3054-Chapter 1 Flashcards
(30 cards)
What makes up business law?
It consists of the enforceable rules of conduct that govern commercial relationships.
What are the six functional areas of business?
1) management 2) production and transportation 3) marketing 4) research and development 5) accounting and finance 6) human resource management
What does private law cover?
It regulates disputes between private individuals or groups.
What does public law cover?
It controls disputes between private individuals or groups and their government.
What is civil law?
It delineates the rights and responsibilities implied in relationships between persons and between persons and their government. It also identifies the remedies available when someone’s rights are violated.
What is criminal law?
It regulates incidents in which someone commits an act against the public as a whole.
What are some of the purposes of the law?
- providing order so one can depend on a promise or expectation of obligations
- serving as an alternative to fighting
- facilitating a sense that change is possible, after rational consideration of options
- encouraging social justice
- guaranteeing personal freedoms
- serving as a moral guide by indicating minimal expectations of citizens and organizations
What is the basis of cyberlaw?
Existing laws
What does constitutional law refer to?
The general limits and powers of the US government and state governments as stated in their constitutions.
What is statutory law?
It is the rules and regulations put forth by legislatures. Legislative acts are written into the US Code when they are passed by Congress or the state code when passed by the state legislature.
What organization promotes model laws to provide greater uniformity?
The National Conference of Commissioners on Uniform State Laws (NCC)
Case law is also called what?
Common law
What is case law?
It is the collection of legal interpretations made by judges.
Past decisions in similar cases that guide later decisions are called
Precedent
What is stare decisis?
Rulings in higher courts that become binding precedent in lower courts
What does stare decisis translate to?
Standing by their decision
What are restatements of the law?
They are summaries of the common law rules in a particular area of the law that have been enacted by most states.
Are the restatements a source of law?
No. Judges do frequently use them to guide their interpretations in a particular case.
Who does the restatements?
The American Law Institute
What is administrative law?
It is the collection of rules and decisions made by major federal agencies.
What is a treaty?
It is a binding agreement between two states or international organizations. It can be an international agreement, covenant, an exchange of letters, a convention or protocols.
Who negotiates a treaty? Who approves?
The executive branch negotiates. Two-thirds of the Senate must approve.
Who can issue executive orders?
The president and state govenors
What is an executive order?
They are directives that require officials in the executive branch perform their functions in a particular manner.
