The Legal Environment of Business: Text and Cases (MindTap Course List)
The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 1, Problem 1BS
Summary Introduction

Case Summary: A county court in state Illinois is hearing a case on the issue which has not been addressed in the state court before. However, the judgement on the similar factual case was given by the Supreme court of State Iowa.

To Explain: The obligation of Illinois court to follow the decision of the Iowa Supreme Court in the similar case.

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1-1 Binding versus Persuasive Authority. A county court in Illinois is deciding a case inovlving an issue that has never been addressed before in that state's court. The Iowa Supreme Court, however, recently decided a case involving a very similar fact pattern. Is the Illinois court obligated to follow the Iowa Supreme Court decision on the issue? If the United States Supreme Court had decided a similar case, would that decision be binding on the Illinois court? Explain ( See The Common Law Tradition.)
1. How does a persuasive precedent differ from a binding precedent and are courts always bound by such precedents? a. What are the three main methods in which the doctrine of precedent operates within a legal system?
On July 6, 2015, the US Court of Appeals for the Ninth Circuit declined to extend a controversial appellate ruling from the Second Circuit that raised the bar for prosecutors to secure insider trading convictions where inside information is passed among family members. The twist? The Ninth Circuit's opinion is written by Southern District of New York Judge Jed Rakoff, sitting in the Ninth Circuit by designation. (United States v. Salman, No. 14-10204, (9th Cir. July 6, 2015).) Maher Kara (Maher) began working for Citigroup's healthcare investment banking group in 2002. Maher regularly disclosed information about upcoming Citigroup client mergers and acquisitions to his older brother, Mounir "Michael" Kara (Michael), who traded on that information. Over time, Michael shared the inside information with Appellant Bassam Yacoub Salman (Salman), who was Maher's brother-in-law and close friends with Michael. Michael also encouraged Salman to replicate his trading activity. Michael and Salman…
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