Legal Environment of Business: Chapter 1

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  1. Law
    a body of enforceable rules governing relationships among individuals and between individuals and their society
  2. Jurisprudence
    the science or philosophy of law
  3. Natural Law
    the belief that government and the legal system should reflect universal moral and ethical principles that are inherent in human nature. The natural law school is the oldest and one of the most significant schools of legal thought
  4. Positive Law
    the body of conventional, or written, law of a particular society at a paricular point in time
  5. Legal Positivism
    a school of legal thought centered on the assumption that there is no law higher than the laws created by a national government. Laws must be obeyed, even if they are unjust, to prevent anarchy.
  6. Historical School
    a school of legal thought that emphasizes the evolutionary process of law and looks to the past to discover what the principles of contemporary law should be
  7. Legal Realism
    a school of legal thought of the 1920s and 1930s that generally advocated a less abstract and more realistic approach to the law, an approach that takes into account customary practices and the circumstances in which transaction take place. This school left a lasting imprint of American jurisprudence
  8. Sociological School
    a school of legal thought that views the law as a tool for promoting justice in society
  9. Breach
    the failure to perform a legal obligation
  10. Primary Source of Law
    a document that establishes the law on a particular issue, such as a constititution, a statute, an admistrative rule, or a court decision
  11. Secondary Source of Law
    a publication that summarizes or interprets the law, such as a legal encyclopedia, a legal treatise, or an article in a law review
  12. Constitutional Law
    the body of law derived from the U.S. Constitution and the constitutions of the various states
  13. Statutory Law
    the body of law enacted by legislative bodies (as opposed to constitutional law, administrative law, or case law)
  14. Citation
    a reference to a publication in which a legal authority- such as a statute or a court decision-or other source can be found
  15. Ordinance
    a regulation enacted by a city or county legislative body to govern matters not covered by state or federal law
  16. Uniform Law
    a model law created by the National Conference of Commissioners of Uniform State Laws and/or the American Law Institute for the states to consider adopting. If a 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
  17. Administrative Law
    the body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities
  18. Administrative Agency
    a federal or state government agency established to perform a specific function. Administrative agencies are authorized by legislative acts to make and enforce rules in order ro administer and enforce the acts
  19. Executive Agency
    an administrative agency within the executive branch of government. At the federal level, executive agencies are those within the cabinet departments
  20. Independent Regulatory Agency
    an administrative agency that is not considered part of the government's executive branch and is not subject to the authority of the president. Independent agency officials cannot be removed without cause
  21. Case Law
    the rules of law announced in court decisions. Case law includes the aggregate of reported cases that interpret judicial precedents, statutes, regulations, and constitutional provisions
  22. Common Law
    the body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature
  23. Precedent
    a court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts
  24. State Decisis
    a common law doctrine under which judges are obligated to follow the precedents established in prior decisions
  25. Binding Authority
    any source of law that a court must follow when deciding a case. Binding authorities include constitutions, statutes, and regulations that govern the issue being decided, as well as court decisions that are controlling precedents within the jurisdiction
  26. Persuasive Authority
    any legal authority or source of law that a court may look to for guidance but on which it need not rely in making its decision. Persuasive authorities include cases from other jurisdictions and secondary sources of law
  27. Remedy
    the relief given to an innocent party to enforce a right or compensate for the violation of a right
  28. Plaintiff
    one who initiates a lawsuit
  29. Defendant
    one against whom a lawsuit is brought; the accused person in a criminal proceeding
  30. Equitable Principles and Maxims
    general propositions or principle of law hat have to do with fairness (equity)
  31. Statute of Limitations
    a federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced
  32. Substantive Law
    law that defines, describes, regulates, and creates legal rights and obligations
  33. Procedural Law
    law that establishes the methods of enforcing the rights established by substantive law
  34. CyberLaw
    an informal term used to refer to all laws governing electronic communications and transactions, particularly those conducted via the Internet
  35. CivilLaw
    the branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters
  36. Civil Law System
    a system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies. In the United States, Louisiana, because of it's historial ties to France, has in part a civil law system
  37. Criminal Law
    law that defines and governs actions that consitute crimes. Generally, criminal law has to do with wrongful actions committed against society for which socety demands redress
  38. National Law
    law that pertains to a particular nation (as opposed to international law)
  39. International Law
    the law that governs relations among nations. National laws, customs, treaties, and international conferences and organizations are generally considered to be the most important sources of international law
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Legal Environment of Business: Chapter 1
Chapter 1
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