Explain the Difference Between Statutory Law, Common Law, and Business

question 18

Essay

Explain the difference between statutory law, common law, and business law.

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Definitions:

Abatement

A reduction, decrease, or diminution, often related to the amount of a tax, debt, or other payment obligation.

Trespass to Land

An unauthorized entry onto land which is owned or legally occupied by another.

Actual Harm

Damage or injury that is real and substantial, as opposed to theoretical or speculative.

Conversion

The unauthorized act of taking or using someone else's property and treating it as one's own.