37 terms

Business Personal Chapter 1

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Terms in this set (...)

Laws
enforceable rules of conduct in society
Codes
laws grouped into an organized form
Common Law
laws based on current standards or customs of the people
Positive Law
law handed down by a higher authority
Jurisdiction
power to decide a case
Equity
Basic Fairness
Sovereign
central authority figure
precedent
prior cases were used as a guide for deciding new cases
1st Stage of Law
individuals take revenge for wrongs done to them
2nd stage
sovereign awards money / goods as a substitute for revenge
3rd stage
sovereign forms courts
4th stage
sovereign issues laws to prevent and punish behaviors that injure others
Baron's Court
heard local cases; minor cases
Kings Bench
power to decide the most important cases; appointed by King Henry II
Jury
panel of citizens sworn by a court to decide issues of fact in court cases
Constitution
documents that set forth the framework of a government and its relationship to the people it governs
Constitutional law
law is made by amending the constitution
Bill of Rights
first ten amendment to the U.S. Constitution
Interstate Commerce
trade between two or more states
Intrastate Commerce
trade conducted within one state
Statutes
laws enacted by state or federal legislature
Ordinances
legislation enacted at the local level
Administrative Agencies
governmental body formed to carry out particular laws
Case Law
law created by judicial branch
Doctrine of Stare Decisis
requires lower courts to follow existing case law in deciding similar cases
Unconstitutional
laws that conflict with a constitution and is therefore invalid
Civil Law
wrongs against an individual person
Crime
offense against society
Criminal Law
group of laws that defines and sets punishments for offenses against society
Procedural Law
group of laws that define methods for enforcing legal rights and duties
Civil Procedure
the process whereby a civil law has been violated - private offenses
Substantive Law
groups of laws that defines rights and duties
Business Law
rules that apply to business situations - especially civil law
Torts
private or civil wrong for which society grants a remedy
Uniform Commercial Code
widely adopted business code rules
Injunction
a decree that prevents an action
Chancellor
high clergyman respected for his fairness