Business Law Terms
Card Set Information
Business Law Terms
Principles & Practices
Sources of Law
in the U.S. (4)
An Enforceable set of rules established by a government
Purposes of Law (4)
1.Protection of the Individual
2.Protection of Society
3.Protection of Property
4.Promotion of Worthwhile Social Objectives
Major reason for the development of law?
Protection of the Individual
Protection of Society?
Laws that are designed to protect society help make our cities & towns safe
Protection of Property
Name a few ways
Destroyed or Damaged by others
Government can't take for public use with out compensation
Taxes on property only if it's reasonable
May pass property on to other after death
Promotion of Worthwhile social Objectives
Law is not limited to regulationg conduct between individuals or between individuals & society.
Law may also used as positive force to promote worthwhile social objectives
Most important fact we use?
Decisions were made by judges & juries, but a written record of those dicisions where not kept.
What is Justinian Code?
Emperor Justinian (527-565ad) developed a great body of law & written.
What is Napoleonic code?
Napoleon I of France, revised Justinian Code in 1804.
Basis for most of the law in china, jappan & south america, & U.S. State of Louisiana.
What is Common Law?
Unwritten law based on Local English Customs
What is Precedent?
Eample or standard for deciding subsequent cases incolving the same or similar facts
What is Satare Decisis?
Practice by which judges follow precedents in preciously decided cases
What's important to Remember about English Common LAw?
the laws were Oral, not written down.
One of the first printed books containing important decisions of English Court Judges.
Several Vol. published 1765-1769
What historical Law system was the bases for the Model for the U.S. legel system?
English Common Law
What is Constitutional Law?
law derived from the U.S. Constitution and the constitution of the individual states