Legal Environment of Business - Chapter 1: Law and Legal Reasoning

Flashcards covering essential terms and concepts from Chapter 1 on Law and Legal Reasoning in the context of business law.

Liability is the __ state of being legally responsible for something, such as a debt or obligation.

state

Primary sources of law include the U.S. Constitution, statutory law, administrative regulations, and __.

case law

Ethics is generally defined as the principles governing what constitutes __ or wrong behavior.

right

Administrative law is created by __ to carry out their duties and responsibilities.

administrative agencies

In medieval England, courts that could grant only land, items of value, or money as remedies were known as __.

courts of law

The doctrine of __ requires courts to follow precedents established in prior decisions.

stare decisis

Statutory law includes laws passed by Congress, state legislatures, or __ governing bodies.

local

A judicial opinion that represents the views of the majority of judges is known as a __ opinion.

majority

The party initiating a lawsuit is known as the __.

plaintiff

Legal realism holds that the law is only one factor to be considered when deciding __.

cases

If there is no adequate remedy at law, courts may issue __ remedies such as injunctions or specific performance.

equitable

A __ is a law passed by a local governing unit, often dealing with community matters.

ordinance

A law that collides with the U.S. Constitution may be deemed __ and thus unenforceable.

unconstitutional

The __ of limitations sets the maximum time period within which a lawsuit can be initiated.

statute

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

U.S. Constitution

Natural law reflects universal moral and ethical principles inherent in __.

human nature

Procedural law establishes methods for enforcing rights defined by __ law.

substantive