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30 Cards in this Set

  • Front
  • Back
common law
body of decisions handed down by courts ruling on individual cases

follow precedent
statutory law
law created by constitutions or by federal, state, local legislative acts
regulatory/administrative law
law made by authority of administrative agencies

ex: EPA, FDA
deregulated key industries
financial services, transportation, telecommunications
trial court
general court that hears cases not specifically assigned to another court

lowest level of fed court system
appellate court
court that reviews case records of trails whose findings have been appealed
agreement, consent, capacity, consideration, legality, proper form
civil injury to ppl, property, reputation for which compensation must be paid

business relationships not governed by contracts

intentional, negligence, product liability
punitive damages
fines that exceed actual losses suffered by plaintiffs, and are intended to punish defendants
strict product liability
principle that liability can result not from producer's negligence by from defect in product itself
novel, useful, nonobvious
eminent domain
principle that gov may claim private land for public use by buying it at fair price
implied authority
derived from business custom, to bind a principal to a certain course of action
apparent authority
based on principal's compliance, to bind a principal to a certain course of action
body of standardized laws governing the rights of buyers and sellers in transactions
express warranty
warranty whose terms are specifically stated by seller
implied warranty
dictated by law, based on principle that products should fulfill advertised promises and serve the purposes for which they are manufactured and sold
1. increased availability of credit
2. "fresh-start" provisions in current bankruptcy laws
3. growing acceptance of bankruptcy as a financial tactic
Cart Right
outlaws methods of unfair competition

long arm jurisdiction drives away employers
US largely "statute law"
courts decide by what is written in laws(statute)
doctrine of pre-emption
county matter, US court will not intervene
most commerce is under what law?
state law
When do you Void a Contract?
illegal, mutual mistake, incapacity
Why has international trade increased
China opened
imports of energy to mature economies
outsourcing of manufacturing
What does the US export?
capital goods(boeing)
industrial supplies
What does the US import
crude oil
consumer goods
capital goods(machinery)
Why has the USD been weakening
excessive imports
gov running huge deficit
non-existent domestic savings rate
reserve currencies
Euro, Swiss Franc
tariffs in developing countries
rely on tariffs for tax income
China's state owned banks provide capital at non-market rates to state-owned enterprises, not high enough interest rates

Euro countries provide launch aid for Airbus models

military contract provide subsidy for Boeing