Chapters 1-4 Test Answers – Flashcards
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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 governs the rights and responsibilities either between persons or between persons and their governments
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Criminal Law
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The body of laws that involves 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. Do not carry the weight of the law but can be used to guide 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 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 is 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, 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 called 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 are then preferable to those with lower rations
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Critical Thinking Skills
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The ability to understand the structure and worth of an argument by evaluating the facts, issue, reasons, and conclusions of that argument
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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 principals to solve business dilemmas
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Ethical Dilemma
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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 us to consider whom an 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 and 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 actions
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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 this way
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Trial Court
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A court in which most civil or criminal cases start when they first enter the legal system. The parties present evidence and call witnesses to testify. Is referred to as court of common pleas or county courts in state court systems and as district courts in the federal system. Also called court of original jurisdiction and court of first instance
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Question of Law
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An issue concerning the interpretation or application of law
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Appellate Court
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A higher court, usually consisting of more than one judge, that reviews the decision and results of a lower court when a losing party applies for an appeal. Do not hold trials but may request additional oral and written arguments from each party; they issue written decisions, which collectively constitute case law or the common law. Also called court of appellate jurisdiction
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Question of Face
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A question about an event or characteristic in a case
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In personam jurisdiction
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The power of a court to require a party (usually the defendant) or a witness to come before the court. The court must have personal jurisdictions to enforce its judgments or orders against a party. Only extends to the state's borders in the state court system and across the courts geographic district in the federal system
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Plaintiff
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The person or party who initiates a lawsuit (also known as an action) before a court by filing a complaint with the clerk of the court against the defendant(s). Also known as claimant or complainant
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Defendant
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The person or party against whom a civil or criminal lawsuit is filed in a court of law
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Complaint
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A formal written document that begins a civil lawsuit; contains the plaintiff's list of allegations against the defendant along with the damages a plaintiff seeks
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Summons
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A legal document issued by a court and addressed to a defendant that notifies him or her of the lawsuit and how and when to respond to the complaint. May be used in both civil and criminal proceedings
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Long Arm Statute
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A statute that enables a court to obtain jurisdiction against an out of state defendant as long as the defendant has sufficient minimum contacts within the state, such as committing a tort or doing business in the state
