Business Law

Business Law - Business Law Chapter 1 The Historical and...

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Unformatted text preview: Business Law Chapter 1 The Historical and Constitutional Foundations Law A body of enforceable rules governing relationships among individuals and between individuals and their society. Sources of American Law Primary sources of law Sources that establish the law, include the following: 1. The U.S. Constitution and the constitutions of various states. 2. Statutes, or laws, passed by Congress and by state legislators. 3. Regulations created by administrative agencies, such as the federal Food and Drug Administration Could also be included in #2. 4. Case law (court decisions). Secondary sources of law A publication that summarizes or interprets the law, such as a legal encyclopedia, a legal treatise, or an article in a law review. Constitutional law Constitutional law The body of law derived from the U.S. Constitution and the constitutions of the various states. The U.S. Constitution is the supreme law of the land and is the basis, and provides background, for all laws in the U.S. Statutory law Statutory law The body of law enacted by legislative bodies. When a legislature passes a statute, that statute ultimately is included in the federal code of laws or the relevant state code of laws. Ordinances , laws passed by municipals or counties, are also included in statutory laws. Administrative law Administrative law The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. Administrative agency A federal or state government agency established to perform a specific function. Administrative agencies are authorized by legislative acts to make and enforce rules in order to administer and enforce the acts. Case law Case law The rules of law announced in court decisions. Case law includes the aggregate of reported cases that interpret judicial precedents, statutes, regulations, and constitutional provisions. If a judge decides a case in a certain way, that case becomes a source of the law for subsequent cases of the same manner, in the same court district. The Common Law Tradition Common law The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature. The judges decision in new cases would set a precedent , a court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts. Stare decisis Stare decisis A common law doctrine under which judges are obligated to follow the precedents established in prior decisions. Helps courts be more efficient. Binding authority Any source law that a court must follow when deciding a case. Include constitutions, statutes, and regulations that govern issues being decided, as well as court decisions that are controlling precedents within the jurisdiction. Cases can overturn precedents if it is decided that the law is outdated....
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Business Law - Business Law Chapter 1 The Historical and...

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