Introduction and Sources of Business Law

Introduction and Sources of Business Law
Sara Bakerink
Kaplan University
LS311-03RP1

There are many terms to know and understand in Business Law. The definition of some terms are easy to comprehend while others are more complex. I have listed several terms from our textbook with definitions as I understand them.
Common law is a type of law that was created based on English legal system. "Eventually, the common law tradition became part of the heritage of all nations that were once British colonies, including the United States." (Miller & Jentz, 2008, p.6) "Courts developed the common law rules from the principles underlying judges ' decisions in actual legal controversies." (Miller & Jentz, 2008, p.6) An example of a common law is common law marriage. While common law marriage is not recognized in all fifty states it is recognized in some states including Iowa where I live.
Jurisdiction is a the legal boundary of an authority. An example of jurisdiction is law enforcement. All cities that have law enforcement have jurisdictions. If you are a law enforcement officer of Ankeny, Iowa your jurisdiction is going to be in Ankeny, Iowa. The jurisdiction of the officers may extend outside of Ankeny, Iowa if they have special credentials.
Precedent is a previous legal decision by courts where a particular rule of law has already been established by said court. Once the established precedent has been set legal decisions that follow must abide by that decision with some exceptions. An example is Roe. vs. Wade. The Supreme Court ruled that abortion is legal. Since the Supreme Court is law of the land, no lower court could outlaw abortion.
Statue is a written law that has been passed by legislation. Statutory laws are laws or ordinances created by federal, states, and local legislatures and governing bodies. None of these laws can violate the U.S. Constitution or the relevant state constitutions." (Miller & Jentz, 2008, p.4) An example of a statutory law in Iowa is statutory rape which can be found under code section 709.4. In the code section 709.4 it states statutory rape as "third-degree sexual abuse to perform a sex act on another person, not his spouse, who is (1) age 12 or 13 or (2) age 14 or 15 if the actor is five or more years older. " (Norman-Eady & Reinhart, 2003)
Remedy is a form of court enforcement of a legal right. There are three categories of remedies which are: Damages, Coercive, and Declaratory Judgment. A Damage remedy is a monetary compensation to is awarded. A Coercive remedy is when a party is ordered to do or omit from doing a particular act. A Declaratory Judgment is a declaration by the courts of individual rights in a specific situation, but no monetary or coercive remedy is received.
The definitions of common law, jurisdiction, precedent, statute, and remedy all relate to one another and in the order they are listed. In regards to these definitions first common law must be established. Once the law is established there needs to be jurisdiction to the parameter in which the law applies. A precedent comes next and is based on similar situations based on certain jurisdictional areas. It is after a precedent is set that a statute is created and to be followed. The last of the definitions is remedy which is the court enforcement of a legal right. If a statue is broken a remedy may be applied to correct the situation.

References
Miller, R., & Jentz, G. (2008). Fundamentals of business law. Boston, MA: Cengage.

Norman-Eady, S., & Reinhart, C. (2003). Statutory Rape Laws By State. Retrieved October 20th, 2013, from http://www.cga.ct.gov/2003/olrdata/jud/rpt/2003-r-0376.htm

References: Miller, R., & Jentz, G. (2008).  Fundamentals of business law.  Boston, MA:  Cengage. Norman-Eady, S., & Reinhart, C. (2003). Statutory Rape Laws By State. Retrieved October 20th, 2013, from http://www.cga.ct.gov/2003/olrdata/jud/rpt/2003-r-0376.htm