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Business Law

Chapter 1: Unit 1

QuestionAnswer
What is the Federal System of Law? Laws come from a National Government (Washington, DC) and from 50 State Governments.
name three primary sources of contemporary law. United States Constitution and State Constitutions. Statues drafted by legislatures. Common law, body of cases decided by judges. Administrative Law, rules and decisions made by federal and state administrative agencies.
Name two other sources of contemporary law. Treaties. Executive Orders.
Criminal Law Prohibits certain behavior. Concerns behavior so threatening to society that it is outlawed.
Civil Law Regulates the rights and duties between parties.
Substantive Law Defines the rights of people.
Procedural Law Describes the process for settling disputes.
Jurisprudence The philosophy of law. Concerned with the basic nature of law.
Three theories of Jurisprudence. Legal Positivism Natural Law Legal Realism
Precedent The obligation to decide current cases based on previous rulings.
Common Law Judge-made law. The accumulation of precedent, based on case after case, makes up common law.
Statute A law passed by a legislative body.
Equity A court's power to fashion a remedy, such as an injunction, which the common law does not provide.
Sovereign Recognized political power whom citizens obey.
Legal Positivism Law is what the sovereign says.
Natural Law An unjust law is no law at all. Law must have a moral basis.
Legal Realism Who enforces the law counts more that what is in writing.
Plaintiff Person who is suing.
Defendant Person being sued.
Injunction Court order that stops someone from doing something. Example of a contemporary Equitable power.
Treaties An agreement between two or more sovereign nations for the benefit of those nations. The president of the United States has the sole power to make treaties with the advice and consent of the Senate.
Executive Orders Order or regulation issued by an executive or administrative agency of the government, having the force of law.
State Constitution Establishes the state government and guarantees the rights of state residents.
Three branches of STATE government. Legislative Executive Judicial
State Legislative Branch State Legislatures. Passes statutes on STATE law. Creates state agencies.
State Executive Branch Governor. Proposes statutes. Signs or vetoes statutes. Oversees state agencies. Issues executive orders.
State Judicial Branch State Courts. Creates STATE common law. Interprets statues. Reviews constitutionality of statues and other acts.
United States Constitution Establishes a limited FEDERAL government. Protects states' power. Guarantees liberty of citizens.
Federal Legislative Branch Congress. Passes Statutes. Ratifies treaties. Creates administrative agencies.
Federal Executive Branch President. Proposes statues. Signs and vetoes statutes. Oversees administrative agencies. Issues executive orders.
Federal Judicial Branch Federal Courts. Interpret statutes. Creates (limited) federal common law. Reviews the constitutionality of statutes and other legal acts.
Administrative Agencies Oversees day-to-day application of law in dozens of commercial and other areas.
Created by: carolplant