Business Law Chapter 1 Terms

Jurisprudence

The philosophy of law

Color of Authority

Actions taken under the law

Legal Positivism

A belief that the law is whatever the sovereign says it is - the law is what the law says. It is written, human-made rules

Due Process

Fundamental fairness and decency in government actions

International Customary Law

Law composed of long-standing international customs or practices that have the force of law

Natural Law

A belief that humans possess certain inalienable rights that are not the products of human-made law

Public Law

Law that applies to everyone

Private Law

Law that is binding on specific parties who agree to it, like a contract

Procedural Law

Describes the legal rules that must be followed by government officials in the execution of law

Substantive Law

The actual substance of the law or the merits of the claim, case, or action

Primary Sources of Law

Actual laws. These include constitutions, statutes, and judicial opinions

Secondary sources of law

Interpretations of law. These include restatements of law, journal articles, and treatises

Treatise

An exposition or summary of an area or body of law

Uniform Commercial Code (UCC)

A model statute that seeks to provide uniformity to contracts law among the different states. It is not a law until state legislatures adopt it as law

U.S. Constitution

The supreme law of the land. It created the structure of the U.S. federal government.

Bill of Rights

The first ten amendments to the U.S. constitution

Federalism

A system in which power is divided between two or more forms of government

Statutory Law

Law created by a legislative body, e.g. Congress at the federal level

Bicameral

A term used to describe a legislature in which two bodies exist, like U.S. Congress, which is composed of the Senate and House of Representatives

Common Law

Judge-made law

Civil Law

A system of law where only the legislature creates law

Jurisdiction

An area where power may be exercised

Stare decisis

“Let the decision stand” - the principle that courts should follow precedents

Precedent

Existing interpretation of law, based on prior decisions

Police powers

The general power of states to regulate for the health, safety, and general welfare of the public

Vice Laws

Laws targeted at regulating or prohibiting vice activities or business activities negated in vice activities, such as gambling, prostitution, alcohol consumption, and porn

Rules or regulations

Created by administrative agencies and have the force of law

Enabling Legislation

Statutes created by Congress to create individual administrative agencies

English bill of rights of 1689

Contains the basis for many concepts contained in the US constitution including the rights of the people to limit the sovereign

Code of Hammurabi

The oldest record that we have of a seemingly complete rule of law system

Magna Carta

Contains the basis for many legal principles recognized in the US Constitution, including due process and habeas corpus

Ex post facto

A type of law that is applied retroactively to its passage

Truth in Lending Act (TILA)

A federal statute that requires lenders to provide accurate information concerning costs involved in offers of credit. Goes along with Regulation Z, which implements it

Title VII of the Civil Rights Act

Prohibits discrimination related to protected characteristics in hiring and employment practices

Federal Trade Commission (FTC)

A federal agency that protects consumers