Business Law - Test 1 Vocab

Statute of Principle

broad piece of legislation that sets general policy goals and broad standards rather than fine, exhaustive rules. 

Stare Decisis

Like cases should be considered alike

Ratio Decidendi

reasoning for the decision

Law Courts

Monetary damages only

Equity courts

not limited to money damages, backed by force

Judicial Rule of equity

Don’t use equity courts if law is sufficient

Civil Law

is for private disputes

Common Law

allows for judges to spread and create a precedent as the general rule

Consensus perspective

Law is a neutral attempt to satisfy conflicting claims and demands.

Conflict perspective

law is and instrument of OPPRESSION by the POWERFUL.

Substantive Law

law used to decide disputes

Procedural Law

Legal procedure that determines how the lawsuit began

Public law

bodies that affect general public

Private law

Relationships between people in organized society

3 types of public law

Constitutional, administrative, criminal

Private Law types

contracts, torts and property

Statute

a law passed by congress or legislative body of state 

Ordnance

law passed by local government

Code

law on the federal level