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Business Law Chpt1
| Question | Answer |
|---|---|
| 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 |
Created by:
stophammertime1290
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