Business Law Ch 1

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Business Law Ch 1
2013-06-28 23:34:41
Business Law

Business Law Ch 1
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  1. Administration Law
    • The collection of rules and decisions made by administrative agencies to fill in a particular details missing from the
    • constitution and statutes 
  2. Business Law
    • The enforceable rules of conduct that govern the actions between sellers and buyers
    • in exchange markets
  3. Case Law
    • The collection of legal interpretations made by judges. They are considered to be
    • law unless revoked by a statutory law also known as common law.
  4. Civil Law
    • The body of laws that govern the
    • rights and responsibilities either between persons or between persons and their
    • government.  
  5. Common Law
    • The collection of legal interpretations made by judges. They are considered to be law unless otherwise revoked by a statutory
    • law. Also known as common law.
  6. Constitutional Law
    The general limits and powers of a government as interpreted from its written constitution. 
  7. 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.
  8. Criminal Law
    • A classification of law involving the rights and
    • responsibilities an individual has with respect to the public as a whole. 
  9. Cyber Law
    • A classification of law regulating business
    • activities that are conducted online.
  10. 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. 
  11. 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. 
  12. 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. 
  13. Model (uniform) laws
    • A law created to account for the variability of
    • laws among states; serves to standardize the otherwise different interstate laws. Also called model law.
  14. Natural law
    • A school of jurisprudence that recognizes the
    • existence of higher law, or law that is morally superior to human laws. 
  15. Precedent
    A tool used by judges to make rulings on cases on the basis of key similarities to previous cases.
  16. Private Law
    • Law that involves suits between private
    • individuals or groups.
  17. Public Law
    • Law that involves suits between private
    • individuals or groups and their governments. 
  18. 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.
  19. Stare decisis
    • Latin for “standing by the decision”; a
    • principle stating that rulings made in higher courts are binding precedent for
    • lower courts. 
  20. Statutory law
    • The assortment of rules and regulations put
    • forth by legislatures. 
  21. Treaty
    • A binding agreement between two nations or
    • international organizations.