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by: Caspian Roberts

BusinessLawWeek3Notes.pdf ACCT 2700 - 001

Marketplace > Auburn University > Accounting > ACCT 2700 - 001 > BusinessLawWeek3Notes pdf
Caspian Roberts
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Business Law
Robert Hollis Cochran
Class Notes
business law
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This 7 page Class Notes was uploaded by Caspian Roberts on Thursday February 4, 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 68 views. For similar materials see Business Law in Accounting at Auburn University.


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Date Created: 02/04/16
“Hard work beats talent when talent fails to work hard.” - Kevin Durant The Judiciary’s Role in government: Judiciary review was established by the U.S. Supreme Court in Marbury v. Madison (1803) where Chief Justice Marshall wrote: “It is emphatically the province and duty of the judiciary to say what the law is…” This case established the principle of Judicial Review Basic Judicial Requirements:  Jurisdiction: “Juris” (Law) “diction” (to speak) is the power of a court to hear a dispute and to “speak the aw” into a controversy and render a verdict that is legally binding on the parties to the dispute. o In Personam (over persons): Power of a court to compel the presence of the parties (including corporations) to a dispute to appear before the court and litigate o In Rem (over property): A court has the power to decide issues relating to property, whether the property is real, personal, tangible, or intangible  A court generally has in rem jurisdiction over any property situated within its geographical borders o Long Arm Statutes: Courts use long-arm statutes for non-resident parties based on “minimum contacts” with state. Means defendant had some connection with forum state o For businesses “minimum contacts” requires some business within the state  Dude and Bubba  Dude is a California guy, smokes a lot of pot, surfs all the time, and has no job  Bubba lives in Alabama, smokes dope, and has no job  One day Dude drives to Florida because waves are good at Daytona, but gets in a wreck with Bubba  Bubba goes into the court house in Mobile and sues Dude for Negligence worth $1 million.  Does Alabama have Jurisdiction over Dude? YES; subject to personal jurisdiction  LL Bean  100% money back guarantee  You bought something, want to return it, and LL Bean says you can’t have your money back  You sue LL Bean in Auburn  There is minimum contacts because LL Bean has actively subjected themselves to the state by sending mail and email  Bandanas from San Diego  Wife wanted 20 orange bandanas, so you order 20 from San Diego  When they arrive, they are pink; you want your money back  You sue them for the money, but do you have Jurisdiction?  You do not have minimum contacts because it was just an online order  You have a right to sue anybody at anytime anywhere for anything o Subject Matter Jurisdiction:  Courts must be able to hear a case  Results from statutory limitation on the types of cases a court can hear, usually determined by federal or state statutes (ex. Probate, bankruptcy, criminal, traffic, etc…) o Original (trial) and Appellate Jurisdiction:  Courts of original jurisdiction is were the case started (trial)  Courts of appellate jurisdiction have the power to hear an appeal from another court o Federal Court Jurisdiction:  “Federal Question” cases:  Rights or obligations of a party are created or defined by some federal law  “Diversity of Citizenship” cases:  Parties are not from the same state, and  The amount in controversy is greater than $75,000  (There will be a case involving “Diversity of Citizenship” on the exam) o Exclusive vs. Concurrent Jurisdiction:  Exclusive: Only one court (state or federal) has the power (jurisdiction) to hear the case  Concurrent: more than one court can hear the case  Venue o Venue is concerned with the most appropriate location for the trial o Generally, proper venue is where the injury occurred  Standing (to sue) o A party must have suffered a legal injury and have a sufficient “stake” in the controversy o Sample Questions: In Rem jurisdiction refers to: General property issues The long arm statute requirement for minimum contacts means: Any attempt to “come into the state” to do business is probably enough Feb 4, 2016 “The moment you’re born you’re done for” - Arnold Bennett (English Author 1867 – 1931) FOR TEST: (Panopto Lecture’s link is on Canvas) State and Federal Court Systems: Texas Courts: (Works way from the bottom to the top) 1. Ct. Criminal Appeals 2. Supreme Court a. Court of Appeals (depending on the case ^) i. District Court (can start here) ii. County Court (comes from either Municipal or Justice) 1. Municipal Court 2. Justice Court Federal Courts: (works way from the bottom to the top) 1. US Supreme Court a. Circuit Courts of Appeals (If you lose, want to retry, and the USSC wants to hear it ^) i. US District Court (If you lose and want to retry ^) Graphical Representation of the Previous Description of State and Federal Court Systems bellow \/ Route to the U.S. Supreme Court: (From Bottom to the Top) 1. Supreme Court of the United States (comes from either a of b) a. U.S Court of Appeals (comes from I, ii, or iii) i. Federal Administrative Agencies ii. US District Courts iii. Specialized US Courts: (Bankruptcy, Court of Federal Claims, Court of International Trade, Tax Court) b. Highest State Courts (comes from i) i. State Courts of Appeals (comes from 1 or 2) 1. State Administrative Agencies 2. State Trial Courts of General Jurisdiction (comes from a) a. Local Trial Courts of Limited Jurisdiction Graphical Representation of the Route to the U.S. Supreme Court) above ^ The U.S Supreme Court  The U.S. Supreme Court hears cases in its own discretion, meaning that they choose which cases to hear, or to not hear  10,000+ appeals per year, with all of them containing a Petition for Certiorari o Petition for Certiorari- It’s a written letter to the Supreme Court, asking them to hear your case  Currently hears around 80-100 appeals per year o If the court will hear your case, they will issue a Writ of Certiorari  Writ of Certiorari – Statement made by the Supreme Court to hear a case Alternative Dispute Resolution:  Trials are very expensive and sometimes take a long time to resolve  ADR methods are inexpensive, relatively quick, and give parties more control over process  Unless court-ordered, there is no record which is an important factor in the commercial litigation due to trade secrets o This means there is no record for you to use in an appeal  Most common examples are: negotiation, mediation, and arbitration o Negotiation – discussion aimed at reaching an agreement. This is usually informal, without attorneys, aimed at meeting at a point in the middle to resolve a case  Formal Negotiation is when a professional negotiator comes in and helps (no decision is made) o Mediation - Involves a neutral 3 party mediator, who talks face-to- face with the parties separately in order to find common ground  Pro’s: few rules, customized process, and the parties control results  Con’s: mediator fees, no sanctions or deadlines o Arbitration – An Arbitrator considers a case, mainly by reading information submitted by the parties, and grants an award (gives a decision)  The arbitrator is usually an expert in the area of dispute  There is Binding Arbitration and Non-Binding Arbitration  Binding: Parties have to follow the decision made by the Arbitrator, and doesn’t have any chance of going to the court  Non-Binding: Parties don’t have to listen to the Arbitrator, and can go to court (good because you can see whether you would win in court or not)  If parties agree to Arbitration, then there is generally no recourse to the courts  Ex: NFL Players Strike: Non-Binding Arbitration happened, NFL players chose the Arbitrator, and he found that the owners win, the players lose, and that, if the case went to court, the players would lose significantly o The Players then accepted the contract that had been offered Arbitrators render a decision, mediators Don’t Sample questions:  In the United States you have the right to sure anyone over any matter in any court a) TRUE (you have the right to sue anyone, at anytime, for any reason, any where) b) You can do this, but if it’s stupid or pointless then the case will just be dismissed  Standing to sue means: a) You must appear in court to sue someone b) You must have paid your court fees in order to pursue your case c) You must have some stake in the matter being sued upon d) You must be in good standing in your community to sue in court e) If you believe you have been harmed you may be able to have your case heard  Answer = C  While B is true, it is not the correct answer to the question


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