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Legal Review Sheet: Understanding the Basics of Law, Ethics, and Agents - Prof. William Co, Study notes of Business and Labour Law

Bryant UniversityBusiness and Labour Law
Prof. William Connell

A comprehensive review of the fundamental concepts of law, ethics, and the relationship between principals and agents. Topics covered include the sources of law, the hierarchy of legal authority, the difference between moral and legal duties, legal positivism, the magna carta, business ethics, cost-benefit analysis, and the relationship between principals and agents. Students will learn about the roles and responsibilities of principals and agents, the duties owed by each party, and the ways in which agents can bind their principals. An essential resource for anyone studying law, business, or ethics.

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Pre 2010

Uploaded on 12/15/2009

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LEGALS REVIEW SHEET
Chapter 1: Review Sheet
1. Main sources of law
a. The constitution
b. The supreme court
c. Other court systemsstate courts, trial courts
i. State court
a. Higher/lowerlower courts are trial courts
b. **Higher courts review decisions of lower courts. This is often referred
to as “appellate review.”
2. Rank of sources (highest to lowest)
a. Constitution
b. Treaties/Federal Statutes
c. Federal Administrative Law
d. Federal Common Law
e. State Constitution
f. State Statues
g. State Administrative Law
h. State Common Law
3. Moral vs. Legal Duty
a. Moral- Do not provide sanctions (law enforces the decisions of courts) “Should not
stand silently by a blind man about to walk off a cliff”
b. Legal- provides sanctions, “You must drive on the right side of the road”
4. Stare decisis-(stand by the decisions) this principle is used by the courts in deciding cases to
adhere to and rely on the rules of law that they or superior courts announced and applied in
prior decisions involving similar cases.
5. Positivist School of Law- a school of thought in jurisprudence and the philosophy of law. The
principal claims of legal positivism are that: There is no inherent or necessary connection
between the validity conditions of law and ethics or morality. Laws are rules made, whether
deliberately or unintentionally, by human beings. Laws must follow the rules of determinism.
6. Magna Carta
a. Foundation of law in the modern Western World. Forced on King John in 1214 by land
Barons.
b. Few provisions still followed today, but some key points are adopted in the United
States.
i. Equal access to justice
ii. Trial by jury
Chapter 1: Book/Notes Review (Introduction to Law)
Supreme Court (Highest Court)
oNominated by president
oConfirmed by congress
oNo term limit
oFinal say interpreting laws
oDecisions of supreme court overturned ONLY by the court itself
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Download Legal Review Sheet: Understanding the Basics of Law, Ethics, and Agents - Prof. William Co and more Study notes Business and Labour Law in PDF only on Docsity!

LEGALS REVIEW SHEET

Chapter 1: Review Sheet

  1. Main sources of law a. The constitution b. The supreme court c. Other court systemsstate courts, trial courts i. State court a. Higher/lowerlower courts are trial courts b. **Higher courts review decisions of lower courts. This is often referred to as “appellate review.”
  2. Rank of sources (highest to lowest) a. Constitution b. Treaties/Federal Statutes c. Federal Administrative Law d. Federal Common Law e. State Constitution f. State Statues g. State Administrative Law h. State Common Law
  3. Moral vs. Legal Duty a. Moral- Do not provide sanctions (law enforces the decisions of courts) “Should not stand silently by a blind man about to walk off a cliff” b. Legal- provides sanctions, “You must drive on the right side of the road”
  4. Stare decisis-(stand by the decisions) this principle is used by the courts in deciding cases to adhere to and rely on the rules of law that they or superior courts announced and applied in prior decisions involving similar cases.
  5. Positivist School of Law- a school of thought in jurisprudence and the philosophy of law. The principal claims of legal positivism are that: There is no inherent or necessary connection between the validity conditions of law and ethics or morality. Laws are rules made, whether deliberately or unintentionally, by human beings. Laws must follow the rules of determinism.
  6. Magna Carta a. Foundation of law in the modern Western World. Forced on King John in 1214 by land Barons. b. Few provisions still followed today, but some key points are adopted in the United States. i. Equal access to justice ii. Trial by jury Chapter 1: Book/Notes Review (Introduction to Law)  Supreme Court (Highest Court) o Nominated by president o Confirmed by congress o No term limit o Final say interpreting laws o Decisions of supreme court overturned ONLY by the court itself

 Legal Jargon o Affirmed/upheld- agree with lower court o Reverse/remanded- disagree with lower court o Dissent- a judge who disagrees o Plaintiff-one who initiates the lawsuit  Judiciary Branch-Supreme Court o Interpret laws o Supreme court can only overturn themselves  Executive Branch- President o Enforce laws  Legislative Branch-Congress o Pass laws o House and Senate o General assembly at state level **Congress passes laws and president can veto them  Administrative Law- create rules and regulations o Interpret statue- “nuts and bolts” of states o [ex] EPA, CDC Chapter 2: Review Sheet CEO’S in Trouble See attached Ethics Cases  Grimshaw vs. Ford Motor Company o Ford responsible for punitive and compensatory damages o Ford new trial- Grimshaw required to remit all but $3.5 million of the punitive o Punitive damages are designed to punish a wrong doer, compensatory damages are paid to compensate the claimant for loss, injury, or harm suffered o Costs vs. benefits chartcosts were greater o Punitive damages are awarded against Ford, but they are reduced significantly, more on technical grounds than on the merits.  JLM Case o Ellen FullbrightH.R Director o Good character, looking out for others, letters of recommendations o Issue- deformation tort  Issue 1: Ken Byrd- great sales manager, great salestouching women, kept it quiet (away from courts)  Issue 2: Melissa Cuthbertson, Stanley Akersubstituted juice for corn syrup and then mislabeled them and sent them to Latin America to be sold, discharged by Raven, Fullbright meets with Raven to discuss what will be done  Issue 3: Jackson Cobb, Raven unhappy with Cobb wanting more time at home and discharged him o Simple things as reference letter can cause litigation o Plaintiff has to prove his case

