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Business Law

Chapter 1

QuestionAnswer
Business Law The enforceable rules of conduct that govern the actions of buyers and sellers in market exchange
Areas of Business 1) Management 2)production and transportation 3)marketing 4) research and development 5)accounting and finance 6) human resource management
Law Rules of conduct in any organization society that are enforced by the governing authority of the community
Private Law Law that involves suits between private individuals or groups
Purpose of the Law 1) Providing order such that one can depend on a promise or an expectation of obligations 2)serving as an alternative to fighting 3) facilitating a sense that change is possible, but only after a rational consideration of option
Purpose of the Law (cont.....) 4) Encouraging social justice 5) guaranteeing personal freedoms 6) serving as a moral guide by indicating minimal expectations of citizens and organizations
Public Law Law that involves suits between private individuals or groups and their goverment
Civil Law The body of Laws that govern the right and responsibilities either between persons or between persons and their goverment
Criminal Law The body of laws that involve the rights and responsibilities an individual has with respect to the public as a whole
Constitutional Law The general limits and powers of a government as interpreted from it written constitution
Statutory Law The assortment of rules and regulations put forth by legislatures
Model Laws Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws. Also called uniform laws
Case Law The collection of legal interpretations made by judges. They are considered to be law unless otherwise revoked by statutory law. Also known as common law
precedent a tool used by judges to make rulings on cases on the basis of key similarities
Stare decisis 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. Restatements do not carry the weight of law but can be used to guide interpretations of particular cases
Administrative Law The collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statues.
treaty binding agreement between two state or international organizations
schools of legal interpretation 1) identification with the vulnerable 2) historical school : tradition 3) Legal Realism
Identification with the vulnerable holds that society be fair. particular attention is therefore paid to the poor, the ill, and the elderly
Historical School uses traditions as the model for future laws and behavior. Also called tradition or custom
Legal realism holds 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 law are given monetary values. Laws with the highest ratios of benefits to costs are then preferable to those with lower ratios
Created by: wtterry41