Business Law

 Derives its legal system from England.  Common law is based on judge-made law. Set PRECEDENTS-(examples for settling similar disputes)  Courts of Equity-Came from England – No Jury! King decides what action to take!  Courts of Law – followed prior cases – only money damages as punishment.  Specific performance – Granted by equity courts – to Do Something.  Injunction – Not to do something Page 48-49

 Federal  State  Local Page 49

Case Law-  Based on Common Law  It is created when an appellate court issues an opinion! Page 48

Federal Law prevails over state and local law. State Law prevails over local law. Page 49

 Executive  Legislative  Judicial Page 52

 Interstate – occurs between two or more states.  Intrastate – Occurs within one state, is left to the states. Page 52

Governmental bodies formed to carry out particular law. Legislatures sometimes give administrative agencies legislative powers and limited judicial powers. Legislative power means the agency is authorized to create administrative laws which are called rules and regulations. Social Security Administration Page 53

Latin for “To Adhere to Decided Cases.” Once Case law is stated, it must be followed by lower courts in other similar cases. Page 54

Civil Law = Wrongs against individual persons The police will not take any action in civil conflicts! Criminal Law = When the rights of the public – society as a whole are violated. Page 56

Uniform Commercial Code: A large set of business statutes which simplified, clarified, and modernized many laws relating to commercial transactions. Page 59

Also known as COMMERCIAL LAW Covers rules that apply to business situations and transactions. Involve both a merchant and a consumer. Gain legal knowledge to help you become a more competent consumer. Mainly concerned with civil law- especially contracts. Torts is another category of business law. Torts are private wrongs against people or organizations. Page 59