Basic Functions of the Legal System – LAW 421

Topics about the Basic Functions of the Legal System

The following business law study guide covers topics related to the basic functions of the legal system.

Under the U.S. legal system subject to some exceptions fees and certain costs of litigation

​​ are aggregated by the court and allocated among the parties by the court based on its determination of “fairness.”

Explanation: American follows an aggregate litigation model that enables legal fees to be allocated in accordance with fairness. In most cases, both parties will cover their own legal fees, but the court can change this if the lawsuit was determined to be unfair or malicious to a certain party.

Harry sees a semi-automatic rifle that he likes in a gun shops window

Harry sees a semi-automatic rifle that he likes in a gun shops window. The price asked for it is $2,500. Harry signs a written contract promising to pay the $2,500 on Friday, taking possession of the rifle when payment is made. On Thursday, a law becomes effective making the ownership, sale, or possession of such a semi-automatic rifle illegal. The contract between Harry and the shop

​​ automatically terminates due to impossibility.

Explanation: With the possession of firearms becoming illegal in this situation, the doctrine of impossibility would take effect. Unlike impartibility or frustration of purpose, impossibility occurs when the terms of the contract cannot be fulfilled without breaking the law. Therefore, the contract between Harry (buyer) and the Shop (seller) would terminate automatically.

The power of preemption is derived from

​​ the Supremacy Clause.

Explanation: The Supremacy Clause gives the federal government a higher degree of power over state governments – a concept formally known as preemption.

Which of the following ADR methods results in a decision rendered by the hearing officer?

​​ Arbitration

Explanation: Arbitration is nearly identical to a formal court hearing, it just takes place outside the count public civil court system. A neutral third party, the hearing officer, will render a legally binding ruling at the end of the process.

Jurisprudence is defined as

​​ the science and philosophy of law

generally, torts law is governed by

​​ state common law.

Explanation: Tort law is a very low-level area of the legal system, of which the vast majority based on the past rulings of judges at the state level. Also known as state common law.

When an offer can only be accepted by performance of the person to whom it is made, the form of contract involved is

​​ unilateral contract.

Explanation: A unilateral contract is also known as a one-way legally enforceable promise. Only the party that created it can accept it when specific performance criteria have been met.

 
  • Student: Hanzel Wolff
  • Textbook: Law 421 Final Exam
  • Course: Business Law
 

Business Law Exam Concepts Study Guide

 

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