ii. Duty of good conduct-good conduct iii. Duty of diligence-reasonable care for who is employed by iv. Duty to inform-inform v. Duty to account-accurate account of money vi. Fiduciary duty-loyalty and good faithconflicts of interest, self dealing, duty not to compete, misappropriation, confidential information, duty to account for financial benefits b. Duties of Principal to Agent i. Compensation ii. Reimbursement iii. Indemnification-principal pay agent for losses agent incurred iv. Tort and Other Duties a. duty to provide an employee with reasonable safe conditions of employment b. duty to deal with the agent fairly and in good faith

  1. Ways an agent can bind and obligate his or her principal- a. Contract that the person and agent draws up b. Agent is subject to various other duties imposed by law
  2. Power of Attorney- an instrument that states an agent’s authorityformal manifestation from principal to agent
  3. Durable Power of Attorney- a written instrument that expresses the principals intention that the agent’s authority will not be affected by the principal’s subsequent incapacity or that the agent’s authority will become effective upon the principal’s subsequent incapacity
  4. Fiduciary Duty- arises out of a relationship of trust and confidence and requires the utmost loyalty and good faith. An agent has this duty to act loyally for the principal’s benefit in all matters connected with the agency relationship.
  5. Agency by estoppels- reasonable belief that a person is an agent and who can act on that belief to their detriment Chapter 20: Review Sheet and Book/Notes Review (Relationship w/ Third Parties)
  6. Authority a. Actual- depends upon consent that the principal manifests to the agentis binding and confers upon the agent both the power and the right to create or affect the principal’s legal relations w/ the third persons b. Express authority- actual authority derived from written or spoken words of the principal communicated to the agent c. Implied authority- actual authority inferred from words or conduct manifested to the agent by the principal d. Apparent- is based upon acts or conduct of the principal that lead a third person to believe that the agent, or supposed agent, has actual authority, upon which belief the third person justifiably relies
  7. Actions from a principal confer the appearance of apparent authority a. When a principle appoint an agent to a position in an organization b. A principle has given an agent a general authority to engage in transactions with limitations or restrictions. The agent will have apparent authority to engage in that transactions until the 3rd party are notified of the restrictions. c. Principle’s decisions in prior similar transactions btw the agent and 3rd^ party , may create a basis for the 3rd^ party reasonably to believe that the agent has apparent authority.

d. A agent shows the 3rd^ party a doc from the principle authorizing the agent to enter into such a transaction e. After many terminations of authority an agent has lingering apparent authority until the 3 rd^ party has actual knowledge or receives notice of the termination

  1. The doctrine of respondent superior- a person who conducts his business activities through the use of employees should be liable for the employees tortuous conduct in carrying out those activities a. Creates an economic incentive for employees to exercise care in choosing, training, and supervising employees b. Is vicarious or derivative and depends upon proof of wrong doing by the employee within the scope of his employment Chapter 33: Book/Notes Review (Limited Liability CompaniesLLC)
  2. LLC- a non-corporate business organization that provides limited liability to all of its owners (members) and permits all of its members to participate in management of the business
  3. LLC’s are separate from corporations a. have members instead of shareholders b. operating agreement runs c. member or manager driven
  4. Rights of members- includes financial and management interest a. Profit and loss sharing- value of members contributions b. Distributions- by operating agreement, if not by contributions c. Withdrawal- operating agreement d. Management- equal rights, may be managed by manager(s) who may be members e. Voting- statutesoperating agreement f. Information- keep records g. Derivative actions- right to bring action on behalf of LLC h. Assignment of LLC interest- may assign financial interest in LLC
  5. Liabilities- no member or manager of a LLC is obligated personally for any debt, obligation, or liability of the LLC solely by reason of being a member or acting as a manager of the LLC CASES:
  6. Exxon Valdez- great environmental disaster a. oil spill in Alaska b. negligent conduct- accidental cause of an accident or injury c. reckless conduct- no direct intention to cause harm, but you act so as to disregard a known harmyou don’t care d. punitive damages- pay money to families e. compensatory damages- pay for clean up, salaries of fishermen f. **numbers reduced multiple times for payment in damages
  7. Ford vs. Grimshaw (already in SG)
  8. JLM (already in SG)
  9. 19- a. Accident on fishing boat b. Contractor or employee (if employee, can be sued) c. Had own boat, own car, pick people up and supply food and equipment d. Boat had western logo and identification on it