Podcast
Questions and Answers
In legal terms, what distinguishes 'legal relief' from 'equitable relief' in a civil dispute?
In legal terms, what distinguishes 'legal relief' from 'equitable relief' in a civil dispute?
- Legal relief is temporary, while equitable relief is permanent.
- Legal relief is decided by a judge, while equitable relief is determined by a jury.
- Legal relief involves monetary compensation, while equitable relief involves specific actions or injunctions. (correct)
- Legal relief applies only to criminal cases, while equitable relief applies only to civil cases.
The primary function of litigation is planning for future business ventures and ensuring their legal compliance.
The primary function of litigation is planning for future business ventures and ensuring their legal compliance.
False (B)
Explain how predictability in law contributes to the functioning of the economy.
Explain how predictability in law contributes to the functioning of the economy.
Predictability in law allows businesses to operate with assurance, facilitating contracts, agreements, and regulatory compliance. This stability fosters economic flow and growth.
A ______ serves as a reflection of one's legal right to own property.
A ______ serves as a reflection of one's legal right to own property.
Match the following legal actions with their descriptions:
Match the following legal actions with their descriptions:
Which of the following is NOT a source of law?
Which of the following is NOT a source of law?
Choice of law clauses in contracts allow parties to predetermine which jurisdiction's laws will govern their agreement, reflecting a degree of autonomy in legal matters.
Choice of law clauses in contracts allow parties to predetermine which jurisdiction's laws will govern their agreement, reflecting a degree of autonomy in legal matters.
Explain the significance of contracts in the context of the global economy.
Explain the significance of contracts in the context of the global economy.
Flashcards
Litigation
Litigation
A dispute brought to court for resolution.
Law's Focus
Law's Focus
Seeks to correct past wrongs through legal means.
Criminal Action
Criminal Action
Legal action initiated by the government against an individual or entity for violating the law.
Civil Action
Civil Action
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Legal Relief
Legal Relief
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Equitable Relief
Equitable Relief
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Predictability in Law
Predictability in Law
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Deed
Deed
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Study Notes
- Litigation is a dispute brought to court, often seen in personal injury cases or business conflicts.
- Law involves redressing the past through internal, agency, criminal, or civil actions.
Justice in Cases of Illegal Conduct (Criminal)
- Government or agency investigates or brings the case.
- Examples include:
- Federal: United States vs. Elizabeth Holmes (2021)
- State: Commonwealth of Virginia vs. John Brown (1859)
- Other Federal: United States v. Nixon (1974)
Justice Among Parties in a Private Dispute (Civil) and Internal Investigations
- The aggrieved party initiates the case, seeking legal relief, or equitable relief such as requiring or forbidding specific actions.
Planning
- Includes corporations, securities, wills, trusts, family law, all contracts, mergers, acquisitions, etc.
- Law enables predictability in business through contracts, agreements and regulations.
- Predictability is essential for the economy to function properly.
Source of Law
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Declaration of Independence (1776).
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Acts of government (federal and state).
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Constitution.
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Statutes and regulations from administrative agencies.
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Local rules, court decisions (common law).
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Most laws originated from England.
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All law comes from human sources.
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Choice of law involves conflicts of laws and choice of law clauses.
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Predictability is essential in law and comes from contracts.
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A deed is the reflection of the right to own a property.
Contracts
- Serve as a foundation for the global economy.
- Amazon is a big bundle of contracts.
- Basic terms make a contract enforceable.
- Contracts allow strangers to rely on each other.
- Global economy runs on contracts, as does everyday life and civilization itself.
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