Business Law Notes
Business Law – Complete Notes from Benjamin Wolfson
Class taken Spring 2008
Quiz questions at end of document
What is Law: Law is a set of rules for the peaceful resolution of disputes. (*better/more useful than book definition)
It is impossible to set up a system that always resolves conflict.
-The phrase “law exists to protect our rights” is incorrect, because law gives us our rights. Without the law, we would not have them. [ryan] we always want disputes resolved peacefully.
Term of art (TOA) – word/phrase has a different legal meaning than the common definition. (*quizzes/tests will always ask to define TOA, not common)
“Classification of Law” (p3)
-Substantive Law: (the what bw) Part of law which creates and defines individual/entity’s legal rights and obligations.
-Procedural Law: (the how bw) Law which tells you how you go about enforcing your legal rights and obligations.
Ex) person’s right to sue another person/entity in a particular jurisdiction ⋄ Procedural (can you do this)
Ex) Do you have the right to sue and recover from another person ⋄ Substantive Law
Hypo: buyer and seller of property (generic for today) -buyer is resident of IL, Seller is resident of Indiana. Contract in Missouri. Wis, pursuant of contract is delivered in Iowa. -Dispute: each believes the other breached the contract. -Lawsuit is brought in Kansas. -Procedural law for that forum: forum where the lawsuit is occurring governs the rules. -Substantive law is different: Possible to be one or multiple jurisdictions.*detailed -no matter who wins the lawsuit, we use the procedural law of the state where the forum is located
[Sustentative Law] - creates and defines individual’s legal rights and obligations
Public Law vs. Private Law
Public law – applies to everyone – governmental laws/rights/power Private Law – exists because of the actions of the parties Ex) Ripple (wine) contract for
Class taken Spring 2008
Quiz questions at end of document
What is Law: Law is a set of rules for the peaceful resolution of disputes. (*better/more useful than book definition)
It is impossible to set up a system that always resolves conflict.
-The phrase “law exists to protect our rights” is incorrect, because law gives us our rights. Without the law, we would not have them. [ryan] we always want disputes resolved peacefully.
Term of art (TOA) – word/phrase has a different legal meaning than the common definition. (*quizzes/tests will always ask to define TOA, not common)
“Classification of Law” (p3)
-Substantive Law: (the what bw) Part of law which creates and defines individual/entity’s legal rights and obligations.
-Procedural Law: (the how bw) Law which tells you how you go about enforcing your legal rights and obligations.
Ex) person’s right to sue another person/entity in a particular jurisdiction ⋄ Procedural (can you do this)
Ex) Do you have the right to sue and recover from another person ⋄ Substantive Law
Hypo: buyer and seller of property (generic for today) -buyer is resident of IL, Seller is resident of Indiana. Contract in Missouri. Wis, pursuant of contract is delivered in Iowa. -Dispute: each believes the other breached the contract. -Lawsuit is brought in Kansas. -Procedural law for that forum: forum where the lawsuit is occurring governs the rules. -Substantive law is different: Possible to be one or multiple jurisdictions.*detailed -no matter who wins the lawsuit, we use the procedural law of the state where the forum is located
[Sustentative Law] - creates and defines individual’s legal rights and obligations
Public Law vs. Private Law
Public law – applies to everyone – governmental laws/rights/power Private Law – exists because of the actions of the parties Ex) Ripple (wine) contract for