A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.
The Seventh Amendment to the United States Constitution is part of the Bill of Rights. This amendment codifies the right to a jury trial in certain civil cases and inhibits courts from overturning a jury's findings of fact.
Chisholm v. Georgia, 2 U.S. 419 (1793), is considered the first United States Supreme Court case of significance and impact. Since the case was argued prior to the formal pronouncement of judicial review by Marbury v. Madison (1803), there was little available legal precedent. The Court in a 4–1 decision ruled in favor of Alexander Chisholm, executor of an estate of a citizen of South Carolina, holding that Article III, Section 2 grants federal courts jurisdiction in cases between a state and a citizen of another state wherein the state is the defendant.
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
Article I, Section 10, Clause 1 of the United States Constitution, known as the Contract Clause, imposes certain prohibitions on the states. These prohibitions are meant to protect individuals from intrusion by state governments and to keep the states from intruding on the enumerated powers of the U.S. federal government.
An implied-in-fact contract is a form of an implied contract formed by non-verbal conduct, rather than by explicit words. The United States Supreme Court has defined "an agreement 'implied in fact'" as "founded upon a meeting of minds, which, although not embodied in an express contract, is inferred, as a fact, from conduct of the parties showing, in the light of the surrounding circumstances, their tacit understanding."
New York v. Connecticut, 4 U.S. 1 (1799), was a lawsuit heard by the Supreme Court of the United States between the State of New York against the State of Connecticut in 1799 that arose from a land dispute between private parties. The case was the first case in which the Supreme Court exercised its original jurisdiction under Article III of the United States Constitution to hear controversies between two states.
Tax protesters in the United States advance a number of conspiracy arguments asserting that Congress, the courts and various agencies within the federal government—primarily the Internal Revenue Service (IRS)—are involved in a deception deliberately designed to procure from individuals or entities their wealth or profits in contravention of law. Conspiracy arguments are distinct from, though related to, constitutional, statutory, and administrative arguments. Proponents of such arguments contend that all three branches of the United States government are working covertly to defraud the taxpayers of the United States through the illegal imposition, assessment and collection of a federal income tax.
Hayburn's Case, 2 U.S. 409 (1792), was a case in which the Supreme Court of the United States was invited to rule on whether certain non-judicial duties could be assigned by Congress to the federal circuit courts in their official capacity. This was the first time that the Supreme Court addressed the issue of justiciability. Congress eventually reassigned the duties in question, and the Supreme Court never gave judgment in this case.
Calder v. Bull, 3 U.S. 386 (1798), is a United States Supreme Court case in which the Court decided four important points of constitutional law.
Stevenson v. Pemberton, 1 U.S. 3 is a decision of the Supreme Court of Pennsylvania, issued when Pennsylvania was still a British colony. It is among the first decisions that appear in the first volume of United States Reports.
Spaids v. Cooley, 113 U.S. 278 (1885), was regarding a lawsuit brought to the Supreme Court of the District of Columbia in the United States on December 13, 1876, by Chauncey D. Spaids against Dennis N. Cooley to recover $593.70, with interest from July 1, 1868.
Admiralty law in the United States is a matter of federal law.
The Icelandic financial crisis was a major economic and political event in Iceland that involved the default of all three of the country's major privately owned commercial banks in late 2008, following their difficulties in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom. Relative to the size of its economy, Iceland's systemic banking collapse was the largest experienced by any country in economic history. The crisis led to a severe economic slump in 2008–2010 and significant political unrest.
Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law.
The Gold Clause Cases were a series of actions brought before the Supreme Court of the United States, in which the court narrowly upheld restrictions on the ownership of gold implemented by the administration of U.S. President Franklin D. Roosevelt in response to the Great Depression.
Brown v. Van Braam, 3 U.S. 344 (1797), was a United States Supreme Court case holding that: "Under the practice of the courts of Rhode Island, as adopted by the judiciary act, the entry of a default, after a plea of the general issue, no similar being on the record, does not operate a discontinuance, and a judgment on the default is valid. Under the same practice the court may assess the damages in an action of assumpsit on a foreign bill payable in pounds sterling. Interest on affirmance is to be calculated on the aggregate sum of principal and interest in the judgment below, to the time of affirmance, but no further.."
Jennings v. The Perseverance, 3 U.S. 336 (1797), was a United States Supreme Court case holding that: "The decision in Wiscart v. Dauchy, confirmed. An objection that counsel fees were allowed in the court below as part of the damages, can not be entertained unless the fact appears by the record. If a prize is sold by agreement, and the money stopped in the hands of the marshal, by a third person, not a party to the agreement, increased damages are not allowed, but only interest on the debt.."
Liberty Oil Co. v. Condon National Bank, 260 U.S. 235 (1922), was a decision by the Supreme Court of the United States dealing with civil procedure and the nature of taking an appeal from the United States District Court.
