Chapter 1 Flashcards
A body of enforceable rules governing relationships among individuals and between individuals and their society.
Law
The state of being legally responsible for something such as a debt or obligation.
Liability
- ) Corportate MGMT,
- ) Production & Transportation,
- ) Marketing,
- ) Research & Development, 5.) Accounting & Finance,
- ) HRM
6 Functional Fields of Business
A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court document.
Primary Source of Law
A publication that summarizes or interprets the law, such as a legal encyclopedia, legal treatise, or an article in a law review.
Secondary Source of Law
The body of law derived from the US constitution and the constitution of the various states.
Constitutional Law
The body of law enacted by legislative bodies.
Statutory Law
A reference to a publication in which a legal authority - such as a statute or a court decision can be found.
Citation
A regulation enacted by a city or county legislative body that becomes part of that state’s statutory law.
Ordinance
A model law developed by the national conference of commissioners on uniform state laws for the states to consider enacting into statute.
aka. Model statutes
Uniform Law
The rules of law announced in court decision. Case law interprets statutes, regulations, constitutional provisions, and other case law.
Case Law
The body of law developed from custom or judicial decisions in English and US courts not attributable to legislature.
Aka. a body of general rules that applied throughout the entire english realm.
Common Law
A court decision that furnishes an example or authority for deciding subsequent cases involving similar or identical facts.
Precedent
A common law doctrine under which judges are obligated to follow the precedents established in prior decisions.
Stare Decisis
Any source of law that a court must follow when deciding a case.
Binding Authority
Any legal authority or source of law that a court may look to for guidance but need not follow when making its decision.
Persuasive Authority