Bonus Chapter: The Case for Laws Flashcards
The branch of government chosen to oversee the legal system through the court system.
Judiciary Branch
State and federal constitutions, legislative enactments, treaties of the federal government, and ordinances—in short, written law.
Statutory Law
The body of law that comes from decisions handed down by judges; also referred to as unwritten law.
Common Law
Federal or state institutions and other government organizations created by Congress or state legislatures with delegated power to pass rules and regulations within their mandated area of authority.
Administrative agencies
A wrongful act that causes injury to another person’s body, property, or reputation.
Tort
A willful act that results in injury
intentional tort
Part of tort law that holds businesses liable for harm that results from the production, design, sale, or use of products they market.
Product Liability
A comprehensive commercial law, adopted by every state in the United States, that covers sales laws and other commercial laws.
Uniform Commercial Code (UCC)
Specific representations by the seller that buyers rely on regarding the goods they purchase.
Express Warranties
Guarantees legally imposed on the seller.
Implied Warranties
Forms of commercial paper (such as checks) that are transferable among businesses and individuals and represent a promise to pay a specified amount.
Negotiable instruments
A legally enforceable agreement between two or more parties.
contract
Set of laws that specify what constitutes a legally enforceable agreement.
contract law
When one party fails to follow the terms of a contract.
Breach of Contract
The monetary settlement awarded to a person who is injured by a breach of contract.
Damages
What three things will occur with breach of contract
Specific performance - The violator may be required to live up to agreement if money isn’t adequate
Payment of damages - party may be sued for damages
Discharge of obligation - party that was violated can drop the matter and walk away.
Act passed in 1890 to prevent large organizations from stifling competition
Sherman Antitrust Act
What two things does the Sherman antitrust act forbid
- contracts, combinations, or conspiracies in restraint of trade
- the creation of actual monopolies or attempts to monopolize any part of trade or commerce
social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers.
Consumerism
Government withdrawal of certain laws and regulations that seem to hinder competition.
Deregulation
