Legal Foundations and Thinking Strategically

These flashcards cover the key concepts and terminology related to legal foundations and strategic thinking in business as discussed in the lecture notes.

Law

A body of binding rules of action or conduct established by controlling legal authority.

Stare Decisis

A legal doctrine requiring courts to follow precedent in making decisions.

Criminal Law

A category of law focused on the protection of society and punishment of offenses such as homicide and theft.

Civil Law

A category of law designed to compensate parties for loss or damage, such as in cases of negligence.

Substantive Law

Law that provides individuals with rights and duties.

Procedural Law

Law concerned with the structure of rules for ensuring rights, such as statutes setting time limits for filing lawsuits.

Public Law

Law established by governmental entities, including federal and state statutes.

Private Law

Law arising from private agreements, such as contracts between businesses and vendors.

Administrative Law

Law created by government agencies that have been delegated rule-making power.

Common Law

Law developed through judicial decisions and case precedents, often referred to as 'judge-made law.'

Equitable Relief

A remedy in the form of an injunction or specific performance when monetary damages are insufficient.

Primary Sources of Law

Sources that include Constitutional Law, Statutory Law, Administrative Law, and Common Law.

Secondary Sources of Law

Sources that help interpret statutory law or judicially created law, such as legal writings and model statutes.

Legal Counsel

Legal advisors who assist management in legal decision-making and ensure compliance with laws.

Legal Strategy

A set of guidelines created to achieve business objectives, encompassing noncompliance, avoidance, prevention, and value creation.

Case Precedent

A legal case that establishes a principle or rule that may be followed in subsequent cases.