Explain the difference between statutory law, common law, and business law.
What will be an ideal response?
Statutory law includes state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances-in short, written law.
Common law is the body of law that comes from decisions handed down by judges. Common law is often referred to as unwritten law because it does not appear in any legislative enactment, treaty, or other such document. Under common law principles, what judges have decided in previous cases is very important in deciding today's cases. Such decisions are called precedent, and they guide judges in the handling of new cases.
Business law refers to rules, statutes, codes, and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action. These areas include product liability, sales, contracts, fair competition, consumer protection, taxes, and bankruptcy, for example.
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