Business Law Chapter 1

Business Law

Enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges

Law

Enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges

Private Law

Law that involved suits between private individuals or groups

Public Law

Law that involved suits between private individuals or groups and their government

Civil Law

the body of laws that govern the rights and responsibilities either between persons or between persons and their government

Criminal law

the body of laws that involve the rights and responsibilities an individual has with respect to the public as a whole

Constitutional Law

general limits and powers of a government as interpreted from its written constitution

Model Laws/Uniform Laws

Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws.

Case law/ Common law

the collection of legal interpretations made by judges. Considered to be law unless otherwise revoked by a statutory law

Precedent

tools used by judges to make ruling on cases on basis of key similarities to previous cases

Stare decisis

"standing by the decision" a principle that states rulings made in higher courts are binding precedent for lower courts

Restatements of the Law

summaries of common law rules in a particular area of the law.

Administrative Law

collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes

Treaty

is a binding agreement between two states or international organizations

Identification with the Vulnerable

A school of jurisprudence that holds that society should be fair.

Historical School

A school of jurisprudence that uses traditions as a model for future laws and behavior

Legal Realism

A school of jurisprudence that holds that context must be considered as well as law.

Cost-Benefit Analysis

an economic school of jurisprudence in which all costs and benefits of a law are given monetary values.