Business Law – Ch 1 MindTap

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US Constitution
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the most important primary source of our law
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State
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_________ constitutions are a primary source of law
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constitutional law
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any law based on a constitution (US OR STATE)
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Unconstitutional
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when a crime violates the constitution it is considered
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federal statutes
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laws passed by congress and normally signed into law by the president
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every state
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All US congressional laws apply to __________ and can’t me ignored
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Uniform Commerical Code
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uniform law adopted by all states that facilitates commerce
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Administrative Agencies
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created to perform specific government functions
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Federal Trade Commission
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example of a independent regulatory agency
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case law
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derived from judges’ decisions for actual cases; judge made law
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administrative law
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the rules, orders, and decisions of federal state, or local government administrative agencies
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statutory law
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laws (statues and ordinances) enacted by federal, state, and local legislatures
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remedies at law
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Money, land, items of value
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specific performance
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an equitable remedy in which a court orders the parties to perform as promised in a contract. This remedy normally is granted only when the legal remedy (monetary damages) is inadequate, or the ordering of a party to perform an agreement as promised
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Remedies in equity
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involve specific peformance
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stare decisis
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part of the common law tradition relies on the doctrine
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“to stand on decided cases”
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Latin meaning of stare decisis
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stability and predictability
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one of the most important functions of law is to provide
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precedent
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a decision that furnishes an example or authority for deciding subsequent cases involving similar legal principles or facts.
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binding authority
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a source of law that courts must follow when deciding a case
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Basic steps of legal reasoning
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1. issue 2. rule 3. application 4. conclusion
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restatements of law
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summarize the common law rules followed by most states
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positivist
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there is no law higher than the laws created by the government
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historical
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doctrines that have withstood the passage of time help guide us in shaping present laws
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natural law
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universal law as applicable to all human beings
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legal realism
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takes into account customary practices and the circumstances surrounding the particular transaction
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procedural law and substantive law
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one way to divide law is
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civil law
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law that governs relations between persons
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United States Statutes at Large
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publication where law passed by Congress are found
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citation
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a reference to a publication in which a legal authority can be found
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plaintiff
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one who initiates a lawsuit
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defendant
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one against whom a lawsuit is brought, or the accused person in a criminal proceeding
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appellant
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party who appeals a lower court’s decision
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concurring opinion
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judge agrees with the majority opinion but for different reasons.
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dissenting opinion
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not in agreement with the majority opinion

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