Cross_Miller_LE_12e_Student PPT_CH01_Final Flashcards
What is law?
Enforceable rules governing relationships among individuals and between individuals and their society.
What is liability?
The state of being legally responsible for something, such as a debt or obligation.
What areas of law affect business decision making?
Various areas of law may influence business decision making.
How should business decision makers consider ethics?
They need to consider not just whether a decision is legal, but also whether it is ethical.
What are primary sources of American law?
The U.S. Constitution, statutory law, regulations created by administrative agencies, case law.
What is constitutional law?
Law that is based on the U.S. Constitution and the constitutions of the various states.
What is statutory law?
The body of law enacted by legislative bodies, including federal and state statutes.
What are ordinances?
Regulations passed by a local governing unit, such as a city or county.
What is a uniform law?
A model law created for states to consider adopting.
What is administrative law?
The body of law created by administrative agencies to carry out their duties.
What is case law?
The rules of law announced in court decisions that interpret statutes and regulations.
What is common law?
The body of law developed from custom or judicial decisions, not attributable to a legislature.
What defines a court of law?
A court in which the only remedies that can be granted are things of value, such as money damages.
What is a remedy?
The relief given to an innocent party to enforce a right or compensate for the violation of a right.
What is a court of equity?
A court that decides controversies and administers justice according to the principles of equity.
What are equitable maxims?
General propositions or principles of law that have to do with fairness.
What is the doctrine of laches?
An equitable doctrine that bars a party’s right to legal action if they have neglected their rights for an unreasonable time.
What is a statute of limitations?
A statute setting the maximum time period during which a certain action can be brought.
What is stare decisis?
A common law doctrine under which judges are obligated to follow the precedents established in prior decisions.
What is a precedent?
A court decision that furnishes an example or authority for deciding subsequent cases.
What is the difference between controlling precedents and persuasive authority?
Controlling precedents must be followed, while persuasive authority may be considered for guidance but is not binding.
What is legal reasoning?
The process of reasoning by which a judge harmonizes their opinion with judicial decisions in previous cases.
What are the basic steps in the legal reasoning process?
I R A C: Issue, Rule, Application, Conclusion.
True or False: The outcome of a legal controversy can be predicted with certainty.
False.