Bus Law: M01

Module 1 Stuff

Jurisprudence

The entire subject and study of law and legal questions

Legislation

Laws enacted by legislative bodies (EX: Congress, Parliment)

Constitution

Fundamental principles that determine how an entity is governed

EX: US constitution, club constitution, etc.

Case Law (common law systems)

Judicial decisions in previous cases that set precedents for future cases

Precedent

A prior ruling of a court case which sets an example of how the original law should be interpreted.

Stare Decisis

The doctrine that courts should follow the precedents made by similar past court cases to determine the resolution of new/current ones.

Civil Dispute

A conflict between 2+ parties where one party seeks compensation or a remedy for harm caused by the other party

Litigation

The process which a dispute is resolved using the traditional court system

Alternative Dispute Resolution (ADR)

A cheaper, less resource intensive form of litigation.

Includes: Mediation, Arbitration, or both

Mediation

A form of Alternative Dispute Resolution

Involves having a mediator help communicate, negotiate, and develop a mutually accepted solution.

Arbitration

A form of Alternative Dispute Resolution

Involves both parties agreeing to submit their accounts of a situation to an “Arbitrator” who looks over the evidence and makes a final decision based off it.

Statute

A rule/law created by congress or state legislature

Regulation

Rules invented by designated administrative entities to enforce statutes in more detail.

Ordinance

Laws created by local governments (County, city, etc)

Tort

A civil wrongdoing, other than breach of contract, that causes injury or harm to a plaintiff and allows them to prove the defendant's legal liability and recover damages.

(Come back to later to revise)

Antitrust Law

Laws which regulate company conduct, promote competition, and prevent abuse of monopoly power for the benefit of consumers.

Securities

A generic term describing investments, like stocks and bonds, that represent ownership in a company or money owed by a company or government to the investor.

Securities Regulation

The body of laws and regulation that govern trade and issuance of securities, with the purpose to protect investors and maintain fair and efficient markets.

IRAC (Methodology)

Issue, Rule, Analysis, Conclusion

4 Main Origins of American Law

Constitutional Law, Common(Judicial) Law, Legislative Law, Administrative Law