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Summary Foundation of Business Law

- Foundation of Business Law
- -
- 2020 - 2021
- Erasmus Universiteit Rotterdam (Erasmus Universiteit Rotterdam, Rotterdam)
- International Business Administration
298 Flashcards & Notes
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A snapshot of the summary - Foundation of Business Law

  • Legal System Terminology

  • 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

  • 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
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