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Business Law

Chapter 1

AB
Administrative AgencyGovernmental body formed to carry out particular laws
Case LawMade when appellate court endorses a rule to be used in deciding court cases
CodeLaws grouped into an organized form
Constitutional LawLaws made when the fundamental, supreme law of the land is adopted, amended, or interpreted
Criminal LawGroup of laws that defines and sets punishments for offenses against society
JurisdictionPower of a court to decide a case
OrdinanceLegislation enacted by a town, city, or a county board or commission
Procedural LawGroup of laws that define the methods for enforcing legal rights and duties
StatutesLaws enacted by state or federal legislatures
TortsPrivate or civil wrong for which the law grants a remedy
Business LawGroup of laws that governs business situations and transactions
Civil LawGroup of laws used to provide remedy for wrongs against individuals
Common LawLaw based on current standards or customs of the people
CrimePunishable offense against society
EquityBasic fairness
LawsEnforceable rules of conduct in a society
Positive LawLaw based on the dictates of a central political authority
Stare DecisisDoctrine that requires lower courts to follow existing case law in deciding similar cases
Substantive LawGroup of laws that define rights and duties
UnconstitutionalLaw that conflicts with a constitution and is therefore invalid

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