2nd Quarter- BUSINESS LAW Quarter Final Flashcards Preview

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Flashcards in 2nd Quarter- BUSINESS LAW Quarter Final Deck (226)
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1

"Blackstone’s definition." Rules of civil conduct commanding what is right and prohibiting what is wrong. A governmental rule prescribing conduct / caring out a penalty for violation.

law

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bodies of law

Criminal Law / Civil Law

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Related to crimes and punishment of wrong doers.Laws dealing with offenses against society

criminal law

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legal proceedings concerned with the rights of public citizens.Laws dealing with the enforcement or protection of private rights..Examples: Tort Law Contract Law

civil law

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Criminal offense punishable by confinement in prison or by death. Example: Murder Bank Robbery

felony

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Criminal offense which is neither treason nor a felony. Example: Speeding ticket Running a stop sign.

misdemeanor

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bending or breaking the law

tort law

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a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages / private wrong for which damages might be recovered

tort

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basis for tort liability

Intentional / Negligence/ Strict Liability)

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“Failure to exercise ordinary care.”

negligence

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failing to do something which a reasonable and prudent person would do under ordinary circumstance.

act of omission

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doing something which a reasonable and prudent person would not do under ordinary circumstance.

act of commision

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liability for injury regardless of negligence or intent.

strict liability

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when seller is liable for any and all defective or hazardous products which threaten a consumer’s personal safety.

product liablility

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Improper or negligent professional act by a professional person. Example: poor embalming. or the doctor leaves instrument in abdominal cavity during or after surgery.

malpractice

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Related to making and executing contracts.Laws dealing with making contacts.

contract law

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Rules of conduct prescribed by a government and its agencies to regulate business transactionsRules of conduct for the performance of business transactions

business law

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Rules of conduct prescribed by a government and its agencies, in regulating transactions related to Real and Personal property.

property law

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Land and objects permanently attached to land. Real Estate.Land, Building, Fences, Trees, etc.

real property

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All property which is not real property.Cars, Furniture, Jewelry, Insurance, Stocks, Bonds, etc.

personal property

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sources of US law

o Common Law o Constitutional Lawo Statuary Lawo Police Powero Administrative Lawo Ordinanceso Case Lawo Stare Decisis

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The Pyramid of Law

Stare DecisisCase LawOrdinancesAdministrative LawPolice PowerStatutory LawConstitutional LawCommon Law

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1. customs which have become recognized by the courts as binding on the community. 2. Forms the historical foundation of U.S. Law. 3. Based on human experience. “Common good” of all people(Members of Society). 4. Rooted in English and early colonial law. “If it makes sense,it must be good law.”Constitutional Law - written document containing fundamental principles of government. Power and duties of a government. Guarantees Rights of the people - first 10 amendments of the constitution. “Law of the land.” Example: Federal and individual state constitutions

common law

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enacted by legislative bodies.

statutory law

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Legislative bodies include Federal, State and Local Governments

statutes

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enacted by the U. S. Congress

federal statutes

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enacted by individual state legislatures

state statutes

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inherent power of every government to make reasonable laws to protect the safety, health, morals, and general welfare of its citizens. Example: Mortuary law Licensure Health standards Business operations

police power

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Body of law created by federal and state administrative agencies to implement their powers and duties in the form of rules, regulations, orders, and decisions. Example: OSHA regulations FTC funeral rule State board rules and regulations

administrative law

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Appointed governmental body charged with the implementing particular legislation.Examples: Occupational Safety and Health Administration (OSHA)Federal Trade Commission (FTC)Texas Funeral Service Commission (TFSC)

administrative agencies