Business Law Chapter 1
Jurisprudence- involves learning about different schools of jurisprudential thought and discovering how
the approaches to law characteristic of each school can affect judicial decision making.
Natural Law- a system of moral and ethical principles that are inherent in human nature and that people
can discover through the use of their natural intelligence, or reason.
Positive law- (National Law) applies to only citizens of that nation or society.
Positivist school- no higher law than the laws created by the government. Laws must be obeyed,
even if they are unjust, to prevent anarchy.
Historical School- a school of legal thought that stresses the evolutionary nature of law that looks to
doctrines that have withstood the passage of time for guidance in shaping present laws.
Legal Realism- advocated a less abstract and more realistic and pragmatic approach to the law, an
approach that would take into account customary practices and the circumstances in with transactions
take place.
Sociological School- tool for promoting justice in society
Breaches- breaks or fails to perform
Constitutional Law- general organization, powers, and limits of their respective governments
Statutory law-laws enacted by legislative bodies at any level of gov, such as the statues passed by
congress or by state legislatures
statutes-laws, rules, or orders
Ordinances- statutes passed by municipal or county governing units to govern matters not covered by
federal or state law( local unit)
Uniform laws- model laws that may be voted on by a state legislature to become a statutory law
Administrative law- rules, orders, and decisions of federal, state, or local government administrative
agencies
Case law and common law doctrines- judge-made law, including interpretations of constitutional
provisions, of statutes enacted by legislatures, and of regulations created by administrative agencies
Common law- a body of general rules that applied throughout the entire English realm.
Remedies- legal means to enforce a right or redress a wrong
Remedies at law- land, items of value, or money
Courts of law- courts that awarded remedies at law
Chancellor- adviser of the king
Courts of equity-formal chancery courts
Remedies in equity-