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Business Law
Chapter 1
55
Business
Undergraduate 4
02/09/2010

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Term
Law
Definition
Enforceable rules governing relationships among individuals and between individuals and their society.
Term
Jurisprudence
Definition
The study of law involving different schools of jurisprudential thought and discovering how the approaches to law characteristic of each school can affect judicial decision making.  
Term
Natural law
Definition

System of moral and ethical principles that are inherent in human nature and that people can discover through the use of their natural intelligence, or reason.

  • Dates back to time of Aristotle - One of oldest schools of jurisprudence. (350 BC)
  • Believed to be higher than positivist law.

Term
Positive Law
Definition

Also called NATIONAL LAW.  It is the written law of a given society at a particular point in time and applies only to the citizens of that nation or society.

 

Those of the positivist school believe there is no higher law than a nation's positive law.  They believe there are no natural rights.  These rights are given through established laws.  The law is the law and must be obeyed whether "good" or "bad" to prevent anarchy.

Term
Historical School
Definition
Emphasizes the evolutionary process of law by concentrating on the origin and history of the legal system.  Looks at the past to determine what contemporary law should be.  Would likely look at past cases to determine current ones.
Term
Legal Realism
Definition

1920's-1930's a group of jurors and scholars rebelled against historical law and created legal realism.

 

  • Law is one of many institutions in society
  • Shaped by social forces and needs
  • Take into consideration social and economic factors for court decisions.
  • Believe law cannot be applied with uniformity.
Term
Sociological School
Definition
  • Promotes justice in society.
  • Strongly influenced by legal realism and considered a part of legal realism.
  • Example is the civil rights movement.
Term
4 main sources of law
Definition
  1. Constitutional Law
  2. Statutory law
  3. Administrative law
  4. Case law and common law doctrines.
Term
Secondary Sources of law
Definition
Include booka and articles that summarize and clarify the primary sources of law.  They include legal encyclopedias, treatises, articles in law reviews, etc and are often referred to for guidance in enterpreting and applying primary sources of law.
Term
Constitutional Law
Definition

Both the U.S. and state constitutions that set forth the general organization, powers, and limits of their governments.

  • US Constitution is:
  • Supreme law of the land
  • basis of all law in the US

State consistutions are supreme within their states unless in conflict with US constitution.

Term
Statutory Law
Definition
  • Laws enacted by legislative bodies at any level of gov't, such as the statutes passed by Congress or by state legislatures.
  • When statutes are passed they are ultimately included in the federal code of laws or relevant state code of laws.
Term
Ordinances
Definition
  • Statutes (laws, rules, or orders) passed by municipal or county governing units to govern matters not covered by federal or state law. 
  • Typically have to do with zoning, building codes, and other local matters.
Term
NCCUSL
Definition
National Conference of Commissioners on Uniform State Laws - developed in the 1892 when the states began to see large differences in statutes.
Term
Uniform Laws
Definition
Model laws issued by the NCCUSL for states to consider adopting.  State legislatures have the option to adopt the law, reject it, revise it, or rewrite it.  Once adopted it becomes part of the state's statutes.
Term
The Uniform Commercial Code (UCC)
Definition
  • Adopted by all states, D.C., and Virgin Islands in 1952
  • Flexible set of rules regulating comercial transactions.
  • Assures businesspersons that their contracts will be enforced if validly entered into.
Term
Administrative Law & Administrative Agency
Definition

Admin Law = Rules, orders, and decisions of administrative agencies.

 

Admin Agencies = Fed, state or local gov't agency established to perform a specific function. (e.g. FDA)

Term
Executive Agency
Definition

Agency existing within the cabinet depts of the executive branch.  The FDA is an agency within the dept of Health and Human Services.

  • Subject to powers of the president who appoints members of the agencies.
Term
Independent Regulatory Agencies
Definition

At the federal level such as the Fed trade commission or the SEC, and the FCC.

  • Less effected by president's powers.
  • officers serve fixed terms and can't be removed without just cause.
Term
Case Law
Definition

Important source of American law.

  • Include interpretations of constitutional, statutory, and administrative law.
  • Doctrines and principles announced in cases.
  • governs all areas not covered by statutory or administrative law and is part of common law.
Term
Common Law
Definition

After the Normans conquered the English in 1066, Common Law was established as a uniform set of customs for the country as a whole.

 

  • At first it was a set of general rules that applied throughout the entire English realm. Now it is a part of the U.S. as well.
  • Common law is established over time as judges rule on different cases.  Those rulings remain as part of common law.

 

Term
Remedies
Definition

The legal means to enforce a right or redress a wrong.

  • If one person wronged another, the courts could award the victim 1) land, 2) items of value, and 3) Money.

Term
Courts of Law
Definition
The courts that originally issued REMEDIES to victims.  We now have a more comprehensive court of law.
Term
Remedies at Law
Definition

These were the three remedies (land, items of value, and money) originally issued by the courts of law in early England.

