KHammond-ImportantTermsInBusinessLaw-Unit1

KHammond-ImportantTermsInBusinessLaw-Unit1 - 1 Running Head...

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1 Running Head: UNIT 1 ASSIGNMENT Unit 1 Assignment: Important Terms in Business Law Katina Hammond Business Law I-3 LS311 March 26, 2012
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2 1. Common law is comprised of a body of general rules of England and the American colonies, dated before the American Revolution. Used in every state in the United States, with the exception of Louisiana, the common law system subjects all citizens, regardless of position in the government, to the same rules. 2. Jurisdiction is the authority of a court over a certain area. Certain cases can only be heard by certain courts. For example, a federal case should be heard in a federal court, as opposed to a city, county, or state court. 3. Precedents are decisions of cases that have previously come before the court. These previous cases, when close, or similar, to the facts of a current case, provide a guide in resolving the case. Precedents also give an individual an idea of his or her rights or obligations regarding certain issues. 4. Statutes are laws that have been passed by legislature, whether federal, state,
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This note was uploaded on 04/03/2012 for the course BUSINESS LS311 taught by Professor Foulks during the Spring '11 term at Kaplan University.

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KHammond-ImportantTermsInBusinessLaw-Unit1 - 1 Running Head...

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