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Business Law Unit 1

Vocab and Terms

TermDefinition
Law Enforceable rules of conduct in society
Code A group of laws dealing with a particular subject matter that are grouped together
Common Law Law based on the current standards or customs of the people and what decisions have been made in the past (precedent)
Positive Law Laws set down by a sovereign or other central authority to prevent wrongs from occurring. Also known as Statutory Law.
Precedent An inferred standard set by the pattern of previous court decisions.
Injunction An order used to stop a potentially damaging event from occurring until the matter can be heard by the court.
Statutes Laws enacted by Congress or a state legislature
Ordinances Laws created by a town, city council, county board, commission or other local governing authority
Case Law Created as decisions are made by the judicial branch of government. Usually made after a case is appealed to the higher court based on questions arising from an initial lower court ruling
Stare Decisis Latin for "let the decision stand"
Administrative Law Rules and regulations set by a governmental agency within the domain of their administrative function or purpose
Criminal Law Law dealing with matters that are considered an offense against society rather than individuals.
Civil Law Law dealing with the violation of the legal rights of individuals.
Procedural Law Law that addresses the methods of enforcing legal rights and duties within the judicial system
Substantive Law Specifically defines rights, duties, and offenses.
Business Law Addresses rules that apply to business situations and transactions. Predominantly civil law, but can also deal with certain criminal matters as well.
Created by: meghana.k24
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