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Business, it's Legal, Ethical and Judicial Environment > Chapter 1 - Introduction To Law > Flashcards

Chapter 1 - Introduction To Law Flashcards

1
Q

Common Law

A

Stare decisis (“let the decision stand”). Using past court decisions in making judgements in order to provide consistency and constancy of the law

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2
Q

Substantive Law

A

Laws that give rights and responsibilities

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3
Q

The Theory of Positive Law

A

The theory that the critical part of the law is obedience so we have an orderly society

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4
Q

Equity

A

A body of law that attempts to do justice when the law does not provide a remedy, when the remedy is inadequate, or when the application of law is terribly unfair

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5
Q

Party autonomy

A

Allows firms to operate uniformly throughout the world if their contracts are recognized as valid in most countries

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6
Q

Courts of Chancery

A

The type of court where equitable remedies were available before they were combined with the common law courts

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7
Q

5 Purposes of the Law

A
  1. Keeping order
  2. Influencing conduct
  3. Honoring expectations
  4. Promoting equality
  5. Compromising disputes
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8
Q

Multilateral treaties

A

Treaties made among several nations

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9
Q

Criminal law

A

Laws for a wrong against society

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11
Q

Uniform Laws

A

Laws drafted by groups of business people, scholars, and lawyers in an effort to make interstate business less complicated

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12
Q

Citation

A

Legal shorthand to reference laws

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13
Q

Statutory Law

A

Law passed by some governmental body and written in some form

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14
Q

The Theory of Natural Law

A

A Theory of law that says we have certain rights that cannot be taken away by law

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15
Q

Public Law

A

Laws enacted by some authorized governmental body

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15
Q

Procedural law

A

Laws that provide means for enforcing substantive laws

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16
Q

United States Code (U.S.C)

A

Laws passed by congress

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17
Q

Civil law

A

Laws for a wrong against another person or persons

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17
Q

4 Theories of Law

A
  1. Positive Law
  2. Natural Law
  3. The Protection of Individuals and Relationships
  4. The social contract
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19
Q

Universal treaties

A

Treaties recognized by almost all nations

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20
Q

Injunctions

A

Court orders prohibiting certain conduct or ordering certain acts

22
Q

3 Characteristics of Law

A
  1. Flexibility
  2. Consistency
  3. Pervasiveness
23
Q

Jurisprudence

A

Legal study of different theories or value bases for law

24
Q

Uniform Commercial Code (UCC)

A

Governs contracts for the sale of goods, commercial paper, security interests, and other types of commercial transactions

25
Q

State codes

A

The states’ criminal laws, laws for incorporation, laws governing partnerships, and contract laws

27
Q

Ordinances

A

Laws at the city, town or county levels

28
Q

Bilateral treaties

A

A treat between two nations

29
Q

Private Law

A

Law developed between two individuals

30
Q

6 Sources of law

A
  1. Constitutional law
  2. Federal Statutory Law
  3. State Statutory Law
  4. Local Laws of Cities Counties and Townships
  5. Private Laws
  6. Court Decisions
31
Q

The Theory of The Protection of Individuals and Relationships

A

The Theory that our interactions with each other constitute the foundation of law

31
Q

Constitutions

A

The law of the people; changed only by lengthier and more demanding procedures than those used to repeal statutes

32
Q

The Theory of The Social Contract

A

The theory that law exists as the result of those who happen to be in power, that there is a social contract that we mutually honor

32
Q

Treaty

A

An agreement between or among nations on a subject of international law signed by the leaders of the nations and ratified by the nation’s governing bodies

33
Q

Executive Orders

A

Laws of the executive branch of the federal government and dealing with those matters under direct control of that branch

34
Q

Act of state doctrine

A

A theory that protects governments from reviews of their actions by courts in other countries

35
Q

1st Source of law

A

Constitutional Law

36
Q

2nd Source of Law

A

Federal Statutory Law

37
Q

3rd Source of Law

A

State Statutory Law

38
Q

4th Source of Law

A

Local Laws of Cities Countries and Townships

39
Q

5th Source of Law

A

Private Laws

40
Q

6th Source of Law

A

Court Decsions

41
Q

1st Characteristic of Law

A

Flexibility

42
Q

2nd Characteristic of Law

A

Consistency

43
Q

3rd Characteristic of Law

A

Pervasiveness

44
Q

1st Purpose of the Law

A

Keeping order

45
Q

2nd Purpose of the Law

A

Influencing conduct

46
Q

3rd Purpose of the Law

A

Honoring expectations

47
Q

4th Purpose of the Law

A

Promoting equality

48
Q

5th Purpose of the Law

A

Compromising disputes

Business, it's Legal, Ethical and Judicial Environment (2 decks)

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