Business Law notes week Jan 25th
Business Law notes week Jan 25th ACCT 2700 - 001
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This 3 page Class Notes was uploaded by Caspian Roberts on Tuesday January 5, 2016. The Class Notes belongs to ACCT 2700 - 001 at Auburn University taught by Robert Hollis Cochran in Fall 2015. Since its upload, it has received 198 views. For similar materials see Business Law in Accounting at Auburn University.
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Date Created: 01/05/16
*Note* Highlighted items will be on the test Common Law: 1066 AD William the Conqueror established a legal system in England Early English courts- with common law, there were two separate court systems; 1. Courts of Law (money relief) - for the Aristocracy 2. Courts of Equity (non-monetary relief) based on notions of justice and fair dealing – for the peasants Courts of Law: AKA “king’s courts” because judges were appointed by the king Remedies limited to those provided at law, such as land, chattel, money, etc… Judges resolved disputes by applying rules of law to the facts of the case before the court Courts of Equity: Equity is founded on justice and fairness These courts were administered by chancellors appointed by the king Equitable remedies include: specific performance, injunctions, and recessions Law Merchant: Merchants were left to solve their own disputes They were considered “beneath the king” Merchants around Europe developed their own legal system to regulate business Effective because they were all driven by profit By 1600 the Law Merchant had slowly become part of Common Law and was administered in both Legal and Equitable courts. Courts Today: By 1896, Law, Equitable, and Law Merchant Courts were merged into a singe legal system. So, General Courts today handle all of these functions The Doctrine of Stare Decisis: Stare Decisis means “stand on decided cases”, and it refers to judge-made law Case Precedents and Reporters o Each decision and interpretation becomes a precedent Stare Decisis and the Common Law o Courts are obliged to follow precedents within their own jurisdiction o Courts should not overturn their own precedents without compelling reasons Stare Decisis and Legal Stability o Stare Decisis helps court efficiency and makes law more predictable o But, Stare Decisis makes changing the law very slow due to its reliance on precedent If there is no precedent, the courts use their best judgement to decide a case (referred to as a first impression case, due to its lack of precedent) Courts will change/overrule a precedent usually under one of these conditions: o The precedent is clearly wrong o Times have changed and an new precedent is needed Plessy v. Ferguson: Common law is slow There is no One “Right” Answer: Good arguments are made for both sides Judges have personal beliefs that may affect decisions Outcomes to lawsuits can’t be predicted with certainty Common Law Today: It governs transactions not covered by statutory law (Courts Interpret Statutes) “The common law of England, so far as it is not inconsistent with the Constitution, laws, and institutions of this state, shall, together with such institutions and laws, be the rule of decisions, and shall continue in force, except as from time to time it may be altered or repealed by the Legislature.” Court Decisions under the Common Law: Affect future cases in many circumstances School of Jurisprudential Thought: Jurisprudence is the Philosophy of Law Schools: o Natural – “Assumes law, rights and ethics are based on universal moral principals inherent in nature discoverable through human reason” o Historical – “Law derives its legitimacy and authority from standards that have withstood the test of time” o Sociological – “The law is just another tool with which to correct social injustice” o Law and Economics – “The economic impact should be studied and understood before a decision is made to change a law” o Command –“ Whoever holds power makes the law and everyone else must obey” Classifications of Law: Every type of law can either be: o Civil/Criminal o Substantive (What a law actually says i.e. trespassing) or Procedural (what wee do in enforcing law i.e. following correct procedures) o Public (applies to everyone) or Private (applies to certain people or organizations) Examples of People under these Schools: (Matching Section on test) Command: Hitler, Mussolini, Castro Law and economics : Richard Posener and Thomas Sowell Sociological: Obama, Hillary Clinton, and Chris Matthews Historical: Clarence Thomas, George H. W. Bush, Bill O’Reily Natural: Thomas Jefferson, M.L.K, and James Maddison True of False? Adherence to the Law and economics School of Jurisprudential thought believe that the law should reflect the best economic alternative FALSE
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