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Business Law

Chapter 1: The Nature and Sources of Law

TermDefinition
Law The order or pattern of rules that society establishes to govern the conduct of individuals and the relationships among them
Right Legal capacity to require another person to perform or refrain from an action
Duty An obligation of law imposed on a person to perform or refrain from performing a certain act
Right of privacy The right to be free from unreasonable intrusion by others
Constitution A body of principles that establishes the structure of a government and the relationship of the government to the people who are governed
Statutory Law Legislative acts, declaring, commanding, or prohibiting something
Administrative regulations Rules made by state and federal administrative agencies
Private Law The rules and regulations parties agree to as part of their contractual relationships
Case Law Law that includes principles that are expressed for the first time in court decisions
Precedent A decision of a court that stands as the law for a particular problem in the future
Stare decisis "Let the decision stand"; the principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future
Common Law The body of unwritten principles originally based upon the usages and customs of the community that were recognized and enforced by the courts
Substantive Law The law that defines rights and liabilities
Procedural Law The law that must be followed in enforcing rights and liabilities
Criminal Laws The laws that define wrongs against society
Civil Laws The laws that define the rights of one person against another
Equity The body of principles that originally developed because of the inadequacy of the rules then applied by the common law courts of England
Created by: mallorydines
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