Business Law-Chapter 1: Legal Heritage & the Digital Age (Exam 1) – Flashcards
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Law
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That which must be obeyed & followed by citizens, subject to sanctions or legal consequences of action or conduct prescribed by controlling authority & having binding legal force.
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Functions of the Law
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1. Keeping the peace 2. Shaping moral standards 3. Promoting social justice 4. Maintaining the status quo 5. Facilitating orderly change 6. Facilitating planning 7. Providing a basis for compromise 8. Maximizing individual freedom
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Jurisprudence
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The philosophy or science of law.
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Natural Law School
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Postulates that the law is based on what is "correct".
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Moral Theory of Law
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Law should be based on morality & ethics.
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Historical School
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Believes that the law is an aggregate of social traditions & customs that have developed over the centuries.
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Analytical School
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Law is shaped by logic.
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Sociological School
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Law is a means of achieving & advancing certain sociological goals.
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Realists
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Believe that the purpose of law is to shape social behavior.
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Command School
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Law is a set of rules developed, communicated & enforced by the ruling party rather than a reflection of the society's morality, history, logic, or sociology.
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Critical Legal Studies School
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Legal rules are unnecessary & are used as an obstacle by the powerful to maintain the status quo.
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Law & Economics School
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Promoting market efficiency should be the central goal of legal decision making.
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English Common Law
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Developed by judges who issue their opinions when deciding a case.
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Constitution of the USA
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Supreme law of the United States.
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Legislative Branch (Congress)
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Power to make (enact) the law.
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Executive Branch (President)
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Power to enforce the law.
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Judicial Branch (Courts)
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Power to interpret & determine the validity of the law.
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Treaty
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Compact made between two or more nations.
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Statue
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Written law enacted by the legislative branch of the federal & state governments that establishes certain courses of conduct that covered parties must adhere to.
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State Statues
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Can be assessed into these hardcopy code books or online.
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Ordinances
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Law enacted by local government bodies, such as cities & municipalities, counties, school districts, & water districts.
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Executive Order
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Order issued by a member of the executive branch of the government.
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Regulations & Orders of Administrative Agencies
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Have the force of law.
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Administrative Agencies
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Agencies that the legislative & executive branches of federal & state governments are empowered to establish.
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Judicial Decisions
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Decision about an individual lawsuit issued by a federal or state court.
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Precedent
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Rule of law established in a court decision.
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Stare Decisis
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Latin for "to stand by the decision". (Adherence to precedent).
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Critical Legal Thinking
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Method of thinking that consists of investigating, analyzing, evaluating, & interpreting information to solve a legal issue or case.
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Socratic Method
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Process that consists of a series of questions & answers & a give-and-take inquiry & debate between a professor & students.
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IRAC Method
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I=What is the legal issue in the case? R=What is the rule (law) of the case? A=What is the court's analysis & rationale? C=What was the conclusion or outcome of the case?
