4 of the 9 judges have to want to hear the suit. Not all of them 
have to agree. It does not have to unanimous. Only then will they grant the writ of 
certiorari
If they agree to take the case, they are only doing just that. It does not mean that they will
take a certain side. 
There is no trial. Only looking at previous evidence and previous witness testimonies. No
new evidence is brought. 
background image How lawyers can get paid An hourly basis can be $200­$1000/ hour o High concern that the lawyer might take their good old time though.  A flat fee o They agree on an amount that the lawyer will represent them for regardless of  how much time is spent on the case. A contingency fee o They get a percentage of what they receive. If they lose then they do not get  anything. o Ohio only allows this in an injury case.  A lawyer is an officer of the court. They make sure that the cases are appropriate enough 
to take to court. 
Litigation process Lawsuit begins with  a complaint and what that individual wants. (Divorce/change  name/money, etc.) Complaint is served to defendant via certified mail, personal service of a processor, or 
by publication. Publication is only used if the first two ways have failed.
Once received the  defendant answers all allegations either admitting or denying them.  The matters that the defendant admits to are not focused on. Only the ones that have been
denied. They can also file a counterclaim against plaintiff whom of which will also be 
served notice of this. 
o The defendant has an obligation to let the plaintiff know what kind of defense  they have. o The response should also be given within 20­28 days after the defendant has been  served. If there is no response the plaintiff will almost always win the case. There 
may still be a hearing to determine an amount. 
o *Side note* There can also be a  crossclaim which is attempting to bring in a  third party to the case. 

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School: Kent State University
Department: Finance
Course: Legal Environment of Business
Professor: Timothy Ludick
Term: Summer 2015
Tags: Legal Environment of business, Kent State University, Ludick, Lecture 3, (9/16), and FIN 26074
Name: Lecture 3 Notes (9/16)
Description: These are notes based on the lecture only.
Uploaded: 09/19/2015
4 Pages 35 Views 28 Unlocks
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