business law chapters 1 and 2

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business law
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the enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges
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law
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rules of conduct in any organized society that are enforced by the governing authority of the community
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private law
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law that involves suits between private individuals or groups
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public law
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law that involves suits between private individuals or groups and their government
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civil law
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the body of laws that govern the rights and responsibilities either between persons or between persons and their government
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criminal law
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the body of laws that involve the rights and responsibilities an individual has with respect to the public as a whole
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constitutional law
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the general limits and powers of a government as interpreted from its written constitution
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statutory law
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the assortment of rules and regulations put forth by legislatures
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model laws
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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
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case law
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the collection of legal interpretations made by judges. They are considered to be law unless otherwise revoked by a statutory law—also known as common law
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precedent
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a tool used by judges to make rulings on cases on the basis of key similarities to previous cases
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stare decisis
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“standing by the decision” a principle stating that rulings made in higher courts are binding precedent for lower courts
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restatements of the law
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summaries of common law rules in a particular area of the law. They do not carry the weight of law but can be used to guide the interpretations of particular cases
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administrative law
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the collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes
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natural law
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a school of jurisprudence that recognizes the existence of higher law, or law that is morally superior to human laws
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legal positivism
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a school of jurisprudence that holds that because society requires authority, a legal and authoritarian hierarchy should exist…when a law in made, therefore, obedience is expected because authority created it
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identification with the vulnerable
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a school of jurisprudence that holds that society should be fair…particular attention is therefore paid to the poor, the ill, and the elderly
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historical school
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a school of jurisprudence that uses traditions as the model for future laws and behavior–also known as tradition or custom
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legal realism
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a school of jurisprudence that holds that context must be considered as well as law….context includes factors such as economic conditions and social conditions
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cost benefit analysis
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an economic school of jurisprudence in which all costs and benefits of a law are given monetary values…laws with the highest ratios of benefits to costs are then preferable to those with lower ratios
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ethics
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the study and practice of decisions about what is good or right
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business ethics
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the use of ethics and ethical principles to solve business dilemmas
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ethical dilemmas
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a question about how one should behave that requires one to reflect on the advantages and disadvantages of the optional choices for various stakeholders
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social responsibility of business
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the expectations that a community places on the actions of firms inside that community’s borders
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WH approach
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a set of ethical guidelines that urges use to consider whom as action affects, the purpose of the action, and how we view its morality
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ethical guideline
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a simple tool that helps determine whether an action is moral
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values
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positive abstractions that capture our sense of what is good and desirable
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stakeholders
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the groups of people affected by a firm’s decisions
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universalization test
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the ethical guideline that urges us to consider, before we act, what the world would be like if everyone acted in this way

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