FIN 240 Lecture 3: Finance 240 Lecture 3
Document Summary
Judicial review - process by which a court decides the constitutionality of legislative enactments and actions by the executive branch. Established by the u. s. supreme court in marbury v. madison (1803) Power of the judicial review is exercised by both federal and state courts. Jurisdiction - authority of a court to hear and decide a specific action. Each court has certain exercises over certain cases. Has many dimensions including in personal, in rem, subject matter, original, and appellate. Legal dispute of property in the geographic area then jurisdiction over that property happens. Exercises long-arm statue which means to reach across non-resident parties based on activities in the state. Long-arm depends on the context amount that the defendant had in that state. State constitutions requires states to accept other states laws. Long-arm statutes - court use long-arm statues for nonresident parties based on activities that took place within the state.
