Business Law Chp 1

Statutory Law

Laws that are written and passed by a legislative body

A Legislative Body

A group of elected lawmakers whose job is to create laws

So if Congress votes on a bill it gets passed and it becomes a law that's a?

Statutory Law

What are local ordinances?

An ordinance is basically a local law

Remember the three levels

Federal → Congress → statutes

State → State legislature → statutes

Local → City/county → ordinances

Uniform laws

A model law created by the National Conference of Commissioners on Uniform State Laws and/or the American Law Institute for the states to consider adopting. If a state adopts the law, it becomes statutory law in that state.

A federal statute, of course, applies to…..

All states

A state statute, in contrast, applies only…….

Within the state’s borders

A uniform act

A proposed set of laws designed to be adopted by different states so that the laws are similar across the country.

Who created the UCC?

NCCUSL and American Law Institute (ALI)

What is UCC?

Uniform Commercial Code

administrative law

consists of the rules, orders, and decisions of administrative agencies.

Administrative agency

Is a federal, state, or local government agency established to perform a specific function.

What are executive agencies, and who has authority over them?

They are agencies within the executive branch and under the president's authority, so the president can appoint and remove their officers like (FDA)

What are independent regulatory agencies, and how are they different from executive agencies?

They are federal agencies that are less directly controlled by the president, their officers serve fixed terms and generally cannot be removed without just cause.

Case Law

The rules of law announced in court decisions

Common law

The body of law developed from custom or judicial decisions in English and U.S. courts

Courts of law

The courts who awarded the remedies which only were granted things of value, such as money damages

The three remedies were called?

remedies at law

Today, the remedy at law normally takes the form of?

Monetary damages

What is the purpose of equity? (branch of law)

To provide a fair remedy when the law does not provide an adequate remedy.

What is an injunction?

An injunction is a court order requiring someone to stop doing something or undo a wrong or injury.

What is rescission?

Rescission is the cancellation of a contractual obligation, ending/canceling the contract obligation.

What is a defendant

The party being sued

Who is the plantiff?

The party being sued

Statutes of limitations

A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced