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Business Law ch.1-3
law
28
Business
Undergraduate 3
01/22/2012

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Term
In todays world, knowledge of what is not enough?
Definition
Black letter law
Term
The study of business law necessarily involves a...
Definition
ethical dimension
Term
What does breach mean?
Definition
to break or failing to perform a contract
Term
what is ethics?
Definition
study of what constitutes right and wrong.
Term
What are the areas of the law that may affect business decision making?
Definition
contracts, sales, negotiable instruments, creditors rights, intellectual property, e commerce, product liability, torts, agency, business organizations, professional liability, courts and procedures.
Term
What are primary sources of law
Definition
sources that establish the law.
Term
What is constitutional law?
Definition
the supreme law of the land, the basis of all law in the united states. According to article 6
Term
what does the tenth amendment say?
Definition
All powers not granted to the federal govt are given to the state, unless it conflicts with the constitutional law. each state has it's own constitution.
Term
what is statutory law?
Definition
Laws enacted by legislative bodies at any level of government, such as the statutes passed by congress or by state legislatures, make up the body of law generally refered to as statutory law.
Term
Statutory law also includes local ordiances, which are?
Definition
statutes ( laws, rules, or orders) passed by municipal or county governing units to govern matters not covered by federal or state law. mainly have to do with city or county land use.
Term
What are uniform laws?
Definition
model laws, created because states had such different laws back in the 1800s which made trade difficult. called the nCCUSL
Term
What is the UCC?
Definition
uniform commercial code- it facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transactions. ie if you enter into a contract it will be enforced.
Term
What is administrative law?
Definition
consists of the rules, orders, and decisions of administrative agencies ( ie federal agencies, state and local) . These agencies are established to perform a specific function.
Term
what are some federal agencies?
Definition
at the national level, the cabinet depts of the executive branch are agencies. THE FDA is and agency. executive agencies are subject to the authority of the president, who has the power to appoint and remove their officers.
Term
what is case law?
Definition
the doctrines and principles announced in cases- it governs all areas not coverered by statutory law or administrative law and is part of our common law tradition.
Term
American Law is based largely on
Definition
English common law which was based largely on traditions, social customs, rules, and cases dating back to 1066 A.D.
Term
what is common law?
Definition
A body of general rules that applied throughout the entire english realm
Term
What two types of courts were there at common law?
Definition
Courts of law - awards money damanges
Courts of equity- ( non monetary relief ) based on notions of justice and fair dealing
Term
what were remedies?
Definition
the legal means to enforce a right or redress a wrong.
Term
What is remedy at law?
Definition
the three remedies ( land, items of value, money ) used back then,
Term
What were courts of law called?
Definition
kings courts, and judges were appointed by the king.
Term
What were courts of equity and remedies in equity?
Definition
Courts of equity were administered by chancellors appointed by the king. Equitable remedies include specific performance, injunctions, recissions.
Term
what are equitable maxims?
Definition
propositions or general statements of equitable rules. ( ie the 6 rules )
Term
What is the doctrine of laches?
Definition
Equity aids the vigilant, not those who rest on their rights, ie equity will not help those who neglect their rights for an unreasonable period of time.
Term
What is meant by the defendanct and the defense?
Definition
A defense is an argument raised by the defendant ( the party being sued ) indicating why the plaintiff ( the suing party) should not obtain the remedy sought.
Term
what is the petitioner
Definition
also known as the plaintiff - the party bringing a lawsuit, and the party being sued is the respondant.
Term
What is the statutes of limitations
Definition
after the time allowed under a statute of limitations has expired, no action or law suit can be brought, no matter how strong the case was originally.
Term
what are
Definition
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