BUS 393 Study Guide - Midterm Guide: Product Liability, Seat Belt, Root Beer

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Bus 393 fall 15 - midterm study concepts. Law: consists of rules with penalties that are likely to be enforced either by the courts or by other agents of government. Common law is based on the system that originated from britain and used precedent or stare decisis. Law of equity: legal principles developed in the courts of chancery to relieve the harshness of the common law. Court of chancery: the separate court that developed the law of equity; developed from the king who was the source of power for all courts and could make orders overcoming individual injustices. The civil code is a system modified napoleon to become the french civil code, where they don"t use precedent and a codify body of rules. French civil code: body of rules setting out general principles that are applied by the courts to the problem before them.

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