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Buss. Law - Ch. 1
Business Law - Chapter 1 - Law: Importance, Purposes, and Sources
| Term | Definition |
|---|---|
| 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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