Chapter 1 LA

business law

a set of enforceable rules of conduct that govern commercial relationships

private law, public law, civil law, and criminal law

what are the four classifications of business law

private law

type of law that is related to disputes between private individual or businesses

private law

which type of law: customer sues a retailer

public law

legal relationships between people or businesses and government

public law

which type of law: business challenges a government regulation

civil law

rights, responsibilities, and legal remedies

civil law

which type of law: employee sues an employer for damages

criminal law

acts treated as offenses against the public

criminal law

which type of law: prosecutor charges an executive with fraud

constitutions, statutes, cases, administrative law, treaties, and executive orders

6 sources of business law:

constitutions

fundamental legal authority

statutes

laws enacted by legislatures

cases

court decisions that establish or interpret legal rules

administrative law

rules and decisions arising from government agencies

treaties

international agreements

executive orders

directives issued by the executive branch

administrative agency

a government organization that carriers out specialized responsibilities

independent and executive

what two agencies divide federal agencies

federal trade commission (ftc), securities and exchange commission (sec), equal employment opportunity commission (eeoc), and federal communications commission

list the 4 independent agencies

occupational safety and health administration (osha), small business administration (sba), general services administration (gsa), and federal deposit insurance corporation (fdic)

list the 4 executive agencies

identification with the vulnerable, historical school, legal realism, and cost-benefit analysis

list the 4 schools of legal interpretation

identification with the vulnerable

a perspective that gives special consideration to how legal decisions affect people who are disadvantaged or vulnerable

identification with the vulnerable

which school of legal interpretation: when evaluating a workplace rule, a decision maker considers how it affects low-income workers with little bargaining power

historical school

an approach emphasizing historical practices and traditions when interpreting law

historical school

which school of legal interpretation: a judge considers how a legal principle has traditionally been understood over time

legal realism

an approach that considers how law actually operates in practice, including real -world conditions affecting decisions

Legal Realism

which school of legal interpretation: a judge examines the practical effects of ruling rather than relying only on abstract legal language

cost benefit analysis

an approach that weighs the advantages and disadvantages of a legal decision

cost benefit analysis

which school of legal interpretation: a government evaluates whether the public benefits of a new safety requirement justify its economic cost