Rechtswissenschaftliche Fakultät Universität Zürich Prof. Dr. Andreas Kellerhals
FS 2016
Introduction to US business law overview
I.
Introduction
II.
History of the United States of America • The new world 1492 – 1646 • Swiss connections • A society forms 1642 – 1732 • A country grows 1690 – 1771 • Revolutionary ideas 1754 – 1774 • The revolution 1774 – 1783 • A nation is formed 1776 – 1795 • The early republic 1789 – 1800 • The sister republics • America strengthens 1801 – 1823 • Expansions and reform 1825 – 1848 • Population and migration • Slavery 1712 – 1865 • The Civil War 1861 – 1865 • Reconstruction 1865 – 1877 • American Innovation 1857 – 1877 • Empire building 1866 – 1914 • World War I and aftermath 1914 – 1920 • The Great Depression and the New Deal 1929 - 1941 • World War II 1941 – 1945
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Postwar Vietnam War 1961 – 1975 Modern history till today Famous US Presidents
III.
US Constitution • Historical perspective • Mail goal: balance between central government – states • Confederation – Federation • Federal government – an American invention • Structure • Division of powers (federation, enumeration, checks and balances) • Three branches of government o The Legislative Branch – Congress o The Executive Branch – President o The Judicial Branch – Supreme Court • Development of the Constitution • Amendments • Court decisions • Federal powers (explicit powers, implied powers, concurrent powers, reserved powers) • Relations with other states • Political parties • Bill of Rights • Legislative process • Bureaus, Agencies and Organizations
IV.
Legal terminology • (See separate sheet)
V.
The role of the courts • Two court systems • Federal courts
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• • • • • VI.
o System o 3 hierarchies (trial court, court of appeal, Supreme Court) o Jurisdiction Federal question Dual citizenship International jurisdiction o Characteristics State courts o Systems o Hierarchies o Jurisdiction General jurisdiction o Characteristics Role of the courts How the Supreme Court became supreme o Marbury vs. Madison How the Supreme Courts picks cases Composition and decisions over time How Supreme Court Justices get appointed
Civil litigation • Federal rules of civil procedure • State civil procedure • when to file in state court and when in federal court • 4 Stations of a civil procedure o Pleading o Pre-Trial o Trial o Post-Trial • particularities o Jury o Pretrial discovery o Tribble damages
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• • • • • VII.
o Reliance on live testimony o Settlements o Class actions o Lawyer’s fee (no „loser pays“ rule) Role of the judge Role of the lawyers Living constitution? Forum shopping Impact of politics
Contract law • Who regulates contracts? • Common law • Uniform Commercial Code • Three elements to form a binding contract (- agreement) • Offer • Acceptance • Consideration • Formalized and simple contracts • Sealed contracts • Promissory estoppel • Conditions • Breach • Non-performance • Substantial performance • Remedies • Action at law for damages • Restitution • Specific performance • Discharge/defenses • Third parties • Sales contracts
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• Art. 2 UCC polices and scope • Formation of contract • Performance • Drafting US contracts VIII. Torts law • What is torts • State law/federal law (restatement of torts (2nd) • General torts/specific torts • 3 elements of torts • Legal duty to act • Breach of that duty • Damage as a result of that breach (causation) • 3 general types of torts • Intentional torts • Negligent torts • Strict liability • Intentional torts • Prima facie case • Torts to persons • Torts to property • Defenxes • Negligent torts • Prima facie case • Definition • Duty of care • Nuisance • Defamation • Invasion of privacy • Misrepresentation • Strict liability • Defenses
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• • • • • IX.
Statute of limitations Immunities Relevance of torts law in legal practice Torts “industry” (lawyers, punitive damages) Reform of torts law
Company law • State law/federal law (interstate commerce clause) • Why Delware? (specialities) • Model laws • Relevant federal laws o Securities Act 1933 o Securities Exchange Act 1934 o Sarbanes Oxley Act 2002 • Different forms of doing business o Sole Proprietorship o General Partnership (GP) o Limited Partnership (LP) o Corporation (Company) o Closed Corporation o Public Corporation o Limited Liability Company (LLC) o Limited Liability Partnership (LLP) • Formation • Transactions • Defective incorporation • Piercing corporation veil • Financing • Dividends and distribution • Public offerings • Closely held corporations • Duties of directors and officiers • Powers of management and sharholders
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• Capital market regulation o SEC • Insider trading • International level playing field X.
Antitrust law • Why first in USA? • State/Federal legislation • US Antitrust regulation as an export product • Foreign Trade Antitrust Improvement Act 1982 • Goals of US antitrust laws • Sherman Act 1890 o Sec. 1 – Agreements o Sec. 2 – Monopolization o Rule of reason • Clayton Act 1914 o Merger Control (merger guidelines) o Private law suits • Federal Trade Commission Act 1914 o Second enforcement authority o Unfair competition • Actors o DOJ o FTC o Private enforcement o courts • difficult issues • waves of enforcement • Extraterritorial application • Damages/Fines • International harmonization?
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XI.
USA and international trade • US trade policy o Powers o Regulations • WTO • Three pillars (GATT, GATS, TRIPS) • Principles (MFN, National Treatment) • Member states • Dispute settlement system • Involvement of the USA (cases) • Trade policy review
XII.
Legal education/Law Schools/Lawyers • Law Schools (ranking) • Curriculum • Life in a Law School • Legal carrier • Bar exam • Attorney at law • US law firms • Lawyer’s fees • Rules of conduct • LL.M. in the USA
