BUSINESS LAW - CHAPTER 1 (The Legal Environment)

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rootbytes
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271633
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BUSINESS LAW - CHAPTER 1 (The Legal Environment)
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2014-04-23 14:19:54
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Business Law Legal Environment
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Chapter 1 Terms
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  1. Primary Source of Law
    A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision.
  2. 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.
  3. Statutory Law
    The body of law enacted by legislative bodies (as opposed to constitutional law, administrative law, or case law).
  4. 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.
  5. Ordinance
    A regulation enacted by a city or county legislative body that becomes part of that state’s statutory law.
  6. Administrative Agency
    A federal or state government agency created by the legislature to perform a specific function, such as to make and enforce rules pertaining to the environment.
  7. Five Examples of Administrative Agencies
    • FDA: Food and Drug Administration 
    • FTC: Federal Trade Commission 
    • SEC: Securities and Exchange Commission 
    • FCC: Federal Communications Commission
    • OSHA: Occupational Safety And Health Admin
  8. Case Law
    The rules of law announced in court decisions. Case law interprets statutes, regulations, constitutional provisions, and other case law.
  9. Common Law
    The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature.
  10. Precedent
    A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.
  11. Stare Decisis
    A common law doctrine under which judges are obligated to follow the precedents established in prior decisions.
  12. Binding Authority
    Any source of law that a court must follow when deciding a case.
  13. Persuasive Authority
    Any legal authority or source of law that a court may look to for guidance but need not follow when making its decision.
  14. Remedy
    The relief given to an innocent party to enforce a right or compensate for the violation of a right.
  15. Plaintiff
    One who initiates a lawsuit.
  16. Defendant
    One against whom a lawsuit is brought, or the accused person in a criminal proceeding.
  17. Jurisprudence
    The science or philosophy of law.
  18. Natural Law
    The oldest school of legal thought, based on the belief that the legal system should reflect universal (“higher”) moral and ethical principles that are inherent in human nature.
  19. 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.
  20. Historical School
    A school of legal thought that looks to the past to determine what the principles of contemporary law should be.
  21. Legal Realism
    A school of legal thought that holds that the law is only one factor to be considered when deciding cases and that social and economic circumstances should also be taken into account.
  22. Substantive Law
    Law that defines, describes, regulates, and creates legal rights and obligations.
  23. Procedural Law
    Law that establishes the methods of enforcing the rights established by substantive law.
  24. Cyberlaw
    An informal term used to refer to all laws governing electronic communications and transactions, particularly those conducted via the Internet.
  25. Civil Law
    The branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters.
  26. Civil Law System
    A system of law derived from Roman law that is based on codified laws (rather than on case precedents).
  27. Criminal Law
    The branch of law that defines and punishes wrongful actions committed against the public.

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