Business Law Module 1

Business Law  definitions for Module 1 For Saint Leo University Course GBA 231

99 cards   |   Total Attempts: 188
  

Cards In This Set

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Law
The order or pattern of rules that society establishes to govern the conduct of individuals and the relationships among them.
Right
Legal capacity to require another person to perform or refrain from an action.
Duty
An obligation of law imposed on a person to perform or refrain from performing a certain action.
Right of Privacy
The right to be free from unreasonable intrusion by others..
Constitution
A body of principles that establishes the structure of a government and the relationship of the government to the people who are governed.
Statutory law
Legislative acts declaring, commanding, or prohibiting something.
Administrative regulations
Rules made by the state and federal administrative agencies.
Private Law
The rules and regulations parties agree to as part of their contractual relationships.
Case law
Law that includes principles that are expressed for the first time in court decisions.
Precedent
A decision of a court that stands as the law for a particular problem in the future.
Stare decisis
"Let the decision stand"; the principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Common law
The body of unwritten principles originally based upon the usages and customs of the community that were recognized and enforced by the courts.
Substantive law
The law that defines rights and liabilities.
Procedural law
The law that must be followed in enforcing rights and liabilities.
Equity
The body of principles that originally developed because of the inadequacy of the rules then applied by the common law courts of England.