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Business Law – Ch 1 MindTap

US Constitution
the most important primary source of our law
State
_________ constitutions are a primary source of law
constitutional law
any law based on a constitution (US OR STATE)
Unconstitutional
when a crime violates the constitution it is considered
federal statutes
laws passed by congress and normally signed into law by the president
every state
All US congressional laws apply to __________ and can’t me ignored
Uniform Commerical Code
uniform law adopted by all states that facilitates commerce
Administrative Agencies
created to perform specific government functions
Federal Trade Commission
example of a independent regulatory agency
case law
derived from judges’ decisions for actual cases; judge made law
administrative law
the rules, orders, and decisions of federal state, or local government administrative agencies
statutory law
laws (statues and ordinances) enacted by federal, state, and local legislatures
remedies at law
Money, land, items of value
specific performance
an equitable remedy in which a court orders the parties to perform as promised in a contract. This remedy normally is granted only when the legal remedy (monetary damages) is inadequate, or the ordering of a party to perform an agreement as promised
Remedies in equity
involve specific peformance
stare decisis
part of the common law tradition relies on the doctrine
“to stand on decided cases”
Latin meaning of stare decisis
stability and predictability
one of the most important functions of law is to provide
precedent
a decision that furnishes an example or authority for deciding subsequent cases involving similar legal principles or facts.
binding authority
a source of law that courts must follow when deciding a case
Basic steps of legal reasoning
1. issue 2. rule 3. application 4. conclusion
restatements of law
summarize the common law rules followed by most states
positivist
there is no law higher than the laws created by the government
historical
doctrines that have withstood the passage of time help guide us in shaping present laws
natural law
universal law as applicable to all human beings
legal realism
takes into account customary practices and the circumstances surrounding the particular transaction
procedural law and substantive law
one way to divide law is
civil law
law that governs relations between persons
United States Statutes at Large
publication where law passed by Congress are found
citation
a reference to a publication in which a legal authority can be found
plaintiff
one who initiates a lawsuit
defendant
one against whom a lawsuit is brought, or the accused person in a criminal proceeding
appellant
party who appeals a lower court’s decision
concurring opinion
judge agrees with the majority opinion but for different reasons.
dissenting opinion
not in agreement with the majority opinion

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