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Questions and Answers
What is a Ponzi Scheme?
What is a Ponzi Scheme?
Why do Ponzi Scheme organizers promise high returns with little to no risk?
Why do Ponzi Scheme organizers promise high returns with little to no risk?
What can result from a Ponzi Scheme?
What can result from a Ponzi Scheme?
What happens if four US Supreme Justices agree to grant CERT?
What happens if four US Supreme Justices agree to grant CERT?
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Why are laws considered surprisingly similar around the world?
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?
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'?
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?
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?
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?
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?
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?
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.