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Legal and Regulatory Environment of Business – Ch. 1

Administrative law
The legal principles involved in the workings of administrative agencies within the regulatory process.
Civil law
The area of law governing the rights and duties between private parties as compared with the judicial orientation of the common law system.
Common law
That body of law deriving from judicial decisions as opposed to legislatively enacted statutes and administrative regulations.
Criminal law
That area of law dealing with wrongs against the state as representative of the community at large; to be distinguished from civil law; which hears cases of wrongs against persons.
Precedent
A prior judicial decision relied upon as an example of a rule of law.
Private law
A classification of legal subject matters that deals most directly with relationships between legal entities. The law of contracts and the law of property are two examples of this classification.
Procedural law
The body of rules governing the manner in which legal claims are enforced.
Public law
A classification of legal subject matters that regulates the relationship of individuals and organizations to society.
Stare decisis
The doctrine that traditionally indicates that a court should follow prior decisions in all cases based on substantially similar facts.
Substantive law
A body of rules defining the nature and extent of legal rights.

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