Business Law

Law

The enforceable rules of a society that govern behavior and are established by a governing authority; may be grouped into an organized from called a code

Natural Law

The theory that certain rights are inherent by virtue of human nature and can be universally understood through human reason

Common Law

A legal system based on custom, court rulings, and judicial decisions rather than statutes. It evolves over time through judicial interpretations and precedent

Precedent

Refers to a court decision considered an authority for deciding subsequent cases involving identical or similar facts/legal issues

“Stare decisis”

“To stand by things decided,” doctrine stating that courts will adhere to precedents when making their decisions

Positive Law

Human-made laws set by authority to prevent disputes and wrong doings in the first place

Forms laws in the U.S. can take

Constitutions, statues, case law, and administrative law; laws in the U.S. are created as all 3 levels of government

Constitution

Document that sets the framework of a government and its relation to the people it governs; allocates power between 1) people and government, 2) state government and federal government 3) branches of government

Constitutional law

When a constitution is amended or adapted, or court interprets it, conditional law is made; Supreme Court is final interpreter of constitution

U.S. Constitution Article VI

“The supreme law of the land,” constitutions are the highest sources of law

Legislature

Official group of elected people with legal power to make, change, and repel laws

Bill of Rights

Allocating powers between people and government, done primarily through its 10 amendments; protects people form actions of government

Statutory Law

General system of all written legislation

Federal and State legislatures

Federal conditions created the congress of the U.S., state conditions created the state legislatures. State and Federal legislatures are composed of people acting for their citizens; they enact laws called statues

Statue

Created by state or federal legislatures, composed of people acting for their citizens, enacts laws called statues—commonly called acts or legislation—that commands, prohibits, or declares something

Case Law

Sometimes common law maybe hard to apply and court may disregard past precedents of law or interpret it differently; decisions in this case become precedent as well, effects of such is called case law

Administrative Law

Body of rules, regulations, and decisions created by administrative agencies

Administrative Agencies

Governmental bodies formed to carry out particular laws; federal, state, and local legislatures all creative administrative agencies; usually handled by executive branch

Civil Law

Governs matters regarding private legal rights of an individual being violated (civil wrongs); deals with torts, property law, contracts, etc

3 Categories of Torts

1. Intentional torts

2. Strict/absolute liability

3. Negligence

Tort

A civil wrong where one person’s careless or intentional act causes harm, injury, or loss to another; wrong in which the law allows a remedy in the form of money

3 Broad Classes of Legal Wrongs

1. Crime: legal wrong against society, punishable by fines, imprisonment or death

2. Breach of contract

3. Tort: legal wrong for which the law allows a remedy in the form of money damages

Criminal Law

Concerned with acts against society (crimes) and regulation of criminal activity

Procedural Laws

Determines how rights and responsibilities can be legally exercised and enforced through the legal system; through civil or criminal procedure; EX: “stare decisis” is an example of procedural law

Substantive Law

Defines legal rights and duties, concerned with code of conducts except for enforcement, defines offenses such as mruders, theft, breach of conduct, negligence, etc

Business Law