Business Law 1-1

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Law

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That which must be obeyed and followe by citizens subject to sanctions or legal consequences; a body of rules of action or cnduct prescribed by controlling authority and having binding legal force.

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Jusrisprudence

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The philosophy or science of law

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Commom Law

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Law developed by judge who issued their opinions when deciding a casd. The principles announced in these cases became precedent for later judges deciding similar cases.
Law courts, Chancery courts, Merchant courts.

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Constitution of the United States of America

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THe supreme law of the United States.

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Treaty

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A compact made between two or more nations

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Statute

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Written law enactedby the legislative brance of the federal and state governments that establishes certain courses of conduct that must be adhered to by covered parties.

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Ordiance

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Law enacted by local government bodies such as cities and municipalities, countries, school districts, and water districts.

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Executive order

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An order issued by a member of the executive branch of the government.

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Administrative agencies

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Agencies (such as the securities and Exchange Commission and the Federal Trade Commission) that the legislative and executive branches of federal and state governments are empowered to establish.

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Judicial decision

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A decision about an individual lawsuit issued by a federal or state court.

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Precedent

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A rule of law established in a court decision. Lower courts must follow the precedent established by higher courts.

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Stare decisis

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Latin:"to stand by the decision." Adhere to precedent.

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Critical legal thinking

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The process of specifying the issue presented by a case, identifying the key facts in the case and applicable law, and then applying the law to the facts to come to a conclusion that answers the issue presented

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Case brief

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A summary of each of the following items of a case.
1. Case name and citation
2. Key facts
3. Issue presented
4. Holding of the court
5. Court's reasoning

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Function of the law

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1.keeping the peace
2.shaping moral standards
3.promoting social justice
4.maintaining the status quo
5.facilitating orderly change
6.facilitating planning
7.providing a basis for compromise
8. maximizing individual freedom

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The natural law school

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The law is based on what is “correct”. It emphasizes a moral theory of law-that is, law should be based on morality and ethics.

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The historical school

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The law is an aggregate of social traditions and customs.
Look to past legal decisions (precedent) to solve contemporary problems.

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The analytical school

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The law is shaped by logic.
Emphasis on the logic of the result rather than how the result is reached.

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The Sociological school

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The law is a means of achieving and advancing certain sociological goals.
Unlikely to adhere to past law as precedent.

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The command school

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The law is a set of rules developed, communicated, and enforced by the ruling.

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Critical legal study school

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Legal rules are unnecessary and that legal disputes should be solved by applying arbitrary rules based on fairness.

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Law and Economics school

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Promoting market efficiency should be the central concern of legal decision making.

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Constitution created three branches of government and gave them powers.

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(1)Legislature (Congress): power to make (enact) the law.
(2)Executive (President): power to enforce the law.
(3)Judicial (Court): power to interpret and determine the validity of the law.

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Ordinance Law

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Traffic laws, local building codes, zoning laws.

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Holding

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Decision made by the present court.