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Business Law Ch 1.5

Business Law Class Notes

PUBLIC POLICY A government policy based on widely held societal values and (usually) expressed or implied in laws or regulations.
REMEDY The relief given to an innocent party to enforce a right or compensate for the violation of a right.
REMEDY AT LAW A remedy available in a court of law. Money damages are awarded as a remedy of law.
REMEDY IN EQUITY A remedy allowed by courts in situations where remedies at law are not appropriate. Remedies in equity are based on settled rules of fairness, justice and honest, and include injunctions, specific performance, rescission and restitution and reformation.
REPORTER A publication in which court cases are published or reported.
RESPONDENT In equity practice, the party who answers a bill or other proceeding.
SOCIOLOGICAL SCHOOL A school of legal thought that views the law as a tool for promoting justice in society.
STARE DECISIS (ster-ay dih-si-ses)A common law doctrine under which judges are obligated to follow the precedents established in prior decisions.
STATUTE OF LIMITATIONS A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced.
STATUTORY LAW The body of law enacted by legislative bodies (as opposed to constitutional law administrative law or case law)
SUBSTANTIVE LAW Law that defines the rights and duties of individuals with respect to each other, as opposed to procedural law, which defines the manner in which these rights and duties may be enforced.
SYLLOGISM A form of deductive reasoning consisting of a major premise, a minor premise, and a conclusion.
UNIFORM LAW A model law created by the National Conference of Commissioners of Uniform State Laws and/or the American Law Institute for the states to consider adopting. If the state adopts the law, it becomes statutory law in the state.
Created by: Alhedaithy
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