Business Law Midterm 1

13 terms by Babygblu 

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Law

a set of amendable, enforceable, codified or interpretive rules made by the government or occasionally the people that are intended to reflect the values of society regarding individual behavior and the relationships between various persons that designated persons in a society are obligated to follow or be subject to consequences including punishment.

4 primary sources of law

1. Constitutions 2. Statues 3. Regulations 4. Case Law

Statute

Codified legislative law

Ordinances

local laws passed by smaller level governments (city, town, county)

Rules

explain statutes or supplement statutes but apply just as strongly. • Ex: Rules of court - "discovery" - each party gets to ask questions to the other party.

Uniform Laws

need a set of laws so that commerce is possible; can't have different laws in every state for business. Uniform Commercial Code. Uniform Partnernship Act. Most states adopt them but not in the exact same form

Regulations

Codified Administrative Law- Congress passes a law "let there be clean air" and the administrative agencies take care of the details.

Case Law

Court decisions

Common law relation to case law

Common law is a subset of case law

First appeal

Appeal of right

How many judges on SC must agree to hear a case?

4/9

Common Law (Judicial Law)

Judicial Precedents (Body of general non-codified rules preiviously held and built on in court deicions

Negligence

if your action falls below a standard of care where society deems your action to create an unreasonable risk of harm

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