Business law
The tradition of common law emerged during the middle ages in England and was applied across continents within colonies. The common law is based on judicial decisions and exemplified in the reports of previously decided cases which has continually been administered by the English courts of common-law since the Middle Ages. The common law is largely uncodified; implying that there is no ample compilation of legal statutes and rules. Although it relies on some disseminated statutes; legislative decisions, the common law is heavily founded on precedent. This implies the judicial decisions which have been made in previous cases. The common law operates as an antagonistic system, a competition between two sides before a moderating judge (Holmes, 2005).
Jurisdiction
This is the geographical region over which power extends’ lawful authority; the power to hear and decide the grounds of action. Generally, jurisdiction defines the authority over a particular area or specific individuals. In law, it may be used at times to define a specific area which contains a defined legal power. Jurisdiction may also refer to the source of the authority of a court. It defines the inherent power the court has, to hear and determine the verdict of a case (Marsh & Soulsby, 2002).
Precedent
This is an opinion of a state or federal appellate courts which establish a legal rule or principle which should be adhered to by lower courts whenever they are faced with analogous legal challenges. It is a court’s decision or judgment which is cited in an ensuing dispute as an analogy or guide to rationalize deciding an analogous case or a legal dispute in a similar way. The doctrine of precedence plays an important role in the establishment of common law and equity in the American and English legal systems (Marsh & Soulsby, 2002).
Statute
It is a legislative act which proscribes, declares or directs something, a particular law articulated in writing. Statutes describe the common legal propositions which are applied by the courts on specific circumstances. It may outlaw a particular act or command a particular act or declare something or present governmental strategies to assist the community. Statutes frequently contrast the case law, in that it is founded on the written constitution of a country (Marsh & Soulsby, 2002).
Remedy
It is a way through which rights can be satisfied or enforced by the courts whenever some injury or harm considered as a wrongful act by the society, has been inflicted on a person. There are four categories of judicial remedies namely; restitution, damages, declaratory remedies and coercive remedies (Marsh & Soulsby, 2002).
References
Marsh, S. B., & Soulsby, J. (2002). Business law. Cheltenham: Nelson Thornes.
Holmes, O. W. (2005). The common law. Stilwell, KS: Digireads.com Publishing.
