Business Law-Chapter 1 (Foundation/Origin of Law)

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enforceable rule of conduct in a society
Babylonian ruler famous for his code of laws
common law
law based on current standards or customs of the people
positive law
law dictated from a central authority
the power to decide a case
chosen citizens to help interpret customs for the court
courts use prior cases as a guide for deciding similar new cases; provides stability in law
a judicial remedy issued in order to prohibit a party from doing or continuing to do a certain activity
a document that sets forth the framework of a government and its relationship to the people it governs
constitutional law
law that involves the interpretation and application of the U.S. Constitution and state constitutions
interstate commerce
trade between two or more states
intrastate commerce
commerce occurring within one state which cannot be regulated by the federal government
law enacted by a state or federal legislature
laws enacted by local government bodies such as cities and counties
case law
laws enacted when an appellate court endorses a rule to be used in deciding court cases
stare decisis
Latin term for “Let the decision stand”; decisions are based on precedents from previous cases
administrative law
the body of rules and regulations and orders and decisions created by administrative agencies of government
administrative agencies
federal or state institutions created by Congress or state legislatures with delegated power to pass rules and regulations within its area of authority (i.e. Social Security Administration)
supreme law
the strongest laws of the nation–the Constitution
civil law
law concerned with private wrongs against individuals
criminal law
law concerned with public wrongs against society
procedural law
rules for enforcement of legal rights and duties
substantive law
rules that define legal rights and duties
business law
rules that apply to business situations and transactions
Uniform Commercial Code
widely adopted business codes
practice of deciding what is right or wrong in a reasonable, impartial manner
civil disobedience
refusal to obey unjust laws; open, peaceful, violations of unjust laws
Statutory law
the term used to define written laws enacted by a legislative body (i.e. a state Congress)
Categories: Business Law