Business Law Exam 1
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52 terms
Terms | Definitions |
|---|---|
 law | A body of enforceable rules governing relationships among individuals and between individuals and their society |
| Jurisprudence | The science of philosophy of law |
| Natural Law | The belief that gov't and the legal system should reflect universal moral and ethical principles that are inherent in human nature. The natural law school is the oldest and one of the most significant schools of legal thought. |
| Positive Law | The body of conventional or written law of a particular society at a particular point in time |
| Legal Positivism | A school of legal thought centered on the assumption that there is no law higher than the laws created bu a national gov't Laws must be obeyed even if they are unjust to prevent anarchy |
| Historical School | A school of legal thought that emphasizes the evolutionary process of law and looks to the past to discover what the principles of contemporary law should be |
| Legal Realism | A school of legal thought of the 1920s and 30s that generally advocated a less abstract and more realistic |
| Sociological School | A school of legal thought that vies the law as a tool for promoting justice in society |
| Breach | the failure to perform a legal obligation |
| primary source of law | A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision |
| Secondary Source of Law | A publication that summarizes or interprets the law, such as a legal encyclopedia. |
| Constitutional Law | The body of law derived form the US Constitution and the constitutions of various states |
| Statutory Law | The body of law enacted by legislative bodies |
| Ordinance | A regulation enacted by a city or county legislative body to govern matters not covered by state or federal law |
| Uniform Law | A model law created by NCCUSL for the states to consider adopting. Each state has the option of adopting or rejecting all or part of a uniform law |
| Administrative Law | The body of law created by administrative agencies, in order to carry out their duties and responsibilities (FDA) |
| Administrative Agency | A federal or state gov't agency established to perform a specific function. Administrative agencies are authorized by legislative acts to make and enforce rules in order to administer and enforce acts. |
| Executive Agency | An administrative agency within the executive branch of gov't At the federal level. |
| Indp't Regulatory Agency | An admin. agency that is not considered part of the gov't executive branch and is not subject to the authority of the president. |
| Enabling Legislation | A statute enacted by Congress that authorizes the creation of an admin. agency and specifies the name, composition, purpose, and powers of the agency being created |
| Adjudicate | The trial like proceeding in which an admin, law judge hears and decides issues that arise when an admin agency charges a person or a firm with violating a law or regulation enforced by the agency |
| RuleMaking | The process undertaken by an admin. agency when formally adopting a new regulation or amending an old one. |
| Case Law | The rules of law announced in court decisions. |
| Common Law | The body of law developed from custom or judicial decision in English and US courts not attributable to a legislature |
| Precedent | A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts |
| Stare Decisis | A common law doctrine under which judges are obligated to follow the precedents established in prior decisions |
| Binding Authority | Any source of law that a court must follow when deciding a case |
| Persuasive Authority | Any legal authority or source of law that a court may look to for guidance but on which it need not rely in making its decision. Include cases from other jurisdictions and secondary sources of law. |
| Remedy | the relief given to an innocent party to enforce a right or compensate for the violation of a right |
| plaintiff | one who initiates a lawsuit |
| Defendant | one against whom a lawsuit is brought; the accused person in a criminal proceeding |
| Substantive Law | Law that defines, describes, regulates and created legal rights and obligations |
| Procedural Law | Law that establishes the methods of enforcing the rights established by substantive law |
| civil law | law concerned with private wrongs against individuals |
| civil law system | A system of law derived from that of the Roman Empire and based on a code rather than case law. |
| criminal law | the body of law dealing with crimes and their punishment |
| Remedies at Law | Money or something else of value |
| Remedies in Equity | Remedies that are granted when the remedies at law are unavailable or inadequate. Contract cancellation |
| Legislative Branch | Makes the laws |
| Executive Branch | Enforces the laws |
| Judicial Branch | Interprets the Law |
| Checks and Balances | The principle under which the powers of the national gov't are divided among three separate branches. |
| Article I section 8 (commerce clause) | Permits Congress " to regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes." gives Congress the right to regulate interstate commerce |
| Supremacy Clause | Article VI of the Constitution, which makes the Constitution, national laws, and treaties supreme over state laws when the national government is acting within its constitutional limits. |
| ethics | Moral principles and values applied to social behavior |
| Business Ethics | Ethics in a business context, a consensus as to what constitutes right or wrong behavior in the world of business. |
| Principle of Rights | The principle that human beings have certain fundamental rights (to life, freedom and the pursuit of happiness, for example). Believe that a key factor in determining whether a business decision is ethical is how the decision affects the rights of various groups. |
| Utilitarianism | an approach to ethical reasoning that evaluates bhavior in light of the consequences of that behavior for those who will be affected by it. A good decision is one that results in the greatest food for the greatest number of people affected by the decision |
| Cost-Benefit | A decision making technique that involves weighing the costs of a given action against the benefits of that action |
| Corporate Social Responsibility | The idea that corporations can and should act ethically and be accountable to society for their actions |
| Moral Minimum | The minimum degree of ethical behavior expected of a business firm, which is usually in compliance with the law |
| Duty based ethics | ethics based on religious beliefs; philosophical reasoning |
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