39 terms

Business law Ch 1.1-1.3

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Terms in this set (...)

Laws
Enforceable rules of conduct in society
Code
A group of laws in organized form
Common law
Based on current standards or customs of people.. usually formed from rules by judges
Positive law
Laws set down by a sovereign to prevent disputes and wrongs occurring in the first place
Sovereign
Powerful leader or authority
English common law
Brought by colonist from England
Roman civil law
Brought by french explorers
Jurisdiction
The power to decide a case
Jury
Panel of citizens
Precedent
Courts using prior cases as a guide for deciding similar new cases
Equality
Fairness
Injunction
Order to stop something from being done
Specific performance
Order that something be done
Ethics
Deciding what is right or wrong in a reasoned impartial manner
Consequence based
Based on consequences as a result of action
Rule based
Judged to be right or wrong
Fidelity bond
Insurance policy that pays the employer money in the case of theft by employee
Integrity
Capacity to do what is right in the face of temptation or pressure to do otherwise
Civil disobedience
Open peaceful violation of the law to protect injustice
Constitution
Sets forth the framework of a government and it's relationship to the people it governs
Statutes
Laws enacted at federal and state legislature
Case law
Stated by judges made from court decisions in actual case
Administrative regulations
Laws created by administrative agencies
Supremacy rules
Which statement of law is superior to other
State
Federal over
Local
State over
Statutory
Constitution over
Administrative
Statutory over
Lower court's decision
Higher court's decision over
Unconstitutional
When a law is invalid because it conflicts
Civil law
Refers to wrongs against individual persons
Criminal law
A crime is an offense against society
Procedural law
Deals with methods of "enforcing" legal rights and duties.
Substantive law
Defines rights and duties
Interstate commerce
Trade between 2 or more states (regulated by federal)
Intrastate commerce
Trade within 1 state (regulated by state)
Ordinance
Law created by a town or city council (local)
Statute
Laws enacted at the federal and state level
Stare decisis
Latin for "let the decision stand"
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