Chapter 1: Law and Legal Reasoning

These flashcards cover key vocabulary and definitions related to law and legal reasoning, providing an essential review for understanding the legal environment affecting business activities.

Liability

Legally responsible (liable) for something, such as a debt or obligation.

Ethics

The principles governing what constitutes right or wrong behavior.

Primary Sources of American Law

Sources that establish the law, including constitutions, statutory law, regulations, and case law.

U.S. Constitution

The supreme law of the land and basis of all law in the United States.

Statutory Law

The body of law enacted by legislative bodies, including federal and state statutes.

Administrative Law

Law created by administrative agencies to carry out their duties and responsibilities.

Case Law

The rules of law announced in court decisions, interpreting statutes and regulations.

Common Law

Law developed from custom or judicial decisions, not attributable to a legislature.

Equitable Maxims

General propositions or principles of law that relate to fairness in legal proceedings.

Stare Decisis

A common law doctrine requiring judges to follow precedents established in prior decisions.

Jurisprudence

The science or philosophy of law.

Legal Realism

A school of legal thought emphasizing social and economic factors in legal decision-making.

Substantive Law

Law that defines, describes, regulates, and creates legal rights and obligations.

Procedural Law

Law that establishes the methods of enforcing rights under substantive law.

Civil Law

Enforcement of private or public rights, as opposed to criminal matters.

Criminal Law

Law that defines and punishes wrongful actions committed against the public.

Legal Citation

A reference to a publication where legal authority, such as a statue or court decision, can be found.

Plaintiff

The party who initiates a lawsuit.

Defendant

The party against whom the lawsuit is brought.