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Business Law 1

Chapter 1

TermDefinition
Law A body of rules of conduct with legal force and effort, set forth by the government of a society.
Lawsuit A judicial proceeding for the resolution of a dispute between parties in which rights are enforced or protected, wrongs are prevented or redressed, or public offenses are prosecuted.
Breach The failure to perform a legal obligation.
Common Law That body of law developed from custom or judicial decisions in English and U.S. courts.
Case A judicial proceeding for the determination of a dispute between parties in which rights are enforced or protected, wrongs are prevented or redressed, or public offenses are prosecuted.
Precedent A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.
Stare Decisis A doctrine of the courts under which judges are obligated to follow the precedents established within their jurisdictions.
Action A proceeding by one person against another in a court to obtain the enforcement or protection of a right, the redress or prevention of a wrong, or the punishment of a public offense.
Remedy The relief given to innocent parties, by law or by contract, to enforce a right or to prevent or compensate for a wrong.
Damages Money sought as a remedy for a harm suffered.
Cause of Action A situation or state of facts that gives a person a right to initiate a judicial proceeding.
Case Law Rules of law announced in court decisions.
Statutory Law Laws enacted by a legislative body.
Administrative Law A body of law in the form of rules, regulations, orders, and decisions created by administrative agencies in order to carry out their duties and responsibilities.
Civil Law The branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters.
Criminal Law Law that governs and defines those actions that are crimes and that subject the convicted offender to punishment imposed by the government.
Civil Law System A system of law derived from that of the Roman Empire and based on a code rather than case law.
International Law The law that governs relations among nations.
Created by: kndandress
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