Commercial Law Terms Chapter 1

Front 1

Laws that are created by Congress or a state legislature.

Back 1

Statutes

Note:
Interpretation and application are often difficult.

Front 2

The doctrine of government where states are united under one central authority while retaining certain regulatory powers

Back 2

Federalism

Front 3

Process by which the U.S. Contstitution establishes a Congress and gives it power to legislate in certain areas, provides for a chief executive to execute the laws, and helps create a federal judiciary to interpret the laws.

Back 3

Separation of Powers.

Front 4

Model statutes drafted by private dobies of lawyers and/or scholars.

Back 4

Uniform Acts

Note:
They do not become law until they are enacted by a legislature.

There aim is to produce state-by-state uniformity on the subjects they address.

Front 5

The doctrine that means "let the decision stand".

Back 5

Stare Decisis

Front 6

Also called judge-made law or case law, it is the law made and applied by judges as they decide cases not governed by statutes or other types of law.

Back 6

Common Law

Note:

In theory, the common law exists at the state level only.

Front 7

Type of Law that exists at the state AND federal levels and have two general funcions.

Back 7

Constitutions