Essentials of Business Law - Chapter 1

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Essentials of Business Law - Chapter 1
2014-05-29 18:55:14
Business Law

Summer session Business law class
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  1. Executive Orders
    A legally binding directive issued by the president (with the intent to change the manner in which federal agencies and officials operate so as to improve the practices of the federal government.)
  2. Stare decisis
    Meaning "To stand on decided cases." is the practice of relying on previous decision in which similar disputes arose.
  3. Common Law
    The body of recorded decisions that courts refer to and rely upon when making later legal decisions.
  4. Precedent
    A model case that a court can follow when facing a similar situation.
  5. Case law
    The effects of court decisions that involve the same or similar facts.
  6. Statutory law
    The field of law involving statues, which are laws passed by Congress or by state legislatures.
  7. ordinance
    A law that is passed by a local government, such as a city council.
  8. Administrative law
    The body of rules, regulations, and decisions created by administrative agencies.
  9. Uniform Commercial Code (UCC)
    A set of laws that govern various commercial transactions and that are designed to bring uniformity to the laws of the states
  10. Moral law
    The "law" concerned with the unenforceable obligations that people have to one another.
  11. Jurisdiction
    The authority of a court, as granted by a constitution or legislative act, to hear and decide cases.

    Ex: Family Courts, traffic courts and tax courts