  • Today we mostly see remedies in the form of monetary damages.

Term
Monetary Damages
Definition

An amount given to a party whose legal interests have been injured.

 

In early times if people wanted anything other than economic remedy, they received nothing.  No remedy, no right.

Term
Chancellor
Definition
Decided on petitions in the early equity courts from people that were seeking remedies that were not available. The chancellor could grant new and unique remedies and was appointed by the king.
Term
Courts of Equity
Definition
Formal chancery courts where a chancellor granted new and unique remedies for people that were wronged and their requested remedy was not available.
Term
Remedies in Equity
Definition

Remedies granted in the courts of equity

  • Included specific performance - ordering a party to perform an agreement as promised.
  • injunction - Ordering a party to cease engaging in a specific activity or to undo some wrong or injury.
  • Rescission - The cancellation of a contractual obligation

Term
Equitable Maxims
Definition
Propositions or general statements of equitable rules that early judges used in giving appropriate remedies.
Term
Doctrine of laches
Definition
Equity will not help those who neglect their rights for an unreasonable period of time.
Term
Defense
Definition
Argument raised by the defendant (party being sued) indicating why the plaintiff (party suing) should not obtain the remedy sought.
Term
Petitioner
Definition
Party bringing a lawsuit
Term
Respondent
Definition
Party being sued
Term
Statues of limitations
Definition
Establishes time periods for different types of cases to be brought forward form the time of the occurrence.  After time has expired for an established statute of limitation, the case can't be brought forward no matter what.
Term
Legal Precedent
Definition
A decision that furnishes an example or authority for deciding subsequent cases involving similar legal principles or facts.  Precedents are created every time a judge rules on a case.
Term
Reporters
Definition
Also known as reports.  These are publications of each case that has taken place.  They are written in volumes.  In early times the most important cases were written in yearbooks.
Term
Stare Decisis
Definition

Means "To stand on decided cases" in Latin.  

  1. Decisions made in higher courts are binding in lower courts.
  2. A court should not overturn its own precedents unless there is a compelling reason to do so.
  3. It allows greater efficiency in decision making AND makes the law more stable and predictable.

Term
Binding Authority
Definition
A case precedent, statute, of other source of law that a court must follow when deciding a case. A decision made by the U.S. Supreme Court is binding on all other courts.
Term
Departures from Precedent
Definition
Lower courts can depart from the precedent if the facts render the precedent useless.  If the ruling is appealed and overturned in a higher court, the precedent remains.  If it is not overturned the new precedent stands.
Term
Cases of First Impression
Definition
A case where no prior precedent exists to follow.  In these cases, judges would look to persuasive authorities (precedents from other jurisdictions) for guidance in the ruling.
Term
Public Policy
Definition
Governmental policy based on widely held societal values.
Term
Legal Reasoning
Definition
Reasoning process used by judges in deciding what law applies to a given dispute and then applying that law to the specific facts or circumstances of the case.
Term
IRAC method of Legal Reasoning
Definition

  1. Issue
  2. Rule
  3. Application
  4. Conclusion

Term
Cases on Point
Definition
Previously decided cases that are as similar as possible to the one under consideration.
Term
3 types of Legal Reasoning
Definition

  1. Deductive Reasoning
  2. Linear Reasoning
  3. Reasoning by Analogy

Term
Deductive Reasoning
Definition
Also called SYLLOGISM.  A logical relationship involving a major premise (Generally accepting Ruling of some law), minor premise (the major premise applied to the current case), and a conclusion (the ruling made).
Term
Linear Reasoning
Definition
Logically going through a case step by step, considering all facts, until the conclusion is reached.  An analogy is the rope with knots.  The case given was the plaintiff that sued his landlord for injury while falling down a dark stairwell.
Term
Reasoning by Analogy
Definition
To compare the facts of the case at hand to cases that have been previously ruled on, to the extent that the patterns are similar to apply the same rule of law to the present case.
Term
Restatements of the Law
Definition
Published compilation of the common law rules followed by most states.  Judges can refer to these when trying to come to a conclusion in a case.
Term
Substantive Law
Definition
Consists of all laws that define, describe, regulate, and create legal rights and obligations.
Term
Procedural Law
Definition
All laws that delineate the methods of enforcing the rights established by substantive law.
Term
Civil Law
Definition
 Rights and duties existing between persons as well as between persons and their gov't.  It also deals with relief available when a person's rights are violated.
Term
Criminal Law
Definition
Wrongs committed against the public as a whole.
Term
Cyber Law
Definition
Emerging body of law that governs transactions conducted via the internet.  It IS NOT a classification of law or even a type of law.  Just a term created to refer to online transactions and the rules associated with them.
Term
Citation
Definition
Reference to a publication in which a legal authority, such as a statute or a court decision, can be found.
Term
Opinions
Definition
Court's writings containing it's reasons for its decision the rules of law that apply, and the judgment.
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