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BusinessLawJan28 Ch. 1.pdf

by: Caspian Roberts

BusinessLawJan28 Ch. 1.pdf ACCT 2700 - 001

Marketplace > Auburn University > Accounting > ACCT 2700 - 001 > BusinessLawJan28 Ch 1 pdf
Caspian Roberts
GPA 3.75

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About this Document

Here are the final notes from Ch. 1
Business Law
Robert Hollis Cochran
Class Notes
business law
25 ?




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This 2 page Class Notes was uploaded by Caspian Roberts on Thursday January 28, 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 92 views. For similar materials see Business Law in Accounting at Auburn University.


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Date Created: 01/28/16
Note * Anything highlighted is going to be on the test “The first requisite of a good citizen is that [they] shall be able and willing to pull [their] own weight.” - Theodore Roosevelt Examples  The Scarlet Letter o Puritan New England tried Hester Prynne for having a child out of wedlock o The man is a married Clergyman o Hester’s husband, thought to be dead, turns out to be alive o In the trial, they believed that her evil had to be punished  Our morals have changes substantially since this time  This book is actually about Economics (hidden economics)  Everyone was just trying to farm enough crop to survive the winter  Without a husband, Hester would need someone else (another man or a family) in order to survive  The judgement was harsh because no one wanted to pull money out of pocket for Hester  In political “social justice” economics, large groups suffer for small group aid  Carnival Cruise Lines, Inc. v. Shute o Members of Washington State o They wanted to go on a cruise o Ship left LA and went to the West Coast of Mexico (it was a 5 day cruise) o The most popular tour on a Cruise ship is the tour of the galley, or kitchen, area o Somewhere on this tour Mrs. Shute “had an injury” (maybe a broken arm or something) o Carnival Cruise agreed to refund the cruise, pay for medical expenses, and pay for medical expenses for the rest of their life, as well as offering an all expenses paid 7 day cruise o Her friends told her to sue Carnival Cruise Lines, but the ticket says that if any dispute were to arise, they would have to go to Florida to sue (Forum Selection Clause: Parties in a contract, before a dispute, may agree where they will try the case and what state law to go under) o Arguments:  Mrs. Shute – That rule shouldn’t apply to me because I’m old  Carnival – This law has been in effect for hundreds of years. She’s an adult, she can handle it o Standing: Carnival Cruise Lines is Right o Mrs. Shute took this to the Court of Appeals o The Appeals Court ruled in favor of Mrs. Shute : She can have the trial in Washington o Carnival Cruise decides to Appeal to the US Supreme Court, and they took the contract case o Made a 7:2 decision  Significance; Liberals and Conservatives were on the same side with this  While this is a hardship for Mrs. Shute, Contract Law has stare decisis  Economically speaking, it’d be less expensive if everyone had their trials in Florida rather than all of the states  “Injustice is with us”  Standing: Carnival Cruise Lines had a bigger interest in trying their cases in Florida Carnival Cruise V. Shute Summary o District Court ruled for Carnival Cruise lines from the Historical School o 9 Circuit Court of Appeals ruled for Mrs. Shute from the Sociological School o Supreme Court ruled for Carnival Cruise lines from the Law and Economics School Sample Questions: th In the Shute case the 9 Circuit of Appeals seemed to follow the Historical School of thought in making their decision? Answer: False In the Shute case the US District court in Washington appeared to follow which school of thought? Answer: Historical School Although it wasn’t stated in the Shute case opinion of the U.S Supreme Court it was obvious that Mrs. Shute suffered a serious injury Answer: False


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