Business_Law_chap_1_vocab

Business_Law_chap_1_vocab - Statutory law- the field of law...

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Ben Quach Business Law vocabulary Chap 1 Plaintiff- the party who begins a lawsuit by filling a complaint in the appropriate court. Defendant- the party against whom a lawsuit is brought and from whom recovery is sought. Express powers – powers that are explicitly stated; for example, in the U.S constitution. Implied powers – powers that arise as a result of an interpretation of the express powers by the courts. Judicial review – the process by which a court determines the constitutionality of various legislative statutes, administrative regulations and executive actions. Stare decisis- the practice of relying on previous decisions in which similar disputes arose. Precedent – a model case that a court can follow when facing a similar situation. Case law- the effects of courts decisions that involve the same or similar facts.
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Unformatted text preview: Statutory law- the field of law involving statutes, which are laws passed by congress or by state legislatures. Ordinance a law that is passed by a local gonverment, such as a city council. Administrative law- the body of rules, regulations, and decisions created by administrative agencies. Uniform commercial code(UCC)- a set of laws that govern various commercial transactions and that are designed to bring uniformity to the laws of the states. Moral law- the law concerned with the unenforceable obligations that people have to one another. Jurisdiction- the authority of a court, as granted by a constitution or legislative act to hear and decide cases....
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