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Business Law Chpt1

Law rules that regulate individuals, business, and organizations in a society, protect people and property,
Functions of the law keeping peace, moral standards, social justice, status quo, facilitating orderly change, facilitate planning, basis for compromise, maximizing freedom
Common Law system from England which American Law system is based upon
English Common Law Judges opinions decide case, set precedent for later cases,
Common Law Courts law courts, courts of chancery, & merchant court
Law Courts uniform system of the courts which emphasized form over substance and granted only monetary damages
Courts of Chancery (equity courts) sought when the law courts were ineffective, more relief, concerned with merit not necessarily money
Merchant Court specialized for trade practices
American Law System merger of law, equity, and merchant courts, legal and equitable orders
Civil law system expand and interpret the law, case decision doesn't become law for future disputes, only found in LA
sources of modern law constitutions, treaties, executive orders, codified law, regulations and orders, judicial decisions
Us constitution established the federal government and enumerated its powers, made the legislative, executive, and judicial branches,
state constitutions established state government and enumerated their powers
Treaties contracts with foreign governments
executive orders from the president or governors, power from legislative branch and the constitutions
federal statutes enacted by congress
state statutes state legislature
ordinances enacted by local governments
orders decisions in a dispute from the administrative agencies
judicial decisions past court traditions become precedent for deciding future cases
Court decisions lower courts must follow the orders of higher courts, federal and state courts must follow the supreme court
overruling when a court overturns or sets aside a precedent
priority of law in us US Constitution and treaties take precedence, statutes take precedence over regulations, state constitutions over regulations, state law over local law
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