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Business Law
Law for Business (Ashcroft, Ashcroft, Patterson)
24
Business
Undergraduate 1
01/27/2020

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Cards

Term
law
Definition
Governmental rule prescribing conduct and carrying a penalty for violation.
Term
damages
Definition
A sum of money a wrongdoer must pay to an injured party.
Term
business law
Definition
Rules of conduct for the performance of business transactions.
Term
common law
Definition
English custom recognized by courts as binding.
Term
equity
Definition
Justice system based on fairness; provides relief other than merely money damages.
Term
restraining order
Definition
Court's temporary order forbidding an action.
Term
injunction
Definition
court's permanent order forbidding an action.
Term
constitution
Definition
Document that contains fundamental principles of a government.
Term
statute
Definition
Law enacted by a legislative body.
Term
ordinance
Definition
Law enacted by cities.
Term
code
Definition
Collection of laws, rules, or regulations.
Term
precedent
Definition
Court decision that determines the decision in a subsequent, similar case.
Term
stare decisis
Definition
Principle that a court decision controls the decision of a similar future case (stand by the decision).
Term
sources of law?
Definition
Several, including:
* federal and state constitutions
* statutes
* judge's decisions, and
* administrative agency orders
Term
Roots of our legal system?
Definition
Original 13 colonies all English, so our law is based heavily on the English legal system of common law and equity.
Term
administrative agency
Definition
governmental board or commission with authority to regulate matters or implement laws.
Term
power of administrative agency?
Definition
May be given practically the same power to make law as legislature, and to decide cases as the courts - but only if the legislature has delegated this power.
Term
Heads of admin. agencies?
Definition
Appointed by POTUS, with consent of the Senate.
Term
civil law
Definition
law dealing with enforcement or protection of private rights.
Term
criminal law
Definition
law dealing with offenses against society.
Term
crime
Definition
offense against society
Term
prosecutor / district attorney
Definition
Gov. employee who brings criminal actions.
Term
felony
Definition
A more serious crime.
Term
misdemeanor
Definition
A less serious crime.
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