Business Law I Unit 1 (1.1-1.3)

Law

Enforceable rules set to govern relationships between individuals in society.

Contracts

Laws that set businesses' obligations and responsibilities.

Intellectual Property

Laws that protect ideas, brands, and inventions.

Torts

Laws that create risk of lawsuits for harm caused.

Product Liability

Laws requiring businesses to ensure their products are safe.

Sales

Laws that affect pricing, advertising, and customer transactions.

Internet/Social Media/Privacy

Laws that impact data protection and online activity.

Environmental Law/Sustainability

Laws that affect production, costs, and environmental practices.

Ethics

Principles governing what is right and wrong.

Primary Law

The actual law or rule created by the government.

Examples of Primary Law

The Constitution, statutory laws, and regulations created by administrative agencies.

Secondary Law

Information that explains or interprets primary laws.

Examples of Secondary Law

Legal textbooks, case summaries, and law review articles.

Constitutional Law

Law based on the U.S. Constitution and state constitutions.

Statutory Law

Laws written and passed by legislative bodies.

Ordinance

A law passed by a local government, such as a city or county.

Uniform Law

A law created to make laws more consistent between different states.

Uniform Commercial Code (UCC)

Rules and standards for business and commercial transactions across the U.S.

Administrative Agency

A government agency that creates and enforces rules for a specific area.

Example of Administrative Agency

The Environmental Protection Agency (EPA).

Administrative Law

Rules or laws created and enforced by administrative agencies.

Executive Agencies

Government agencies that are part of the executive branch and enforce laws.

Example of Executive Agency

The Federal Bureau of Investigation (FBI).

Independent Regulatory Agencies

Agencies that can make and enforce rules with independence from direct presidential control.

Case Law

Law created by court decisions.

Common Law

Law based on past court decisions, traditions, and customs.

Remedies

Ways the law fixes a wrong or helps someone who was harmed.

Courts of Law

Courts that usually award money damages to someone who was harmed.

Remedies at Law

Remedies that give money to compensate for a loss.

Damages

Money awarded to a person who was harmed.

Courts of Equity

Courts that provide fair solutions when money alone cannot fix the problem.

Remedies in Equity

Non-money solutions ordered by a court.

Breach

Breaking a legal agreement or duty.

Equitable Maxims

Basic fairness principles courts use when deciding equitable remedies.

Laches

Waiting too long to bring a legal claim, which can hurt the case.

Defense

A reason the defendant gives to fight against a claim.

Defendant

The person or party being sued or accused.

Plaintiff

The person or party bringing the lawsuit.

Petitioner

The person who asks a court to take action, often through an appeal.

Respondent

The person or party who responds to a petition.

Statute of Limitations

The time limit for bringing a lawsuit.

Action at Law

A lawsuit where the main remedy is money.

Action in Equity

A lawsuit where the main remedy is something other than money.

Precedent

A previous court decision that can guide future cases.

Reporters

Books or online databases that publish court decisions.

Stare Decisis

The principle of following previous court decisions.

Following Precedent

One part of stare decisis where courts follow decisions from previous cases.

Hierarchy of Courts

One part of stare decisis where lower courts must follow decisions from higher courts.

Binding Authority

A previous court decision that a court must follow.

Persuasive Authority

Legal authority a court may use for guidance but is not required to follow.

Case of First Impression

A case where there is no previous precedent to guide the court.

Legal Reasoning

The process of using facts, laws, and previous court decisions to reach a legal conclusion.

IRAC

A method of legal reasoning that stands for Issue, Rule, Application, and Conclusion.

Issue

The legal question that needs to be answered.

Rule

The law or rule that applies to the case.

Application

How the law applies to the facts of the case.

Conclusion

The final answer to the legal question.

Cases on Point

Previous court cases with similar facts and legal issues to the current case.