Business Law

Unit 1 Assignment

Describe the following terms in your own words. Be sure to use complete sentences and cite your sources of information. It is recommended that you use your textbook for this assignment.

1. Common Law

The common law is a body of general rules that was applied throughout the entire English kingdom. Later, the common law tradition became part of the heritage of all nations that were once British colonies, including the United States.

Miller, R., & Jentz, G. (2008). Fundamentals of business law part I. Boston, MA: Cengage.

2. Jurisdiction

Power of a court to adjudicate cases and issue orders. Any court possesses jurisdiction (power) over matters only to the extent granted to it by the Constitution, or legislation of the sovereignty on behalf of which it functions.(http://www.law.cornell.edu/wex/jurisdiction)

3. Precedent

Precedent is a case or issue decided by a court that can be used to help answer future legal questions. "Precedent— is, a decision that furnished an example or authority for deciding subsequent cases involving similar legal principles or facts". Miller, R., & Jentz, G. (2008). Fundamentals of business law part I. Boston, MA: Cengage.

4. Statute

A type of federal or state law that restricts the time within which legal proceedings may be brought.

5. Remedy

The means by which a right is enforced or by which the violation of a right is prevented or compensated. The means employed to enforce a right or redress an injury. The laws of remedies will be based on the extent of relief the plaintiff is entitled to receive after appropriate court procedures were followed and the plaintiff proved with sufficient evidence  they were wronged by the defendant.

(http://www.businessdictionary.com/definition/legal-remedy.html)