Business Law Flashcards

Flashcards for key vocabulary and concepts from the Business Law lecture notes.

Law

Governmental rule prescribing conduct and carrying a penalty for violation.

Federal Constitution

World’s longest surviving written charter of government; created the US government.

Amendment

A modification or addition to the U.S. Constitution.

Bill of Rights

The first ten amendments to the Constitution, guaranteeing specific rights and protections.

Federal & State Statutes

Laws which are enacted by legislative bodies.

Municipal Ordinances

Law enacted by a local unit of government.

Separation of Powers

The division of governmental power among the legislative, executive, and judicial branches.

Legislative Branch

Congress; duty is to make the laws.

Senate

One of the two sub-divisions of the Legislative Branch; two reps per state.

House of Representatives

One of the two sub-divisions of the Legislative Branch; representation by population; 435 reps total.

Executive Branch

President of the United States; duty is to enforce/uphold the law.

Judicial Branch

Supreme Court of the United States; duty is to interpret the Law.

Common Law

The body of law deriving from judicial decisions, rather than from statutes or constitutions; also known as Case Law or Judge-made Law.

Stare Decisis

The principle that the decision of a higher court should serve as a guide or precedent and control the decision of a similar case in the future.

Civil Law

The body of law concerned with private or purely personal rights.

Tort Law

A private or civil wrong against a person or his or her property, other than by breach of contract, for which there may be action for damages.

Business Law

Rules of conduct for the performance of business transactions.

Criminal Law

Laws dealing with crimes and the punishment of wrongdoers.

Plaintiff

The party who initiates a civil action.

Defendant

The party against whom legal action is brought.

Jurisdiction

The power/authority of a court to hear cases.

Appeal

Request to a higher court to review a lower court’s decision.

Trial Court

Court that conducts the original trial of a case.

Appellate Court

Court hearing cases appealed from a lower court.