BUL Vocabulary 1-3 Flashcards
Business Law
consists of the enforceable rules of conduct that govern commercial relationships
Private Law
regulates disputes between private individuals or groups
Public Law
controls disputes between private individuals or groups and their government
Civil Law
delineates the rights and responsibilities implied in relationships between persons and between persons and their government
Criminal Law
regulates incidents in which someone commits an act against the public as a whole
Cyberlaw
regulates the kinds of activites businesses can conduct online
Constitutional Law
refers to the general limits and powers of these governments as stated in their constitutions
Statutory Law
the assortment of statutes or rules and regulations put forth by legislatures
Model/Uniform Laws
serve as a basis for some statutory law at the state level
Case/Common Law
coleection of legal interpretations made by judges
Precendent
past decisions in similar cases that guide later decisions, thereby providing greater stability and predictability to the law.
Stare Decisis
a priciple in which ruling made in higher courts become binding precendent for lower courts
Restatements of Law
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.
Administrative Law
collection of rules and decisions made by all these agencies(EPA, OSHA, UPS, etc)
Treaty
a binding agreement between two states or international organizations
Natural Law
describes certain ethical laws and principles believed to be morally right and “above” the laws devised by humans
Tort
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.
Legal Positivism
sees our proper role as obedience to duly authorised law
Identification with the Vulnerable
on the grounds that some higher law or body of moral principles connects all of us in the humman community
Legal Realism
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.
Cost-benefit analysis
choosing the alternatives that maximized benefits and minimized costs
Ethics
study and practice of decisions about what is good or right.
Business Ethics
application of ethics to special problems and opportunnities experienced by businesspeople.
Ethical Dilemma
a problem about what a firm should do for which no clear, right decision is availible
