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