Chapter 1 Flashcards Preview

Legal Enviroment of Business > Chapter 1 > Flashcards

Flashcards in Chapter 1 Deck (13):
1

Administrative Agency

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.

2

Codified Law

The statutes enacted by the legislative branches of the federal and state governments are organized by topics into code books.

3

Constitution of the United States of America

The supreme law of the United States.

4

Doctrine of stare decisis

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

5

English Common Law

Law developed by judges who issued their opinions when deciding a case. The principles announced in these cases became precedent for later judges deciding similar cases.

6

Executive order

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

7

Judicial decision

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

8

Jurisprudence

The philosophy or science of law.

9

Law

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

10

Ordinance

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

11

Precedent

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

12

Statute

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

13

Treaty

A compact made between two or more nations.