Business Law 600 Notes

LAW 600

(Note: Because the use of Latin words in law is so common, I have written them in italics with the English translation following in quotation marks. The definition of the term itself then follows.)

Sources of Law

Separation of Powers- Government is divided into state and federal authority. Federal applies to the entire country as a whole, while state only affects things within the boundaries of that particular state. Powers not granted to the federal government are reserved for states and sometimes local authorities within states.

Balance of Power- On both a federal and state level, the government is also divided between the Legislative, Executive, and Judicial branches.

Legislative- Concerned primarily with the creation of new laws. Examples: Congress (federal)

Executive- Concerned primarily with the execution of law. Examples: President (federal) or Governor (state)

Judicial- Concerned primarily with the consideration and interpretation of law. Example: Supreme Court

Constitutional Law- The constitution is the supreme and highest law of the land. All other laws must be consistent with the laws contained in it.

Statutory Law- Laws created by the Legislative branch of government.

Regulatory Law- Laws created by the Executive branch of government.

Common Law- The idea of Common Law originated in England, and therefore can be found in areas of the world that were once part of the British Empire. It is a form of Natural Law, which believes that people have certain innate and inherent rights which they possess without it being stated in a written-down law.

Ethics- Consist of beliefs, values, and norms that explain human behavior as well as how people should act. It is important to note that while ethics make judgments on how someone should or should not act, they are not automatically binding law.

Natural Law- The belief that all people possess certain rights and responsibilities which cannot be taken away from them,...