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Buss. Law - Ch. 1

Business Law - Chapter 1 - Law: Importance, Purposes, and Sources

TermDefinition
law merchant medieval legal system prevalent in Europe that established pratical rules of commerce and trade
substantive law laws that regulate and control the rights and duties of persons and are used to resolve disputes
procedural law laws that establish the process by which litigation is conducted
separation of powers the doctrine that the legislative, executive, and judicial branches of government function independently of one another and that each branch serves as a check on the others
judicial review the power of courts to declare laws and executive actions unconstitutional
statute a law passed by Congress or the legislative body of a state
ordinances generally speaking, the legislative act of a municipality Ex - a city council is a legislative body, and it passes ordinances that are laws of the city
codes a collection or compilation of the statutes passed by a legislative body on a particular subject
common law that body of law deriving from judicial decisions
civil-law a system of law based on legislation or codes, as in the European system of codified law
stare decisis the doctrine that law should adhere to decided cases and "stand by the decision"; the goal is certainty and predictability
res judicata the legal doctrine that once a dispute is litigated and resolved, these parties are forever barred from litigating the same matter again - "the thing has been decided"
dicta statements of the courts that are not necessary to decide the controversy before the court
conflict of laws a body of legal principles used to determine the appropriate law to apply to a litigated case when more than one state is involved
constitutional law concerns itself with the rights, powers, and duties of federal and state governments under the U.S. Constitution and the constitutions of the various states
administrative law concerned with the multitude of administrative agencies, such as the Federal Trade Commission and the National Labor Relations Board
criminal law consists of statues that forbid certain conduct as being detrimental to the welfare of the state or the people generally and provides punishment for their violation
legislative law laws including the federal Constitution and state constitutions that have been passed by legislative bodies
judicial pronouncements legal statements made by courts. Can be interpretations of statutes, or can be based on common law principles that were created by the courts decades or centuries ago
procedural law most often is the product of the legislative branch, aimed at determining how lawsuits are handled in the courts. Include such matters as the rules of evidence and related issues
sovereign chief ruler with supreme powers; law are sometimes made in relation to the sovereign's command
social control and instrument of social, political, and economic change
1) promote order 2) allow justice to be attained 3) cultivate a sense of reasonableness what are the objectives of the legal system?
due process a requirement that legal matters be resolved according to established rules and principles and that individuals be treated fairly
tort a wrongdoing by one against another or their property
law of torts a form of private law and the primary source of litigation in the U.S.
law of contracts may be subdivided into the subjects of sales, commercial paper, agency, and business organizations
law of property thought of as a branch to the law of contracts; may be subdivided into the subjects of wills, trusts, estates in land, personal property, bailments, and more
private law a branch of the law that deals with the relations between individuals or institutions
public law the law of relationships between individuals and the government
constitutional provisions establish the foundational principles upon which legislative, judicial, and administrative agencies function
legislation laws, but also includes treaties entered into by the executive branch of government and ratified by the Senate; courts have a major role to play in interpreting this
legislative history an investigation into the original meaning of an enacted law; includes the committee hearings, the debates, the statements made, if any, by the executive in requesting the legislation
narrowly construed to be interpreted in a narrow manner, as in laws
liberally construed to be interpreted in a broader manner than narrowly, as in laws
intrastate existing or occurring within a state, as in a wrongdoing
interstate existing or carried on between states, as in a wrongdoing between people of different states
law of equity provides a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case
constitutional relativity a doctrine that states the meaning of the Constitution is relative to the time in which it is being interpreted
1) constitutional principles 2) legislation 3) court decisions 4) administrative regulations what are the four foundations of law?
constitutional principles principles that provide the foundation of our legal system
uniform state laws an attempt to provide uniformity in business transactions throughout the country, as in the Uniform Commercial Code
case law the law as established by the outcome of former cases; may be changed if conditions change or its reasoning is no longer sound
precedent an earlier event or action that is regarded as an example or guide to be considered in subsequent similar cases
private; public precedent is given greater weight in _______ law than in cases involving ______ law issues
substantive a court in one forum may use the ___________ law of another to decide a case
judicial review one of the most important constitutional principles
Created by: Kendall Posey
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