BUS
Business Law Study Guide 1

Business Law Study Guide 1 - administrative agency a...

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administrative agency - a federal, state, or local government agency established to per- form a specific function. administrative agencies are authorized by legislative acts to make and enforce rules to administer and enforce the acts. 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 respons- ibilities allege - to state, recite, assert, or charge analogy - in logical reasoning, an assumption that if two things are similar in some re- spects, they will be similar in other respects also. often used in legal reasoning to infer the appropriate application of legal principles in a case being decided by referring to previous cases involving different facts but considered to come within the policy underly- ing the rule appellant - the party who takes an appeal from one court to another appellee - the party against whom an appeal is taken--that is, the party who opposes setting aside or reversing the judgment binding authority - any source of law that a court must follow when deciding a case. binding authorities include constitutions, statutes, and regulations that govern the issue being decided, as well as court decisions that are controlling precedent within the juris- diction breach - to violate a law, by an act or an omission, or to break a legal obligation that one owes to another person or to society case law - the rules of law announced in court decisions. case law includes the aggreg- ate of reported cases that interpret judicial precedents, statutes, regulations, and consti- tutional provisions case on point - a previous case involving factual circumstances and issues that are sim- ilar to those in the case before the court chancellor - an adviser to the king at the time of the early king’s courts of England. indi- viduals petitioned the king for relief when they could not obtain an adequate remedy in a court of law, and these petitions were decided by the chancellor citation - a reference to a publication in which a legal authority--such as a statute or a court decision--or other source can be found civil law - the branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters
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common law - that body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature constitutional law - law that is based on the U.S. Constitution and constitutions of the various states court of equity - a court that decides controversies and administers justice according to the rules, principles, and precedents of equity court of law - a court in which the only remedies that could be granted were things of value, such as money damages. in the early english king’s courts, courts of law were distinct from courts of equity.
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