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1

Common Law

Stare decisis ("let the decision stand"). Using past court decisions in making judgements in order to provide consistency and constancy of the law

2

Substantive Law

Laws that give rights and responsibilities

3

The Theory of Positive Law

The theory that the critical part of the law is obedience so we have an orderly society

4

Equity

A body of law that attempts to do justice when the law does not provide a remedy, when the remedy is inadequate, or when the application of law is terribly unfair

5

Party autonomy

Allows firms to operate uniformly throughout the world if their contracts are recognized as valid in most countries

6

Courts of Chancery

The type of court where equitable remedies were available before they were combined with the common law courts

7

5 Purposes of the Law

1. Keeping order
2. Influencing conduct
3. Honoring expectations
4. Promoting equality
5. Compromising disputes

8

Multilateral treaties

Treaties made among several nations

9

Criminal law

Laws for a wrong against society

11

Uniform Laws

Laws drafted by groups of business people, scholars, and lawyers in an effort to make interstate business less complicated

12

Citation

Legal shorthand to reference laws

13

Statutory Law

Law passed by some governmental body and written in some form

14

The Theory of Natural Law

A Theory of law that says we have certain rights that cannot be taken away by law

15

Public Law

Laws enacted by some authorized governmental body

15

Procedural law

Laws that provide means for enforcing substantive laws

16

United States Code (U.S.C)

Laws passed by congress

17

Civil law

Laws for a wrong against another person or persons

17

4 Theories of Law

1. Positive Law
2. Natural Law
3. The Protection of Individuals and Relationships
4. The social contract

19

Universal treaties

Treaties recognized by almost all nations

20

Injunctions

Court orders prohibiting certain conduct or ordering certain acts

22

3 Characteristics of Law

1. Flexibility
2. Consistency
3. Pervasiveness

23

Jurisprudence

Legal study of different theories or value bases for law

24

Uniform Commercial Code (UCC)

Governs contracts for the sale of goods, commercial paper, security interests, and other types of commercial transactions

25

State codes

The states' criminal laws, laws for incorporation, laws governing partnerships, and contract laws

27

Ordinances

Laws at the city, town or county levels

28

Bilateral treaties

A treat between two nations

29

Private Law

Law developed between two individuals

30

6 Sources of law

1. Constitutional law
2. Federal Statutory Law
3. State Statutory Law
4. Local Laws of Cities Counties and Townships
5. Private Laws
6. Court Decisions

31

The Theory of The Protection of Individuals and Relationships

The Theory that our interactions with each other constitute the foundation of law

31

Constitutions

The law of the people; changed only by lengthier and more demanding procedures than those used to repeal statutes