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34 terms

CH01 - Introduction to Law

Business Law and the Regulation of Business
STUDY
PLAY
Stare decisis
principle that courts should apply rules decided in prior cases in deciding substantially similar cases
Administrative law
law dealing with the establishment, duties, and powers of agencies in the executive branch of government
Adversary system
system in which opposing parties initiate and present their cases
Appellant
party who appeals
Civil law
the law dealing with the rights and duties of individuals among themselves
Civil law system
body of law derived from Roman law and based upon comprehensive legislative enactments
Common law system
body of law originating in England and derived from judicial decisions
Constitution
fundamental law of a government establishing its powers and limitations
Criminal law
the law that involves offenses against the entire community
Decree
decision of a court of equity
Defendant
the person against whom a legal action is brought
Definition of law
"a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong" (William Blackstone)
Duty
legal obligation requiring a person to perform or refrain from performing an act
Equity
body of law based upon principles distinct from common law and providing remedies not available at law
Executive order
legislation issued by the President or a governor
Functions of law
to maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change
Injunction
decree ordering a party to do or refrain from doing a specified act
Inquisitorial system
system in which the judiciary initiates, conducts, and decides cases
Judicial review
authority of the courts to determine the constitutionality of legislative and executive acts
Law and justice
are separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common good
Laws and morals
are different but overlapping: law provides sanctions while morals do not
Maxim
a general legal principle
Plaintiff
the person who initiates a civil suit
Private law
the law involving relationships among individuals and legal entities
Procedural Law
rules for enforcing substantive law
Prosecute
to bring a criminal proceeding
Public law
the law dealing with the relationship between government and individuals
Reformation
equitable remedy rewriting a contract to conform with the original intent of the contracting parties
Rescission
an equitable remedy invalidating a contract
Right
legal capacity to require another person to perform or refrain from performing an act
Specific performance
decree ordering a party to perform a contractual duty
Substantive law
the basic law creating rights and duties
Sue
to begin a lawsuit in a court
Treaty
an agreement between or among independent nations