Ls311 Unit 1 Assignment

Introduction and Sources of Business Law

Unit 1

Rene Olivares

Kaplan University

Common Law

The term common law refers to a general legal system adopted from the English system. This set of laws were a uniform set of rules that were created by written opinions of judges rather than by the government. Decision were based on lower court cases and affected future cases. In most common law systems, judges made law through their decisions.

Jurisdiction

Jurisdiction describes where a particular court has the power to apply law. This includes, but is not limited to, boundaries such as county, state, or region. In the case of agencies, it could include industries such as Telecommunications (FCC) or Trade (FTC), or national security (FBI) to name a few.

Precedent

A decision that provides an example for deciding cases with similar attributes is considered a precedent. This practice of deciding cases with reference to former cases laid the foundation of a doctrine called stare decisis (“to stand on decided cases”).

Statue

Statues are considered a primary source of law. These laws are enacted by a legislative body at any level of government (federal, state, and local). Once passed, statues are included in federal or state code of law books.

Remedy

Remedy is referred to the means by which a party is made whole or compensated for the violation of their rights by another individual or entity.

References

Miller, R. L., & Jentz, G. A. (2010, 2007). Fundamentals of Business Law, 8th Editions. Mason, Ohio: South-Western Cengage Learning.