business law Collin College -Business Law correctly answered graded A+

business law Collin College -Business Law correctly answered graded A+precedent - correct answer an earlier case that decide the same legal issue as that presently in dispute, and which therefore will control the outcome of the current case. common law - correct answer Judge-made law, that is, the body of all decisions made by appellate courts over the years. statute - correct answer a law passed by a legislative body, such as Congress. Court of Chancery - correct answer a court of equity in England and Wales that followed a set of loose rules to avoid the slow pace of change and possible harshness (or "inequity") of the common law. The Chancery had jurisdiction over all matters of equity. The court originally operated by the Chancellor equity - correct answer the broad powers of a court to fashion a remedy where justice demands it and no common law remedy exists. An injunction is an example of an equitable remedy. injunction - correct answer a court order that a person either do or stop doing something federalism - correct answer a form of national government in which power is shared between one central authority and numerous local authorities statutory law - correct answer written law (as opposed to oral or customary law) set down by a legislature (as opposed to regulatory law promulgated by the executive or common law of the judiciary) or by a legislator (in the case of an absolute monarchy) stare decisis - correct answer Let the decision stand. A basic principle of the common law, it means that precedent is usually binding. executive orders - correct answer An order by a president or governor, having the full force of law.