Business Law FINAL EXAM Study Guide, Rated A+

constitution - The document that sets forth the framework of a government and its relationship to the people it governs. Common law - based upon the current standards or customs of the people. positive law - Law that is dictated from above by a sovereign or other central authority business ethics - Ethical principles used in making business decisions Guidelines - Laws made by administrative agencies stare decisis - Doctrine that requires lower courts to adhere to existing case law in making decisions ordinances - Legislative actions taken by city or town councils statutes - Laws enacted by state or federal legislative bodies case law - The type of law made when an appellate court endorses a rule to be used in deciding court cases ethics - A collection of standards of conduct and moral judgment forming the basis for a reasoned, impartial decision as to what is right and what is wrong Thomas Jefferson - author of the Declaration of Independence the preamble to the U.S. Constitution (quote it) - We, the people, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our prosperity..... Bill of Rights - The first 10 amendments to the constitution 5th amendment - the right to life, liberty and property Executive, Judicial, and Legislative - The three branches of the government procedural law - Filing proper motions and completing everything required legally in the proper order criminal law - an offence against society