Legal Environment of Business II Exam 1

University of South Alabama MCOB Dr. Franks Summer 2026 Online

Law

a body of rules of action or conduct prescribed by controlling authority, and having legal binding force.

Black’s Law Dictionary (First published in 1891)

The leading legal dictionary

Counsel

Another name for an attourney

Constitutional law

The body of law interpreting state and federal constitutions

Statutory law

The body of law created by the legislature and approved by the executive branch of state and federal governments

Common law

Law that has not been passed by the legislature, but rather is made by the courts and is based on the fundamentals of previous cases with similar facts

Administrative (regulatory) law

Law made by government administrative agencies

Ordinances

Laws made by government administrative agencies

Precedent

When courts apply the law of a previous case to current cases with similar facts

Remedies

The relief mechanisms by which courts compensate a nonbreaching party for the losses that result from the other party’s breach of contract

Equitable relief

Relief granted in the form of either specific performance