Business Law Unit 1 Vocab

laws

laws

enforceable rules of conduct in a society; reflects the culture and circumstances that create them

code

laws that are grouped into an organized form

common law

law based on the current standards or customs of the people and are formed from the way a judge/jury rules in disputes

jurisdiction

power to decide a case

positive law

laws that are created by a leader or central authority and are created to prevent disputes and wrongs from occurring

constitutional law

occurs when constitutions are adopted or amended or when courts interpret constitutions

statute

laws enacted by legislatures

ordinance

pieces of legislation created by a town or city council or by a county board or commission; only effective within the boundary of local governments that enacted them

administrative agencies

governmental bodies formed to carry out particular laws; created by legislatures; controlled by executive branch (encompasses lots of stuff that have different rules compared to federal courts)

case law

laws based upon rulings made in courts and appellate (appeal) courts; fills gaps created by precedent (no two issues have the same circumstances)

stare decisis

let the decision stand (lower courts must adhere to the ruling/precedent set by other previous cases)

unconstitutional

when a law is not deemed constitutional or valid

civil law

address wrongs against an individual

crime

address offenses against society

business law

covers a wide variety of business situations and transactions (usually civil law, often contracts)

torts

private wrongs against individuals or organizations; breaches of contract

ethics

deciding what is right or wrong in a reasoned, impartial manner

impartial

same ethical standards

consequence-based ethical reasoning

good outcomes are good, bad outcomes are bad; acts themselves have no moral implications; “ends justify the means”

rules-based ethical reasoning

acts are either right or wrong; “rightness” or “wrongness” comes from laws or religion

jury nullification

the goal is to make the legal system more just

compensatory damages

designed to compensate someone for what they lost

punitive damages

only awarded in situations where the accused committed such an atrocious action