Chapter 3 Business Law England our Legal Heritage

Chapter 3 Business Law

England our Legal Heritage � Derives its legal system from England. � Common law is based on judge-made law. Set PRECEDENTS-(examples for settling similar disputes) � Courts of Equity-Came from England – No Jury! King decides what action to take! � Courts of Law – followed prior cases – only money damages as punishment. � Specific performance – Granted by equity courts – to Do Something. � Injunction – Not to do something Page 48 -49

3 Levels of Government � Federal � State � Local Page 49

Judge-Made Laws Case Lawq. Based on Common Law q. It is created when an appellate court issues an opinion! Page 48

Which Constitution is Highest? Federal Law prevails over state and local law. State Law prevails over local law. Page 49

3 Branches of Government � Executive � Legislative � Judicial Page 52

Intrastate vs. Interstate � Interstate – occurs between two or more states. � Intrastate – Occurs within one state, is left to the states. Page 52

Supreme Law of this Nation

Administrative Agencies Governmental bodies formed to carry out particular law. Legislatures sometimes give administrative agencies legislative powers and limited judicial powers. Legislative power means the agency is authorized to create administrative laws which are called rules and regulations. • Social Security Administration Page 53

Stare Decisis Latin for “To Adhere to Decided Cases. ” Once Case law is stated, it must be followed by lower courts in other similar cases. Page 54

Criminal vs. Civil Matters Civil Law = Wrongs against individual persons • The police will not take any action in civil conflicts! Criminal Law = When the rights of the public – society as a whole are violated. Page 56

What is the UCC? Uniform Commercial Code: A large set of business statutes which simplified, clarified, and modernized many laws relating to commercial transactions. Page 59

What is Business Law… Also known as COMMERCIAL LAW Covers rules that apply to business situations and transactions. Involve both a merchant and a consumer. Gain legal knowledge to help you become a more competent consumer. Mainly concerned with civil lawespecially contracts. Torts is another category of business law. Torts are private wrongs against people or organizations. Page 59