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Busniess Law > Business Law Chapter 1 > Flashcards

Business Law Chapter 1 Flashcards

1
Q

Laws

A

The enforceable laws of conduct in society

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2
Q

Code

A

When grouped into an organized form, laws are known as a code

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3
Q

Stages of Growth in Law

A
  1. Individuals take revenge
  2. Awards of money? Goods substituted for revenge
  3. Court systems are formed
  4. A central authority figure intervenes to prevent and punish wrongs
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4
Q

Common Law

A

are laws based on the current standards or customs of the people

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5
Q

Positive Law

A

are set down by a central authority to prevent wrongs and disputes

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6
Q

English Common Law

A
  • Created “circuit” courts, the jury, jurisdiction, case law (precedent), and equity courts
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7
Q

Equity Courts

A

allows you to get something other than jail time

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8
Q

Injunction

A

Put in place to stop doing something

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9
Q

Sources of Law

A

Constitutions
Statutes
Administrative Regulations-
Case Law-

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10
Q

Constitutions

A

A document that sets forth the framework of a government and its relationship to the people it governs.

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11
Q

Statutes

A

State and federal legislation enacted by elected officials (ordinance local governments)

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12
Q

Administrative Regulations

A
  • Rules and regulations created by administrative agency (DMV)
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13
Q

Case Law

A
  • Laws based upon the legal rulings made in courts and appellate courts
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14
Q

Stare decisis

A

“to adhere to decided cases”

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15
Q

Civil laws

A

Civil laws address wrongs against an individual

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16
Q

Crimes

A

Criminal laws address offenses against society

17
Q

Procedural

A

deal with methods of enforcing legal rights and duties

EX: Miranda Rights

18
Q

Substantive

A

Substantive laws define specific rights and duties

EX: the difference between Murder I, Murder II, Manslaughter

19
Q

Business Law

A

covers a wide variety of business situations and transactions

20
Q

Torts

A

are private civil wrongs against individuals or organizations. (These are distinct from branches of contract.)

21
Q

INTERstate commerce

A

Commerce between two or more states

22
Q

INTRAstate commerce

A

Commerce within one state

Busniess Law (4 decks)

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