Notes, summaries, assignments, exams, and problems for Law & Jurisprudence

Liberalism

Liberalism refers to a state's tendency to expand welfare benefits, regulate business, adopt progressive state income taxes, and generally use the resources of government to achieve social change.

Conservatism

Conservatism refers to a state's tendency to limit welfare benefits, deregulate business, keep taxes low, and generally place less reliance on government and more reliance on individuals and the marketplace to achieve social goals.

Political Culture

Political Culture refers to historical styles and traditions in states' politics that cannot be directly attributed to demographic factors.

Direct Democracy

Direct Democracy is popular participation in government through direct voter initiation of policy and voter approval or rejection... Continue reading "Key Concepts in US Politics and Government" »

Membership: Can be classified into 2 heads:
a) Original members - states that participated in UN conference at San Francisco.
b) States admitted as members - a state may be admitted to UN on the affirmative recommendation of Security Council and by resolution of General Assembly by 2/3 majority. Essentials:
a) Must be a state
b) Must be a peace-loving state
c) Must accept obligations of UN Charter
d) Must be willing to carry out those obligations
e) Must be able to carry out those obligations. Suspension of Members: A member of UN against which preventive or enforcement action has been taken by the Security Council may be suspended from the exercise of rights and privileges of membership. Suspension is done by General Assembly upon the recommendation... Continue reading "Overview of United Nations Membership and Organs" »

Vocabulary Words and Sentences

1. auspicious – (adj.) favorable; promising; conducive to success

Direct Taxes

India has entered into Double Taxation Avoidance Agreements (DTAA) with 65 countries, including the US. In case of countries with which India has a DTAA, the tax rates are determined by such agreements.
Domestic corporations are granted credit on foreign tax paid by them while calculating tax liability in India. In the case of the US, dividends are taxed at 20%, interest income at 15%, and royalties at 15%.

Indirect Taxes

Excise Duty

The manufacture of goods in India attracts Excise Duty under the Central Excise Act 1944 and the Central Excise Tariff Act 1985. Herein, the term"Manufactur" means bringing into existence a new article having a distinct name, character, use, and marketability, and includes packing and labeling.
Most products... Continue reading "Tax System in India: Direct and Indirect Taxes Explained" »

In simple words, judicial precedent refers to previously decided judgments of the superior courts, such as the High Courts and the Supreme Court, which judges are bound to follow. This binding character of the previously decided cases is important, considering the hierarchy of the courts established by the legal systems of a particular country. Judicial precedent is an important source of law, but it is neither as modern as legislation nor as old as custom. It is an important feature of the English legal system as well as of other common law countries that follow the English legal system.

In most developed legal systems, the judiciary is considered to be an important organ of the state. In modern societies, rights are generally conferred on... Continue reading "Understanding Judicial Precedent in Legal Systems" »

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L541: Corporate Finance Law and Business Planning

Prof. Karen E. Woody
Assistant Professor of Business Law & Ethics
Fall 2016

•Section 11 of the Securities Act of 1933

-An underwriter is liable for errors in the entire registration statement

-As an expert, an auditor is liable only for that part of a registration statement for which the auditor has issued an opinion about the financial statements

•Auditors (experts) may raise due diligence defense

-Compliance with GAAS and GAAP required

•Underwriters may also raise a due diligence defense:

-For parts of registration statement contributed by experts, underwriter may rely on expert opinion

-For remainder, the underwriter must prove a reasonable investigation, after which s/

State the Difference Between a Negotiable Instrument and a Contract of Assignment

Negotiation

Negotiation implies the transfer of a negotiable instrument that takes place to make the transferee the holder of the instrument. It has effect by mere delivery in the case of a bearer instrument and endorsement and delivery in the case of an order instrument. The transferee has the right to sue the third party in his/her own name.

Assignment

Assignment alludes to the transfer of ownership of the negotiable instrument, in which the assignee gets the rights to receive the amount due on the instrument from the prior parties. It has effect by a written document duly signed by the transferor. The assignee does not have the right to sue third parties in his... Continue reading "Negotiable Instruments: Key Concepts and Definitions" »

English Language Essentials: Numbers and Grammar

Numbers 1-100

• One
• Two
• Three
• Four
• Five
• Six
• Seven
• Eight
• Nine
• Ten
• Eleven
• Twelve
• Thirteen
• Fourteen
• Fifteen
• Sixteen
• Seventeen
• Eighteen
• Nineteen
• Twenty
• Thirty
• Forty
• Fifty
• Sixty
• Seventy
• Eighty
• Ninety
• One Hundred

Common Irregular Verbs: Present and Past Simple

Master these essential irregular verbs to improve your English fluency.

Present