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Business Law l

Vocab Flash Cards

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 obligation of law imposed on a person to perform or refrain from performing a certain act.
What does the U.S. Constitution do? gives individuals certain rights. Those rights include the right to freedom of speech, the right to due process or the right to have a hearing before any freedom is taken away, and the right to vote.
Right of Privacy the right to be free from unreasonable intrusion by others.
Sources of Law Several layers of law are enacted at different levels of government to provide the framework for business and personal rights and duties.
Constitutional Law is the branch of law that is based on the constitution for a particular level of government.
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.
Who is the SEC? Securities and Exchange Commission
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.
Created by: user-2062051
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