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Busi 561 Chap 1-3 Questions and Answers graded A $13.99
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Busi 561 Chap 1-3 Questions and Answers graded A
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Business Law - The enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges Law - rules of conduct in any organized society that are enforced by the governing authority of the community Private law - law that involves suits between private individuals or ...

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  • August 14, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Busi 561 Chap 1-3 Questions and
Answers graded A
Business Law - The enforceable rules of conduct that govern the actions of buyers
and sellers in market exchanges


Law - rules of conduct in any organized society that are enforced by the governing
authority of the community


Private law - law that involves suits between private individuals or groups


Public Law - Law that involves suits between private individuals or groups and
their government


Civil Law - The body of laws that govern the rights and responsibilities either
between persons or between persons and their government


Criminal Law - The body of laws that involve the rights and responsibilities an
individual has with respect to the public as a whole


Constitutional law - The general limits and powers of the government as
interpreted from it's written constitution


Statutory law - The assortment of rules and regulations put forth by legislatures


Model laws - Laws created to account for the variability of laws among states.
These laws serve to standardize the otherwise different interstate laws. Also called
uniform laws.

, Case Law - The collection of legal interpretation is made by judges. They are
considered to be law unless otherwise revoked by statutory law. Also known as
common law


Precident - A tool used by judges to make rulings on cases on the basis of key
similarities to previous cases


stare decisis - Standing by the decision; a principal stating that rolls made in higher
courts are binding president for lower courts


Restatement of the law - Summaries of common law rules in a particular area of
the law. Restatements do not carry the weight of law but can be used to guide
interpretations of particular cases.


Administrative law - The collection of rules and decisions made by administrative
agencies to feel in particular details missing from constitutions and statutes


Natural law - A school of jurisprudence that recognizes the existence of higher law,
or law that is morally superior to human lives


Legal positivism - School of jurisprudence that holds that because society requires
authority, illegal and authoritarian hierarchy should exist. When a law is made,
therefore, obedience is expected because authority created it


Identification with the vulnerable - A school of jurisprudence that whole is that
society should be fair. Particular attention is therefore paid to the poor, the ill and
the elderly.

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