Read the summary and the most important questions on Foundation of Business Law

• Legal System Terminology

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• What is the doctrine of binding precedent?

  Important part of the common law system that states that judges should uphold decisions made by judges in similar previous cases

• What 3 elements are associated with the legal system?

  1. The administration of justice via the court structure
  2. The legal profession
  3. The operation of a common law system

• What is the difference between superior and inferior courts in the UK?

  Superior courts deal with higher value claims that are more complex, while inferior courts handle smaller cases

• What are the 2 types of courts in the US?

  1. Federal - Power as far as granted by the constitution 
  2. State - More general competence and can hear both state and federal cases

• What is forum shopping?

  When parties choose to go to court which they believe will favour their claim

• What are the 3 types of Alternative Dispute Resolution?

  1. Conciliation (third party offers the parties a non-binding option)
  2. Mediation (third party helps parties reach an agreement)
  3. Arbitration (where a third party delivers a binding opinion)

• What are the differences between a Dutch notary and an English solicitor?

  A notary does not prepare work for litigation, and is not allowed to act as an advocate in the lower courts

• What is a solicitor in England?

  A general legal advisor

• What remedies does the equity court provide rather than common law?

  Next to damages, they also provide injunctions and specific performance

• Lecture 1: Legal Systems

  This is a preview. There are 42 more flashcards available for chapter 01/03/2020
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• Why is the law not a closed system?

  It reflects the time and norms and values of that time, and as these shift the law can shift accordingly