Questions and Answers
What does common law refer to?
What type of law was created by the Securities Exchange Act of 1934?
Where did the principle of collective responsibility in contemporary law originate?
If a trial judge grants a motion for summary judgment, what does it mean if the case is remanded?
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What is required for the injunction in the 'Candy Land' case to be issued?
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Which theory of jurisprudence did Henry David Thoreau apply by refusing to pay taxes due to war?
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If Henry David Thoreau's neighbor paid his taxes despite believing the war was unjust, which jurisprudence theory was he applying?
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In the case titled 'Jones v. Smith', who is most likely to be the plaintiff?
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What does the ruling in Goodman v. Wenco Foods, Inc. illustrate when related to subsequent cases?
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Study Notes
Common Law
- Refers to law established by judges' decisions in cases, which create precedents for future cases.
Securities Regulation
- The Securities Exchange Act of 1934 was enacted after the Securities Act of 1933 to regulate the securities industry and prevent fraud.
- Created the Securities and Exchange Commission (SEC) as an independent regulatory body.
- The SEC generates rules and regulations classified as administrative law.
Collective Responsibility Principle
- Roots in the Anglo-Saxon method for ensuring public order through tithing, holding all partners in a partnership responsible for debts.
Summary Judgment and Appeals
- A judge granting summary judgment means no trial occurred, and the case is returned to trial court for further proceedings, indicating that the outcome is undetermined pending additional steps.
Injunctions
- Courts can issue injunctions to prevent the use of trademarks, requiring a judge with equitable powers to act, as seen in the case of Hasbro, Inc. against Internet Entertainment Group.
Jurisprudential Theories
- Natural Law is the belief in a higher moral law, exemplified by Thoreau's refusal to pay taxes due to his stance against war.
- Legal Positivism holds that laws must be followed regardless of personal belief, as demonstrated by Thoreau's neighbor.
Case Title Interpretation
- In appellate cases, the case title (e.g., Jones v. Smith) does not indicate which party is the plaintiff since naming may reverse based on the losing party's appeal.
Stare Decisis
- The principle of stare decisis mandates that courts follow previous rulings as seen in the North Carolina Supreme Court case Goodman v. Wenco Foods, where earlier rulings influence later decisions.
Executive Powers
- President Nixon's issuance of wage-price controls was a valid exercise of executive power, aimed at economic stability but raised concerns about legislative overreach.
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Prepare for your Business Law I Exam with this comprehensive review quiz. The flashcards cover key concepts like common law and historical legislation. Test your knowledge and ensure you're ready for exam day.
