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Questions and Answers
What is a Ponzi Scheme?
Why do Ponzi Scheme organizers promise high returns with little to no risk?
What can result from a Ponzi Scheme?
What happens if four US Supreme Justices agree to grant CERT?
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Why are laws considered surprisingly similar around the world?
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What is the difference between ethics and law according to the text?
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What is the guiding principle in common law that means 'let the decision stand'?
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Which type of law does the American legal system follow where each party pays their own lawyer fees regardless of the case outcome?
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What is the primary role of District Courts in the American judicial system?
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How are State Judges selected in the American judicial system?
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What is the minimum number of Justices required to vote in favor of hearing a case in the Supreme Court?
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When Appeals Courts review cases, what is their primary focus?
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Study Notes
Fraudulent Schemes
- A Ponzi Scheme is a fraudulent investment scam that promises high returns with little to no risk to its victims.
Tactics of Ponzi Scheme Organizers
- Ponzi Scheme organizers promise high returns with little to no risk to lure investors and convince them to participate in the scheme.
Consequences of Ponzi Schemes
- Ponzi Schemes can result in financial losses and legal consequences for the organizers.
US Supreme Court Procedures
- If four US Supreme Justices agree to grant CERT (Certificate), the Supreme Court will hear the case.
Legal Uniformity
- Laws are surprisingly similar around the world due to shared human experiences and social norms.
Ethics vs Law
- Ethics refer to moral principles that guide behavior, while law refers to rules and regulations enforced by authorities.
Common Law Principles
- The guiding principle in common law is 'stare decisis', which means 'let the decision stand', emphasizing the importance of precedent in judicial decision-making.
American Legal System
- The American legal system follows the 'English Rule', where each party pays their own lawyer fees regardless of the case outcome.
District Courts
- The primary role of District Courts is to hear and decide federal cases involving federal laws and the US Constitution.
State Judges
- State Judges are selected through a combination of appointments, elections, and merit-based selection processes.
Supreme Court Procedures
- The minimum number of Justices required to vote in favor of hearing a case in the Supreme Court is four.
Appeals Courts
- When Appeals Courts review cases, their primary focus is on determining whether the lower court's decision was legally correct, rather than retrying the case.
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Description
Explore questions related to Ponzi schemes, including definitions, characteristics, and legal implications. Learn about famous Ponzi schemes like the Benie Madoff scandal.
