University of Miami

Definition of Law - Answer a rule of civil conduct prescribed by the supreme power in a state, commanding what is right and prohibiting what is wrong Function of Law - Answer to maintain stability in the social, political and economic system through dispute resolution, protection of property and the preservation of the state Laws and Morals - Answer are different but overlapping; law provides sanctions while morals do not Law and Justice - Answer are separate and...

Capacity - Answer the parties to a contract must have contractual capacity e.g. Adult, Sober, Competent Minor - Answer person who is under the age of majority (usually eighteen years) Liability on Contracts - Answer minor's contracts are voidable at the minor's option Disaffirmance - Answer avoidance of the contract; may be done during minority and for a reasonable time after reaching majority Restitution - Answer a minor who has disaffirmed a c...

Law vs. Ethics - Answer Laws dictate how a person MUST behave, ethics dictate how a person SHOULD behave ethics - Answer the principles of right and wrong that guide an individual in making decisions business ethics - Answer rules about how businesses and their employees ought to behave 3 steps to dealing with ethical issues - Answer 1. the decision maker should see (identify) the ethical issues involved in the proposed conduct, including the ethical implications...

Compensatory Damages - Answer k damages placing the injured party in a position as good as he one he would have held had the other party performed; equals loss of value minus loss avoided by injured party plus incidental damages plus consequential damages Loss of Value - Answer value of promised performance minus value of actual performance Cost Avoided - Answer loss or costs the injured party avoids by not having to perform Incidental Damages - Answer damages ar...

District Courts - Answer Trail courts of general jurisdiction that can hear and decide most legal controversies in the federal system Courts of Appeals - Answer hear appeals from the courts and review orders of certain administrative agencies The Supreme Court - Answer The nation's highest court, whose principal function is to review the decisions from the Court of Appeals Special Courts - Answer have jurisdiction over cases in a particular area of Federal Law...

Consideration - Answer inducement to enter into a contract that requires 1. legal sufficiency 2. bargained-for exchange Sufficiency of consideration - Answer consists of either a benefit to the promisor or a detriment to the promise Legal benefit - Answer obtaining something the party did not have a prior legal right to Legal detriment - Answer 1. doing an action, one was not legally obligated to do 2. refraining from an action that one has a legal right to d...

Uniform Commercial Code - Answer Article 2 governs sale of personal property except in Louisiana. Personal Property - Answer Any property other than an interest in private property (land). TV or car General Contract Law (Common Law) - Answer Governs all contracts outside the scope of the Code. Ex: employment contracts, service contracts, insurance contracts, contracts involving real property(land and anything attached to it) and contracts for the sale of intangibles suc...

district courts (fed) - Answer trial courts of general jurisdiction that can hear and decide most legal controversies in the federal system court of appeals (fed) - Answer hear appeals from the district courts and review orders of certain administrative agencies supreme court (fed) - Answer the nation's highest court, whose principal function is to review decisions of the Federal Courts of Appeals and the highest State courts special courts (fed) - Answer have...

Subject Matter Jurisdiction - Answer Court's ability to hear a certain type case Federal or state Subject Matter Jurisdiction (3 Types) - Answer 1) Exclusive Federal Jurisdiction 2) Concurrent Jurisdiction 3) Exclusive State Exclusive Federal Jurisdiction (5 Types) - Answer 1) Bankruptcy 2) Copyright 3) Patent 4) Federal Crimes 5) Antitrust(monopoly) Concurrent Jurisdiction for Federal Questions - Answer Issues pertaining to the US Constitution or US S...

Law - Answer Series of rules and regulations set by a rulemaking authority where there's some enforcement mechanism for violators Statutory Law - Answer Laws made by legislative branch Regulatory Law - Answer rules created by an administrative body appointed by the President Common law - Answer (judge-made law) governed by precedent Subject matter jurisdiction - Answer this concept is present if the federal court has exclusive jurisdiction OR concurre...