- A law established by an act of the legislature.
- An act of a corporation or its founder intended as a permanent rule.
rule, regulation, law
Related Terms and Acronyms
- Common Law (CL) — Acronym, Very Important,
➥ Laws developed by judges through court decisions and precedent.
- Traditional, unwritten law based on English custom.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Judgement — Definition,
- A determination by a court of law or a judicial decision.
- Legal Reserve — Definition,
- The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
- Statute of Frauds (SOF) — Acronym,
- A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
- Statute of Limitations (SOL) — Acronym,
- A period of time specified by statute within which an action at law must be brought or else be forfeited.
- Statutory Liability — Definition,
- Liability that is assigned by law and is not open for interpretation.
- Tort Law — Definition,
- Civil law or the laws that govern civil lawsuits.