Precedence binds lower courts of the same jurisdiction but only guides by analogy courts in other jurisdiction. In the U.S.A. the legislatures tend to be reactive rather than proactive. T F Especially with respect to business transactions, in the U.S.A. the standard of ethical behavior is efficiency. Efficiency requires profit maximization and cost minimization. The individual's pursuit of self-interest can be trusted to provide profit maximization.
Competition is necessary to assure cost minimization.
T F A human is natural person and a legal person. In contrast, a corporation only is a legal person. Thus, a corporation can not have any rights that only belong to citizens. Jurisdiction must include both geographic jurisdiction and subject matter jurisdiction. T F A plaintiff must have standing to sue.