BUSFIN 3500 IRVINE MIDTERM STUDY GUIDE
Private Law - Answers - regulates disputes between private individuals or groups Ex: if
a store owner is delinquent in paying rent to the landlord, the resulting dispute is
governed by this
Public Law - Answers - controls disputes between private individuals or groups and their
government. Ex: if a store dumps waste behind its building in violation of loca, state, or
federal environmental regulations, this will resolve the dispute
Civil Law - Answers - 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. Ex: in 1993 the restaurant chain
Jack In The Box was ordered to pay damages after a 2 year old child died of food
poisoning and sever other people became ill from eating meat gained with E coli
bacteria
Criminal law - Answers - regulates incidents in which someone commits an act against
the public as a whole, such as by conducting insider trading on the stock exchange
Constitutional Law - Answers - refers to the general limits and powers of these
governments as stated in their written constitutions
Statutes - Answers - rules and regulations put forth by legislatures. they are written into
the United States Code when they are passes by Congress or into the appropriate state
codes when they are enacted by state legislatures
Statutory Law - Answers - assortment of statutes
Model/Uniform laws - Answers - Serve as a basis for some statutory law at the state
level. Business activity is made more difficult when laws vary from state to state. The
National Conference of Commissioners on Uniform State Laws regularly urges states to
enact this to provide greater uniformity
Case/Common Law - Answers - the collection of legal interpretations made by judges.
These interpretations are law unless revoked later by new statutory law
Precedent - Answers - past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare decisis - Answers - When courts rely on precedent, they are obeying the principle
of this term meaning "standing by their decision" in which rulings made in higher courts
become binding precedent for lower courts
, Restatements of the Law - Answers - common law evolves with the assistance of this
mechanism, which are summaries of the common law rules in a particular area of the
law that have been enacted by most states.
Administrative Law - Answers - the collection of rules and decisions made by all these
agencies including OSHA and EPA.
Treaty - Answers - a binding agreement between two states or international
organizations. I may be an international agreement, a covenant, an exchange of letters,
a convention, or protocols.
Natural law - Answers - describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans. Under this, individuals have not
only basic human rights but also the freedom to disobey a law enacted by people if their
conscience go against it and they believe it is wrong.
Legal Positivism - Answers - sees our proper role as obedience to duly authorized law.
That law is quite distinct from morality and moral questions about the law should not
interfere with our inclination to obey it.
Identification with the vulnerable - Answers - on the grounds that some higher law or
body of moral principles connects all of us in the human community.
Legal realism - Answers - based on the idea that, when ruling on a case, judges need to
consider more than just the law; they also weigh factors such as social and economic
conditions, since legal guidelines were designed by humans and exist in an ever-
changing environment
Cost-benefit analysis - Answers - choosing the alternatives that maximized benefits and
minimized costs; tied closely with the pursuit of efficiency
Jurisdiction - Answers - "to speak the law"; a court's power to hear cases and render
decisions that bind the parties before them. A court must have several types of this to
decide any particular case
Trial Courts/Courts of Original Jurisdiction - Answers - have the power to hear and
decide cases when they FIRST enter the legal system. In these courts, the parties
present evidence and call witnesses to testify. Federal system calls them district courts
Appellate Courts/Courts of Appellate Jurisdiction - Answers - have the power to review
previous judicial decisions to determine whether trial courts erred in their decisions. Do
NOT hold trials but rather review transcripts of trial court proceedings and occasionally
consider additional oral and written arguments from each part
Private Law - Answers - regulates disputes between private individuals or groups Ex: if
a store owner is delinquent in paying rent to the landlord, the resulting dispute is
governed by this
Public Law - Answers - controls disputes between private individuals or groups and their
government. Ex: if a store dumps waste behind its building in violation of loca, state, or
federal environmental regulations, this will resolve the dispute
Civil Law - