Lecture 1 notes
Lecture 1 notes FIN - 26074 - 002
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This 2 page Class Notes was uploaded by Olivia Zemanek on Saturday September 12, 2015. The Class Notes belongs to FIN - 26074 - 002 at Kent State University taught by Lois J. Yoder Beier (P) in Fall 2015. Since its upload, it has received 615 views. For similar materials see LEGAL ENVIRONMENT OF BUSINESS in Finance at Kent State University.
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Date Created: 09/12/15
FIN 2607 4001 THE LEGAL ENVIRONMENT OF BUSINESSLECTURE 1 The Major Players in the Legal System Lawyers present the evidence and the points of law CRUCIAL for the legal system to work 0 Duties to their clients delity loyalty and integrity 0 Be a counselor an advocate and public servant Judges Appointed by President of US appointed for LIFE 0 Apply rules of law and constitutional limitations to help decide the case The Jury selected from registered voter list and licensed drivers 0 Make a decision Look at the facts listen to witnesses 0 Decision must be unanimous in most states usually 6 jurors Plaintiff the party that initiatesbegins the lawsuit Defender party on opposite side of plaintiff Two Basic types of Court 1 Trial Court 0 Plaintiff initiates lawsuit against defender both will have lawyers 0 Decision by jury overseen by a judge 0 Witnesses come to court and give testimonies 2 Appellate Courts 0 Basically reviewing cases 0 Review documents and evidence but receive nothing new or different from trial court 0 Appellate court judges have power to overturn decision if they find an error Two Basic Levels of CasesLaws 1 Criminal Cases the ones that get most coverage in press 0 Drunk driving domestic violence murder etc 2 Civil Cases 0 Someone seeking compensation for something that happened injury from accident 0 Key to winning have more credible witnesses Concept of IMPERMEABLE PROCESS Means that there must be fundamental fairness A right of notice if you are getting charged with something allows you time to plan prepare for the trial find testimonies know when and where