Intro to Business Law

Question 1

Definition of Law

Answer 1

the creation and enforcement of duties, obligations and rights reflecting our accepted view of society

Question 2

Duty

Answer 2

an act or course of action that’s required by social custom

Question 3

Obligation

Answer 3

law make certain agreements to bind yourself to a course of action legally binding (ex. contract)

Question 4

Right

Answer 4

constitutional rights include privacy, free speech, life, due process
- Statutory rights: created by legislatures

Question 5

Ethics

Answer 5

individual standards based on moral principles of what is right and wrong

Question 6

Substantive Law

Answer 6

what the law is about

Question 7

Procedural Law

Answer 7

what the legal process is

Question 8

Criminal Law (& controlled by?)

Answer 8

rules that protect society as a whole by establishing certain min. standards of acceptable behavior and establish the punishment for those who fail to meet these standards
- controlled by the government

Question 9

Civil Law (& controlled by?)

Answer 9

laws which are concerned with private relations between members of a community
- controlled by the injured party

Question 10

Court of Law

Answer 10

based on the King’s law (rigid)
- remedy: money
- enforced by: attaching the debtors property (putting something they own on sale)

Question 11

Court of Equity

Answer 11

based on the Church of England who based their judgements on fairness (flexible)
- remedy: specific performance because money is not sufficient
- enforced by: specific performance that if not completed, you will be held in contempt of court