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busines law chapt 1
busines law
| Question | Answer |
|---|---|
| It Interacts with and influences the P.E,S of Every civilized society | Social |
| Prohibitory of certain acts should not be committed | Moral |
| partly mandatory certain acts must be done | Economic |
| Social, Moral, religion, economic, political, | Law Reflects |
| You can choose to perform or not to perform, may not enter contracts/ may not dispose of one's estate | Permissive |
| The System of rules which a particular country or Community recognizes as regulating the actions of its numbers and which may enforce by imposition of penalties | What is Law |
| Maintain Stability in the Social political and economic system while permitting change | Primary function of Law |
| Creates, defines and regulates legal rights and duties | Substantial |
| Establishes the rules for enforcing the rights and exist by reason of Substantive law | procedural |
| Governments rights and powers as related to individuals and or groups | Public |
| Law governing individuals and their relationship with each other | Private |
| A wrong against the party injured by violation | civil |
| A wrong against the whole community | Criminal |
| Every law must be constitutional if any law promulgates by the Government is unconstitutional per supreme court that law is void | Supreme law of the land |
| A body of law developed through case law or judge made law | Common law |
| Case judge made law | Common Law |
| The Courts will examine a dispute regarding a statue or Regulation apply the facts and arrive at a conclusion. That can be relieved upon in later similar disputes | Common Law |
| To stand by things decided the common law | Stare Decisis |
| Issued by the Executive of a system of Government | Executive Order |
| Attempts to Regulate legal monopolies like copyright and natural like utilities | Government Regulations |
| correcting imperfections in the Market system Protect specific groups from failure Promote other social goals | Preserve Competition |
| Preserve competition and advance social goal | Successful government regulations do |
| Profability Unfairness accountability expertise | Not in favor of social Resonsibility |
| Buisness exist to make profit not engage and social activities | Profability |
| Taking a corporation may support organization "with strings attached" or program their member/ employee dislike | Unfairness |
| Legal and ethical responsibilties of a company to its employees, shareholders, community and others | Accountability |
| Corporations are good at their business, not necessarily social involvement | Expertise |
| The Social contract, stakeholder model, less govt regulation, long run profit | In favor of social Responsibility |
| corporations have a special social status that protects in the individual members form liabilities financially they owe a debt to society | The social contract |
| All of society is a stakeholder not just shareholder in the company Corp owes duty to stakeholder | Stakeholder model |
| If Corporation will just do right and act responsibility governor will need regulations less | Less government regulations |
| socially Responsible companies typically make more money | long run profit |
| that encourages people to treat others as they would want to be treated | Golden rule |
Created by:
Jennatu
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