Business Law Definitions

1 Common Law - The system of laws which was originated and developed in England and based on court decisions, on the doctrines implicit in those decisions, and on customs and usages rather than on codified written laws. Over the years was adopted and modified separately by the different states of the US and by the federal government.

2 Jurisdiction - Power or right of a legal or political agency to exercise its authority over a person, subject matter, or territory.

* Jurisdiction over a person relates to the authority to try him or her as a defendant.

* Jurisdiction over a subject matter relates to authority derived from the country's constitution or laws to consider a particular case.

* Jurisdiction over a territory relates to the geographic area over which a court has the authority to decide cases

3 Precedent - It is a legal decision or form of proceeding serving as an authoritative rule or pattern in future similar or analogous cases- model

4 Statute - A statute is a written law passed by a legislature on the state or federal level. Statutes set forth general propositions of law that courts apply to specific situations. A statute may forbid a certain act, direct a certain act, make a declaration, or set forth governmental mechanisms to aid society.

5 Remedy - a medicine, application, or treatment that relieves or cures a disease; in the legal aspect means to recover a right or to prevent or obtain redress for a wrong

References:

Miller, R., & Jentz, G. (2010, 2007). Fundamentals of Business Law: Summarized Cases (8th ed.)

http://legal-dictionary.thefreedictionary.com, retrieved on Wednesday, 7.17.2013