BUL Vocabulary 1-3

Question 1

Business Law

Answer 1

consists of the enforceable rules of conduct that govern commercial relationships

Question 2

Private Law

Answer 2

regulates disputes between private individuals or groups

Question 3

Public Law

Answer 3

controls disputes between private individuals or groups and their government

Question 4

Civil Law

Answer 4

delineates the rights and responsibilities implied in relationships between persons and between persons and their government

Question 5

Criminal Law

Answer 5

regulates incidents in which someone commits an act against the public as a whole

Question 6

Cyberlaw

Answer 6

regulates the kinds of activites businesses can conduct online

Question 7

Constitutional Law

Answer 7

refers to the general limits and powers of these governments as stated in their constitutions

Question 8

Statutory Law

Answer 8

the assortment of statutes or rules and regulations put forth by legislatures

Question 9

Model/Uniform Laws

Answer 9

serve as a basis for some statutory law at the state level

Question 10

Case/Common Law

Answer 10

coleection of legal interpretations made by judges

Question 11

Precendent

Answer 11

past decisions in similar cases that guide later decisions, thereby providing greater stability and predictability to the law.

Question 12

Stare Decisis

Answer 12

a priciple in which ruling made in higher courts become binding precendent for lower courts

Question 13

Restatements of Law

Answer 13

evolves common law with the assistance of summaries of the common law rules in a particular area of the law that have been enacted by most states.

Question 14

Administrative Law

Answer 14

collection of rules and decisions made by all these agencies(EPA, OSHA, UPS, etc)

Question 15

Treaty

Answer 15

a binding agreement between two states or international organizations

Question 16

Natural Law

Answer 16

describes certain ethical laws and principles believed to be morally right and “above” the laws devised by humans

Question 17

Tort

Answer 17

a violation of another person’s rights or a civil wrong-doing that does not arise out of a contract or statute; primary tyoes are intentional, negligent, and strict-liability torts.

Question 18

Legal Positivism

Answer 18

sees our proper role as obedience to duly authorised law

Question 19

Identification with the Vulnerable

Answer 19

on the grounds that some higher law or body of moral principles connects all of us in the humman community

Question 20

Legal Realism

Answer 20

based on the idea that, when ruling on a case, judges need to consider more than just the law; they also weigh factors such as social and economic conditions, since legal guidelines were designed by humans and exist in an ever changing environment.

Question 21

Cost-benefit analysis

Answer 21

choosing the alternatives that maximized benefits and minimized costs

Question 22

Ethics

Answer 22

study and practice of decisions about what is good or right.

Question 23

Business Ethics

Answer 23

application of ethics to special problems and opportunnities experienced by businesspeople.

Question 24

Ethical Dilemma

Answer 24

a problem about what a firm should do for which no clear, right decision is availible

Question 25

Social responsibility of business

Answer 25

consists of the expectations that the communitity imposes on firms doing business inside its borders

Question 26

Values

Answer 26

positive abstractions that capture our sense of what is good or desirable

Question 27

WPH process of ethical decision making

Answer 27

ethical guidelines

Question 28

ethical guidelines

Answer 28

pratical steps that provide a dependable stimulus to ethical reasoning in a business context

Question 29

Trial courts/courts of original jurisdiction

Answer 29

have the power to hear and decide cases when they first enter the legal system

Question 30

appellate courts

Answer 30

have the power to review previous judicial decisions to determine whether trial courts erred in their decision

Question 31

jurisdiction

Answer 31

a courts’ power to hear cases and render decisions that bind the parties before them