Introduction and Sources of Business Law

Introduction and Sources of Business Law

Sara Bakerink

Kaplan University

LS311-03RP1

There are many terms to know and understand in Business Law. The definition of some terms are easy to comprehend while others are more complex. I have listed several terms from our textbook with definitions as I understand them.

Common law is a type of law that was created based on English legal system. "Eventually, the common law tradition became part of the heritage of all nations that were once British colonies, including the United States." (Miller & Jentz, 2008, p.6) "Courts developed the common law rules from the principles underlying judges' decisions in actual legal controversies." (Miller & Jentz, 2008, p.6) An example of a common law is common law marriage. While common law marriage is not recognized in all fifty states it is recognized in some states including Iowa where I live.

Jurisdiction is a the legal boundary of an authority. An example of jurisdiction is law enforcement. All cities that have law enforcement have jurisdictions. If you are a law enforcement officer of Ankeny, Iowa your jurisdiction is going to be in Ankeny, Iowa. The jurisdiction of the officers may extend outside of Ankeny, Iowa if they have special credentials.

Precedent is a previous legal decision by courts where a particular rule of law has already been established by said court. Once the established precedent has been set legal decisions that follow must abide by that decision with some exceptions. An example is Roe. vs. Wade. The Supreme Court ruled that abortion is legal. Since the Supreme Court is law of the land, no lower court could outlaw abortion.

Statue is a written law that has been passed by legislation. Statutory laws are laws or ordinances created by federal, states, and local legislatures and governing bodies. None of these laws can violate the U.S. Constitution or the relevant state constitutions." (Miller &...