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Business Law Ch. 1
| Term | Definition |
|---|---|
| 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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10210805687241111
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