Introduction to the Legal System

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Contracts

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31 Terms

1

Contracts

Legally binding agreements between two or more parties that outline the rights and obligations of each party involved.

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2

Real Estate

The buying, selling, and ownership of property, including land and buildings.

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3

Mergers, Acquisitions

The combining of two or more companies through various financial transactions, such as buying or selling of assets or shares.

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4

Criminal Defenses (Liabilities)

Legal representation and defense for individuals or businesses facing criminal charges or liabilities.

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5

Labor Laws

Laws that regulate the relationship between employers and employees, including matters such as wages, working conditions, and employee rights.

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6

Intellectual Property, Copyright

Legal protection for original creations of the mind, such as inventions, artistic works, and symbols, to prevent unauthorized use or reproduction.

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7

Legal Structures

The different legal entities that businesses can adopt, such as sole proprietorship, partnership, corporation, or limited liability company (LLC).

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8

Worker Compensation

Insurance or benefits provided to employees who are injured or become ill in the course of their employment.

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9

Law

Enforceable rules that govern how a society acts, with the purpose of maintaining peace, moral standards, and providing a basis for compromise.

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10

Jurisprudence

The science of studying schools of legal thought, analyzing legal theories, and interpreting the law.

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11

Legal Precedent

The historical reasoning behind modern-day laws, formed by ideas, customs, logic, and history, which serves as a basis for future legal decisions.

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12

Natural Law

Laws based on religious, moral, and ethical principles inherent in human nature, such as laws against murder, stealing, etc.

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13

Positive Law

Laws that are created by humans and are within written legal codes, such as speed limits and regulations.

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14

Legal Positivism

The idea that law and moral values are separate, and there is no such thing as natural law, as all rules are dictated by the government.

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15

Landmark Case

A legal precedent-setting case that changes the interpretation of the law and/or establishes a new legal definition.

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16

Common Law

Unwritten laws or precedents established by courts through their decisions and interpretations of legal principles.

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17

Stare Decisis

The principle of following legal precedents to establish consistency

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18

Gibbens v. Ogden

federal authority over interstate waters

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19

Granholm v. Heald

economic discrimination - example of Commerce Clause

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20

Heart of Atlanta Motel v. US

commerce clause includes local regulation which might hurt commerce on interstate/federal territory

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21

Civil law

private relations within a community brought to court

  • disputes

  • claimant / plaintiff vs defendant

  • remedy

  • judgement

  • probability

  • private

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22

Criminal law

concerned with crimes (breaking of laws)

  • wrongs

  • prosecutor vs defendant

  • verdict

  • conviction

  • acquittal

  • sentence

  • punishment

  • burden of proof

  • public

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23

Burden of proof

proof beyond all doubt must be provided for a defendant to be conidered guilty (such a ruling would cause a loss of civil liberties, so extra caution must be taken)

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24

Prong 1 (establishment clause)

entanglement of government with religion violates the first amendment

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25

Prong 2 (establishment clause)

prohibition of religious practice violates the first amendment

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26

Prong 3 (establishment clause)

a law must have a secular legislative purpose to not violate the first amendment

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27

Nominal damages

symbolic award for wrongings without real damages

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28

Assumption of risk

if a potentially damaging scenario is actively entered, there is no ground to sue

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29

Contributory negligence

plaintiff’s negligence contributes to injury, so plaintiff cannot collect

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30

Comparative negligence

plaintiff and defense is assigned damage based on the degree of fault

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31

Time is of the essense

in a contract, what is lost if a contract is breached must be specified in order to collect funds if either party takes too much time to fulfill their end of the contract

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