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Business Law Ch. 1

business law the enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges (commercial relationships)
functional areas of business -management -production and transportation -marketing -research and development -accounting and finance -human resource management
purposes of the law -providing order such that one can depend on a promise or an expectation of obligations -serving as an alternative to fighting -facilitating a sense that change is possible, but only after a rational consideration of options
purposes of the law (continued) -encouraging social justice -guaranteeing personal freedoms -serving as a moral guide by indicating minimal expectations of citizens and organizations
ways to classify law -national vs. international law -federal vs. state law -public vs. private law -civil vs. criminal law -cyberlaw
private law law that involves suits between private individuals or groups
public law law that involves suits between private individuals or groups and their government
civil law the body of laws that govern the rights and responsibilities either between persons or between persons and their government; identifies the remedies available when someone's rights are violated
criminal law a classification of law involving the rights and responsibilities an individual has with respect to the public as a whole
cyberlaw a classification of law regulating business activities that are conducted online
sources of business law -constitutions -statutes -cases -administrative law -treaties -executive orders
constitutional law the general limits and powers of a government as interpreted from its written constitution
statutory law the assortment of rules and regulations put forth by legislatures
uniform law (model law) a law created to account for the variability of laws among states; serves to standardize the otherwise different interstate laws
case law (common law) the collection of legal interpretations made by judges; considered to be law unless otherwise revoked by a statutory law
precedent a tool used by judges to make rulings on cases on the basis of key similarities to previous cases
stare decisis Latin for "standing by the decision"; a principle stating that rulings made in higher courts are binding precedent for lower courts
Restatements of the Law summaries of common law rules in a particular area of the law; do not carry the weight of law but can be used to guide interpretations of particular cases
administrative law the collections of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes
treaty a binding agreement between two nations or international organizations
schools of jurisprudence -natural law -legal positivism -identification with the vulnerable -tradition -legal realism -cost-benefit analysis
natural law a school of jurisprudence that recognizes the existence of higher law, or law that is morally superior to human laws
legal positivism the school of jurisprudence which holds that because society requires authority, a legal and authoritarian hierarchy should exist; when a law is made, therefore, obedience is expected because authority created it
identification with the vulnerable the school of jurisprudence of pursuing change on the grounds that some higher law or body of moral principles connects all of us in the human community
legal realism the school of jurisprudence which dictates that context must be considered as well as law; context includes factors such as economic conditions and social conditions
cost-benefit analysis an economic school of jurisprudence in which all costs and benefits of a law are given monetary values; those laws with the highest ratios of benefits to costs are then preferable to those with lower ratios
critical-thinking skills the ability to understand the structure and worth of an argument by evaluating the facts, issue, reasons, and conclusion of the argument



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