Business Law Exam 1

Order and Predictability

partner behaviors and business contracts

Efficiency

involves maximizing output while minimizing waste and costs in business operations.

Social Justice

ensures fairness in business practices and promotes equitable treatment of all stakeholders, addressing issues of discrimination and inequality.

Bargain in Shadow of Law

people deal with disputes without courts based on what a jury might say

Provide firms with opportunity to gain/maintain competitive advantage

through effective management of resources and strategic decision-making. Create marketing that customers will know and relate to

(ex. wine marketing through branding, product quality, and pricing strategies).

Natural Law

right and wrong is dependent on human emotions and vary case by case (sympathy)

ex. speeding is okay if you were driving wife in labor to hospital

Legal positivism

morality & legality are separate (no sympathy) “law is the law”

Legal realism

law is influenced by social economic, and contextual factors.

Statutory law

written legislation created and passed by legislative body (democracy) the people vote on laws

Common Law

law is created by judges through court decisions which sets the precedent

Utilitarianism

moral worth of action is determined by outcome ex. vaccination

Moral Relativism

no absolute right or wrong

Virtue Ethics

focus on personal wants/desires/happiness

Kantianism

intention/act matters more then the result/outcome

Jurisprudence

study of law

Stare decisis

let the law stand

Injunction

courts orders prohibiting activity

Checks & Balances

• legislative has control over judicial

• legislative can impeach president

• president has executive orders

• judicial review

Mabury v. Madison

judicial review determines if actions/laws are unconstitutional

Legislature

• congress can adopt laws governing interstate, commerce

• Congress can regulate airlines & railroads

• laws come from state & municipal levels

Statues

laws adopted by congress

Ordinances

city laws/orders

Substantive Law

regulate & make rules, dictate the law

ex. speed limit

Procedural Law

step by step process by which a case progress through court

ex. the steps to how a defendant enters plea in a criminal case

Criminal Law

wrongs committed against society (requires government intervention)

Civil law

private rights, non criminal disputes, and rules for settling agreements in business

Plantiff

injured party

Defendant

person being sued