Business Law for the Entrepreneur and Manager - Chapter 1: Introduction to Law and the Legal System

Vocabulary flashcards covering core concepts, legal doctrines, judicial powers, civil procedure, and dispute resolution methods from Chapter 1 of 'Business Law for the Entrepreneur and Manager' by Frank J. Cavico and Bahaudin G. Mujtaba.

Law

The entire body of principles that govern conduct and which can be enforced by the courts or other government tribunals.

Antitrust Laws

Laws that prohibit unilateral and collective agreements and actions that restrain trade, including restrictive practices that reduce competition to an unreasonable level without providing beneficial effects to consumers.

Statutory Law

The body of law enacted by a legislative body, such as the United States Congress or a state legislature.

Regulatory Law

Laws in the forms of rules and regulations promulgated by administrative agencies.

Common Law

Case law developed in the Anglo-American judicial tradition, originating from early English kings and royal representatives deciding cases on a case-by-case basis.

Public Law

A classification of law that impacts the people as a whole who are directly involved with the law, including constitutional law, administrative law, and criminal law.

Private Law

A classification of law dealing with legal problems, relations, and interests among private individuals, where society as a whole is not involved (such as contract law, torts, and property).

Criminal Law

A branch of law that deals with legal wrongs committed ultimately against society.

Civil Law

A legal system and category dealing with legal wrongs committed by one private party against another private party, historically premised on the Napoleonic Code and Roman law.

Substantive Law

The body of law that defines the legal relations of people with other people or with the state, setting forth their respective rights and duties.

Procedural Law

The legal method, means, or process by which substantive law is administered and enforced.

Precedent

An earlier court case with the same or similar facts that has enunciated certain legal rules.

Doctrine of Stare Decisis

The legal principle under which a court adheres to and follows established precedents when resolving the case at bar.

Enumerated Powers

Specific powers granted to the federal government by the U.S. Constitution, with all non-enumerated powers reserved to the states.

Plain Meaning Rule

A statutory interpretation rule holding that if a statute's language is so clear that only one result is logically indicated, the court considers no other factors and defers to the legislative intent.

Legal Reasoning

The critical legal analysis process used by judges to resolve a case, consisting of summarizing operative facts, ascertaining issues, stating legal rules, applying rules to facts, and providing a reasoned decision.

Adjudication

The application of legal principles and rules to factual disputes in order to settle cases and controversies.

Judicial Review

The power of the judiciary to evaluate statutes and other actions by the executive and legislative branches to ensure they comply with the Constitution.

Statutory Interpretation

The power of courts to construe and clarify legislation to determine its exact meaning.

Jurisdiction

The power each court possesses to hear and try cases and to decide certain types of legal controversies.

Action in Personam

A legal proceeding in which the plaintiff seeks to hold the defendant personally liable on an obligation, such as recovering money damages for breach of contract.

Action in Rem

A legal proceeding in which the plaintiff seeks to enforce a right against specific property owned by the defendant, such as a real estate mortgage foreclosure.

Long Arm Statutes

State statutes permitting a lawsuit against an out-of-state resident defendant in the plaintiff's home state if the defendant conducts business in that state, thereby impliedly consenting to be sued there on related claims.

Motorist Implied Consent Statutes

State statutes establishing that operating a motor vehicle within a state constitutes implied consent to appoint the Secretary of State as an agent for service of process regarding accidents in the state.

Conflict of Laws

Legal rules applied by courts to determine which jurisdiction's law governs when a case involves contacts, acts, transactions, or parties from multiple states.

Decree of Injunction

An equitable court order requiring a defendant to stop performing a particular act, such as trespassing or maintaining a nuisance.

Decree of Specific Performance

An equitable remedy in which a court commands a defendant to fulfill the exact terms of an agreement made with the plaintiff.

Statute of Limitations

A statute that sets the specific time limit within which a plaintiff must institute a legal action.

Answer

The formal response filed by a defendant in civil litigation responding to the allegations in the plaintiff's complaint.

New York Convention

The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, obligating member nations to enforce arbitration awards rendered outside their sovereign territories.

Mediation

An alternative dispute resolution process where a neutral, objective third party acts as a conciliator and facilitator to assist disputants in achieving a compromise settlement.

Arbitration

An alternative dispute resolution process in which disputing parties submit their conflict to a neutral non-judicial third party for a final and binding decision.

Uniform Arbitration Act

A model state statute aimed at standardizing arbitration agreements and enforcing arbitral awards consistently at the state level.

Arbitration Submission

The formal referral of specific legal or factual issues by disputing parties to an arbitrator for binding resolution.

Arbitration Award

The final, binding decision rendered by an arbitrator regarding the submitted matters in dispute.

Arbitrability

A threshold legal question concerning whether a specific dispute or issue is legally required to be decided by an arbitrator rather than a traditional court.

Virtual Magistrate Project

An online dispute resolution initiative affiliated with the American Arbitration Service that handles online disputes concerning contracts, torts, and intellectual property.