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Business Law: Chapter 1
Business Law: Text and Cases Vocab
50
Business
Undergraduate 3
01/14/2016

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Term
Law
Definition
enforceable rules governing relationships among individuals and between individuals and their society.
Term
Ethics
Definition
the principles governing what constitutes right or wrong behavior
Term
Primary Sources of Law
Definition
sources that establish the law.
Term
Secondary sources of law
Definition
Books and articles that summarize and clarify the primary sources of law.
Term
Constitutional law
Definition
Laws as expressed in the U.S Constitution and the state constitutions.
Term
Statutory Law
Definition
Laws enacted by legislative bodies at any level of government
Term
Ordinances
Definition
Statutes (laws, rules, or orders) passed by municipal county governing units to govern matters not covered by federal or state law.
Term
Uniform Law
Definition
A model law created by the National Conference of Commissioners on Uniform State laws and/or the American Law Institute for the states to consider adopting. If the state adopts the law, it becomes statutory law in that state. Each state has the option of adopting or rejecting all or part of a uniform law.
Term
NCCUSL
Definition
National Conference of Commissioners on Uniform State Laws
Term
UCC
Definition
Uniform Commercial Code
Term
Administrative Law
Definition
Contains the rules, orders, and decisions of administrative agencies. Contribute a dominant element in the regulatory environment of business.
Term
Administrative Agency
Definition
Federal, State, or Local government agency established to perform a specific function.
Term
Executive Agencies
Definition
Subject to the authority of the president, who has the power to appoint and remove their officers.
Term
Independent Regulatory Agencies
Definition
The president's power is less pronounced in regard to independent agencies, whose officers serve or fixed terms and cannot be removed without just cause.
Term
Case Law
Definition
Judge-made law.
Term
Common Law
Definition
a body of general rules that applied throughout the entire English realm.
Term
Remedies
Definition
The Legal means to enforce a right or redress a wong.
Term
Courts of Law
Definition
Courts that awarded compensation
Term
Remedies of Law
Definition
1) Land 2) Items of Value 3) Money
Term
Monetary damages
Definition
an amount given to a party whose legal interests have been injured.
Term
Courts of Equity
Definition
a branch of law that seeks to supply remedy when no adequate remedy at law is available.
Term
chancellor
Definition
one who had the power to grant new and unique remedies.
Term
Remedies in equity
Definition
remedies granted by the equity quarts
Term
Equitable maxims
Definition
propositions or general statements of equitable rules.
Term
Petitioner
Definition
party bringing a lawsuit in equity proceedings
Term
Respondent
Definition
Party being sued in equity proceedings.
Term
Statues of limitations
Definition
After the time allowed has expired, no action (law suit) can be brought, no matter how strong the case was originally.
Term
Precedent
Definition
a decision that furnishes an example or authority for deciding subsequent cases involving identical or similar legal principles or facts.
Term
Binding authority
Definition
any source of law that a court must follow when deciding a case.
Term
Persuasive authorities
Definition
precedents from other jurisdictions.
Term
Public policy
Definition
governmental policy based on widely held social values.
Term
IRAC
Definition
Issue Rule Application and Conclusion.
Term
Assault
Definition
words or acts that wrongfully and intentionally make another person fearful of immediate physical harm.
Term
Alleges
Definition
Claims
Term
Cases on point
Definition
previously decided cases that are as similar as possible to the one under consideration.
Term
ALI
Definition
American Law Institute
Term
Jurisprudence
Definition
learning about different schools of legal thought and how the approaches to law characteristic of each school can affect judicial decision making.
Term
Natural Law
Definition
One of the oldest and most significant schools of legal thought. those who believe, believe that there is a universal law applicable to all human beings.
Term
Positive law
Definition
A school of legal though centered on the assumption that there is no law higher than the laws created by the government.
Term
Legal positivism (Theory)
Definition
the can be no higher law than a national's positive law.
Term
Substantive law
Definition
Consists of all laws that define, describe, regulate, and create legal rights and obligations.
Term
Procedural Law
Definition
Consists of all laws that outline the methods of enforcing the rights established by substantive law.
Term
Historical School
Definition
A school of legal thought that stresses the evolutionary nature of law and looks to doctrines that have withstood the passage of time for guidance in shaping present law.
Term
Legal Realism
Definition
A school of legal thought that advocates a less abstaract and more realistic and pragmatic approach to the law and takes into account customary practices and the circumstances surrounding the particular transaction.
Term
Civil law
Definition
spells out the rights and duties that exist between persons and between personas and their governments as well as the relief available when person's rights are violated.
Term
Criminal Law
Definition
Acts prohibited by local, state, or federal government statutes.
Term
Cyberlaw
Definition
emerging body of law that governs transactions conducted via the internet
Term
Citation
Definition
identifies the publication in which a legal authority can be found.
Term
U.S.C
Definition
United States Code
Term
C.F.R
Definition
Code of Federal Regulations
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