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Understanding Business & Personal Law – Chapter 1

Morality
Values that govern a society’s attitude toward right and wrong
Ethics
Something with attempts to develop the means for determining what those values should be.
Law
Rules of conduct established by the government of a society to maintain stability and justice in that society.
Constitution
Document which spells out the principles by which that country’s government operates.
Common Law
Decisions of early law courts developed in England, based on customs. They are characterized by the practice of deciding cases on precedent.
Precedent
When a judge is required to follow an earlier court decision when deciding a case with similar circumstances.
Statutes
Law specifically passed by a governing body created for that purpose.
Legislature
Body of lawmakers, which has the job of creating or passing statutory law.
Unconstitutional
Action or law that is not longer valid.
Administrative Law
Those rules and procedures established by regulatory agencies.

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