Business Law Definitions Flashcards

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Questions and Answers

What is the legal definition of 'Act'?

Legislation adopted by Congress or a state legislature (correct)

A party's failure to perform a contract

The science of law

The reference identifying how to find a case

What is Administrative Law?

The legal principles involved in the workings of administrative agencies with the regulatory process.

What does Breach of Contract mean?

A party's failure to perform some contracted-for or agreed-upon act.

What is a Citation?

The reference identifying how to find a case. Signup and view all the answers

Define Civil Law.

The area of law governing the rights and duties between private parties. Signup and view all the answers

What are Codes in law?

A compilation of legislation enacted by a federal, state, or local government. Signup and view all the answers

What is Common Law?

That body of law deriving from judicial decisions. Signup and view all the answers

What are Compensatory Damages?

Damages awarded to pay for a party's losses that are a direct and foreseeable result of a breach. Signup and view all the answers

What are Conflicts of Law?

Rules of law the courts use to determine which substantive law applies when there is an inconsistency. Signup and view all the answers

Define Constitutional Law.

The legal issues that arise from interpreting the U.S. Constitution or a state constitution. Signup and view all the answers

What does Constitutional Relativity mean?

The idea that constitutional interpretation is relative to the time in which the constitution is being interpreted. Signup and view all the answers

What is Contract Law?

The law of legally enforceable promises. Signup and view all the answers

What is Corporate Governance?

A term relating to how business organizations are created and managed. Signup and view all the answers

What is a Corporation?

An artificial, but legal, person created by state law. Signup and view all the answers

Define Criminal Law.

That area of law dealing with wrongs against the state as representative of the community at large. Signup and view all the answers

What are Dicta?

Statements made in a judicial opinion that are not essential to the decision of the case. Signup and view all the answers

What are Exemplary Damages?

Punitive damages awarded in intentional tort cases. Signup and view all the answers

What is Holding in law?

The precise legal response in an opinion by an appellate court on an issue of law raised on appeal. Signup and view all the answers

What are Intentional Torts?

Non-contractual legal wrong caused by one who desires to cause the wrong. Signup and view all the answers

What does Jurisprudence mean?

The science of the law. Signup and view all the answers

Define Legislation.

Laws passed by an elected body such as Congress. Signup and view all the answers

What is Negligence?

A person's failure to exercise reasonable care that foreseeably causes another injury. Signup and view all the answers

What is an Opinion in legal terms?

The decision of a judge, usually issued in a written form. Signup and view all the answers

What is an Ordinance?

The legislative enactment of a city, county, or other municipal corporation. Signup and view all the answers

What is a Precedent?

A prior judicial decision relied upon as an example of a rule of law. Signup and view all the answers

Define Private Law.

A classification of legal subject matters that deals directly with relationships between legal entities. Signup and view all the answers

What is Procedural Law?

The body of rules governing the manner in which legal claims are enforced. Signup and view all the answers

Study Notes

Key Legal Terms and Definitions

Act: Legislation enacted by Congress or state legislatures, forming the basis of statutory law.
Administrative Law: Governs the operations and regulations of administrative agencies, detailing their processes and authority.
Breach of Contract: Occurs when a party fails to fulfill their contractual obligations, impacting the enforceability of the agreement.
Citation: A reference system used to identify and locate legal cases effectively.
Civil Law: Governs the rights and duties between private parties, distinct from criminal law, and often includes codified legal systems.
Codes: Collections of legislation created by various government levels that encapsulate statutory law in a coherent format.
Common Law: Legal principles and rules developed through judicial decisions over time rather than through legislative statutes.
Compensatory Damages: Financial compensation awarded in breach-of-contract cases to cover direct losses, restoring the injured party to their pre-contract position.
Conflicts of Law: Legal frameworks employed by courts to resolve inconsistencies between laws from different jurisdictions.
Constitutional Law: Legal matters concerning the interpretation and application of the U.S. Constitution and state constitutions.
Constitutional Relativity: The concept that constitutional interpretation evolves with the prevailing social context and time.
Contract Law: Branch of law that deals with legally enforceable promises and agreements between parties.
Corporate Governance: Encompasses the structure and management of business organizations and the regulatory oversight they are subjected to by government entities.
Corporation: A legal entity recognized by state law, providing flexibility through separation of ownership and management.
Criminal Law: Addresses offenses against the state or society, distinct from civil law that focuses on wrongs against individuals.
Dicta: Comments or observations in judicial opinions that are not critical to the outcome of the case, often providing additional context.
Exemplary Damages: Also known as punitive damages, these are awarded beyond actual losses to punish intentional wrongdoing.
Holding: The specific legal rule or principle established in a judicial opinion by an appellate court on an appealed issue.
Intentional Torts: Legal wrongs arising from deliberate actions that cause harm to others.
Jurisprudence: The study and theory of law, emphasizing the interpretation and application of legal principles.
Legislation: Laws enacted by governmental bodies, including statutes at federal and state levels and ordinances at local levels.
Negligence: Failure to exercise reasonable care that results in foreseeable injury to another party.
Opinion: The formal written decision of a judge regarding a case.
Ordinance: Local laws or regulations enacted by municipal governments.
Precedent: Legal decisions from previous cases that establish a rule or principle for similar future cases.
Private Law: Focuses on legal matters directly affecting relations among private entities, such as contracts and property law.
Procedural Law: Regulations outlining the processes and procedures for enforcing legal claims in court.

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Test your knowledge of essential business law terms with these flashcards. Each card provides a definition of key legal concepts such as 'Act', 'Administrative Law', and 'Breach of Contract'. Perfect for students or professionals looking to refresh their understanding of business law.