Lecture 3 Notes (9/16)
Lecture 3 Notes (9/16) FIN - 26074 - 001
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This 2 page Class Notes was uploaded by Olivia Zemanek on Saturday September 19, 2015. The Class Notes belongs to FIN - 26074 - 001 at Kent State University taught by Timothy D Ludick (P) in Summer 2015. Since its upload, it has received 139 views. For similar materials see LEGAL ENVIRONMENT OF BUSINESS in Finance at Kent State University.
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Date Created: 09/19/15
FIN 26074001 THE LEGAL ENVIRONMENT OF BUSINESS Lecture Notes 916 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 US 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 0 US district courts Criminal and civil US bankruptcy court judges only appointed for 14 yr terms Court of claims 0 Handles lawsuits against the government US 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 How lawyers can get paid 0 An hourly basis can be 2001000 hour 0 High concern that the lawyer might take their good old time though 0 A at fee 0 They agree on an amount that the lawyer will represent them for regardless of how much time is spent on the case 0 A contingency fee 0 They get a percentage of what they receive If they lose then they do not get anything 0 Ohio only allows this in an injury case 0 A lawyer is an officer of the court They make sure that the cases are appropriate enough to take to court Litigation process 0 Lawsuit begins with a complaint and What that individual wants Divorcechange namemoney etc 0 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 0 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 0 The defendant has an obligation to let the plaintiff know what kind of defense they have 0 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 0 Side note There can also be a crossclaim which is attempting to bring in a third party to the case
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