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Business Law Important Terms

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Business Law Important Terms

Kaplan University

Rebecca McAvinue

Professor William Muniak

Business Law LS311-03

February 9, 2015

There are many terms in business that pertain to law that an individual must understand in order to succeed. One must understand what common law is and how it applies to businesses. It is important to understand what a jurisdiction and a precedent are and how they differ. To know what a statute and remedy are and how a business would utilize them. First and foremost it is important to understand what common law is, many people hear it and think about the laws of a household where a man and woman would be considered married after living together for a certain amount of time. It truly is something more complex than that, it is a body of general rules that apply throughout a realm (Miller & Jentz, 2010, Pg. 6). This means that judges used the rulings from previous judgments to assist in making current decisions and they used the same ruling throughout the country. Businesses use common law to create policies and procedures throughout the company. They can use events that have happened and how they were handled to create new ways to keep them from happening again or punishment for repeat offenders. Using common law judges attempted to decide similar cases in similar ways creating a precedent, or an example for deciding later cases of similar nature (Miller & Jentz, 2010, Pg. 6). These precedents are controlled and documented in each judge’s jurisdiction, the area in which the judge or court may apply the law (Miller & Jentz, 2010, Pg. 6). A business sets up jurisdictions by stating what department a manager may have control over and setting up the hierarchy or chain of command. Statutes are the laws that are passed by Congress and by state legislature (Miller & Jentz, 2010, Pg. 4). It is just a…...

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