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BUSINESS LAW I

WORD LIST
Part One
The Legal Environment of Business
Chapter 1: An Introduction to Dynamic Business Law
1.

Law- a system of rules that regulate the conduct of individuals, businesses,


organizations in society.

2.

Natural Law School- describes certain ethical laws and principles believed to be morally right and
above the laws devised by humans.

3.

Positivist School a school of thought centered on the assumption that there is no law higher than
the laws created by the government; laws must be obeyed, even if they are unjust, to prevent
anarchy.

4.

Historical School one of the guidelines most often used for shaping the law is tradition, or custom.
A school of law that stresses the evolutionary nature of law.

5.

Legal Realism is based on the idea, when ruling on a case, judges need to consider more than just
the law; they also weight factors such as social and economic conditions, since legal guidelines were
designed by humans and exist in an ever-changing environment.

6.

Breach may be a failure to perform a contract (breaking its terms). The violation of an obligation.

7.

Remedies the manner in which a right is enforced or satisfied by a court when some harm or
injury, recognized by society as a wrongful act, is inflicted upon an individual.

8.

Sources of (American) law U.S. and State Constitutions Statutory Law (federal statutes state
statutes) City ordinances Administrative regulations/decisions Case Law Common Law
Doctrines Bible/religious laws

9.

Primary sources of law a statement of the law itself from a governmental entity, such as a court,
legislature, executive agency, president or governor.

10.

Secondary sources of law material that discuss, explain, interpret, and analyze what the law is or what it
should be, including treatises, law reviews encyclopedias, ALR annotations, Restatements, and legal
newspapers. Secondary sources also provide extensive citations to primary legal materials and other relevant
secondary sources.

11.

Constitutional law - refers to the general limits and powers of these governments as stated in their
written constitutions.

12.

Statutory law the assortment of rules and regulations put forth by legislatures.
a. State
b. Federal is a compilation and codification of the general and permanent federal law of the
United States.

13.

Ordinances a law, statute, or regulation enacted by a municipal corporation. Such as city, town,
village, or borough.
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and other

14.

Citations a paper commonly used in various court-such as probate, matrimonial, or traffic court the
is served upon an individual to notify the is required to appear at a specific time and place.

15.

Uniform Commercial Code (UCC) first published in 1952, is one of the a number of uniform acts
that have been promulgated in conjunction with efforts to harmonize the law of sales and other
commercial transactions in all 50 states within the United States of America.

16.

Administrative law- the collections of rules and decisions made by administrative agencies to fill in
particular details missing from constitutions and statutes.

17.

Federal agencies an administrative unit of government.

18.

Case law - the collection of legal interpretations made by judges. They are considered to be law
unless otherwise revoked by a statutory law.
a. Brown v. Board of Education
b. Roe v. Wade

19.

Common law Is the collection of legal interpretations made by judges.

20.

Precedent or authority is a legal case establishing a principal or rule that a court or other judicial
body may utilized when deciding subsequent cases with similar issues or facts.

21.

Stare Decisis latin for standing by the decision principle stating the rulings made in higher courts
are binding precedent for lower courts.

22.

Equity as a legal system it is a body of law the addresses concerns that fall outside the jurisdiction
of common law. Is also used to describe the money value of property in excess of claims, liens, or
mortgage on the property.

23.

Plaintiff the person or party who initiates a lawsuit (an action) before a court by filing a complaint
with the clerk of the court against the defendant. Also known as claimant or complainant.

24.

Defendant the person party or entity against whom a civil or criminal lawsuit is filed in a court of
law.

25.

Procedural law- the body of law that prescribes formal steps to be taken in enforcing legal rights.

26.

Cyber law is based primarily on existing laws. Is a term used to describe the legal issues related to
use of communications technology.

27.

Civil law delineates the rights and responsibilities implied in relationships between persons and
between persons and their government.

28.

Criminal law regulates incidents in which someone commits an act against the public as a whole,
such as by conducting insider trading on the stock exchange.

29.

Appellant/Appellee- a person who dissatisfied with the judgment rendered in a lawsuit decided in a
lower court or the findings from a proceeding before an administrative agency, asks a superior court
to review the decision.
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30.

Treaty a binding agreement between two nations or international organizations.

Critical Thinking:
What is the law?
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior.
What is its purpose?
1. Provide order such that one can depend on a promise or an expectation of obligations. 2. Serving as an
alternative to fighting. 3. Facilitating a sense that change is possible, but only after a rational consideration of
options. 4. Encouraging social justice. 5. Guarantee personal freedoms. 6. Serving as a moral guide by
indicating minimal expectations of citizens and organizations.
What is business law?
Consist of the enforceable rules of conduct that govern commercial relationships.
What is the difference between civil and criminal law?
Civil law defines rights between individuals or individuals and government.
Criminal law is an act or omission against society.
What are the sources of law?
Constitutional law Statutory Law Administrative Law Common Law Treaty Executive Order
What is the difference between case law and common law?
case law is legally enforceable unless a higher court overrules it or the legislature creates a law that supersedes it.
common law is made up of various case law from different court systems throughout the country.