BUSINESS LAW - CHAPTER 1 (The Legal Environment)

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  1. A body of enforceable rules governing relationships among individuals and between
    individuals and their society
  2. A document that establishes the law on a particular issue, such as a constitution, a
    statute, an administrative rule, or a court decision.
    Primary Source of Law
  3. A publication that summarizes or interprets the law, such as a legal
    encyclopedia, a legal treatise, or an article in a law review
    Secondary Source of Law
  4. A reference to a publication in which a legal authority – such as a statute or a
    court decision- or other source can be found
  5. A federal or state government agency created by the legislature to
    perform a specific function, such as to make and enforce rules pertaining to
    the environment.
    Administrative Agency
  6. What do the following abbreviations of ADMINISTRATIVE AGENCIES stand for?       FDA, FTC, SEC, FCC, OSHA
    • FDA - Food and Drug Administration
    • FTC - Federal Trade Commission
    • SEC - Securities and Exchange Commission
    • FCC - Federal Communications Commission
    • OSHA - Occupational Safety and Health Admin
  7. The rules of law announced in court decisions. Case Law interprets statutes, regulations, constitutional provisions, and other case law
    Case Law
  8. The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature
    Common Law
  9. A court decision that furnishes an example or authority for deciding subsequent
    cases involving identical or similar facts
  10. A common law doctrine under which judges are obligated to follow the precedents
    established in prior decisions
    Stare Decisis
  11. Any source of law that a court must follow when deciding a case.
    Binding Authority
  12. Any legal authority or source of law that a court may look to for guidance but need
    not follow when making its decision.
    Persuasive Authority
  13. The science or philosophy of law
  14. The oldest school of legal thought, based on the belief that the legal system should reflect universal (“higher”) moral and ethical principles that are inherent in human nature.
    Natural Law
  15. A school of legal thought that looks to the past to determine what the principles of
    contemporary law should be.
    Historical School
  16. A school of legal thought centered on the assumption that there is no law higher
    than the laws created by the national government. Laws must be obeyed, even if
    they are unjust, to prevent anarchy.
    Legal Positivism
  17. School of legal thought that holds that the law is only one factor to be considered when
    deciding cases and that social and economic circumstances should also be taken
    into account.
    Legal Realism
  18. The branch of law dealing with the definition and enforcement of all private or
    public rights, as opposed to criminal matters.
    Civil Law
  19. A system of law derived from Roman law that is based on codified laws (rather than one case precedents).
    Civil Law System
  20. The branch of law that defines and punishes wrongful actions committed against the public.
    Criminal Law
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BUSINESS LAW - CHAPTER 1 (The Legal Environment)
Terms to memorize for the first mid-term.
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