Business Law 1: Chapter 1 - An Introduction to Dynamic Business Law

Comprehensive vocabulary flashcards covering the definitions and core concepts of Business Law Chapter 1, including types of law, sources of law, and schools of jurisprudence.

Business law

The enforceable rules of conduct that govern commercial relationships made for the purpose of making a profit. It intersects with fields such as contracts, torts, property, and tax.

Private Law

Law that governs disputes between private individuals or groups, such as a landlord suing a tenant for unpaid rent.

Public Law

Law that governs disputes between private individuals or groups and their government, such as a company fined for violating EPA standards.

Civil Law

Regulates rights and responsibilities between private parties or between a party and the government; the outcome involves compensation (damages) rather than incarceration.

Criminal Law

Regulates acts committed against the public as a whole, where the government prosecutes on behalf of the public; outcomes can include incarceration and fines.

Preponderance of evidence

The standard of proof in civil law cases, requiring approximately a $51\%$ probability that the defendant is liable.

Beyond a reasonable doubt

The standard of proof in criminal law cases, requiring a very high level of certainty, approximately $99\%$, to find a defendant guilty.

Cyberlaw

Existing laws, such as contract and IP law, that have been adapted to online and digital contexts.

Constitutional Law

Law derived from written constitutions that defines the limits and powers of government; the U.S. Constitution is the supreme law of the land.

Statutory Law

Rules enacted by federal or state legislatures and codified in the United States Code (USC) or equivalent state codes.

Case Law

Also called common law, this refers to the body of legal interpretations made by judges which are binding unless overruled by new statutory law.

Administrative Law

The collection of rules created by regulatory agencies such as the EPA, OSHA, FTC, SEC, NLRB, and FDA.

Model (Uniform) Laws

Suggestions for standardized state laws created by the National Conference of Commissioners on Uniform State Laws (NCC).

Uniform Commercial Code (UCC)

The most important model statute, which governs sales, banking, warehousing, and other commercial transactions.

Treaty

A binding international agreement between nations; in the U.S., these are negotiated by the executive branch and must be approved by two-thirds of the Senate.

Stare decisis

A Latin phrase meaning "let the decision stand"; the doctrine requiring courts to follow prior rulings (precedent) for stability and predictability.

Executive Orders

Presidential directives to executive branch officials that do not require congressional approval and are published in Title 3 of the CFR.

Restatements of the Law

Summaries of common law rules prepared by the American Law Institute (ALI) that serve as persuasive guidance for judges when no controlling precedent exists.

Jurisprudence

The philosophy and theory of law that explores why laws exist and how they should be created and interpreted.

Natural Law

A school of jurisprudence holding that certain moral principles are "above" human-made law and that individuals may disobey laws that violate their conscience.

Legal Positivism

A view that law is separate from morality and that citizens should obey duly authorized law regardless of personal moral views.

Historical School

A school of jurisprudence holding that law should reflect custom and tradition; it serves as the foundation for the doctrine of stare decisis.

Identification with the Vulnerable

A school of jurisprudence centering legal decisions on protecting those least able to care for themselves, such as the ill, poor, elderly, disabled, or children.

Legal Realism

A school of thought holding that judges must consider social and economic conditions and that the law must evolve with society.

Sociological Jurisprudence

A school of thought that considers the social context and consequences of law, viewing mechanical legal reasoning as insufficient.

Cost-Benefit Analysis

A guide to legal change that assigns monetary values to benefits and costs, aiming to choose alternatives that maximize efficiency and net benefits.

USMCA

The trade agreement enacted in 2018 that replaced NAFTA and governs trade between the U.S., Mexico, and Canada.

WTO

The World Trade Organization, established in 1995 to replace GATT, which facilitates trade negotiations and acts as an international arbitrator for trade disputes.

Comparative law

The academic study comparing legal systems across different countries.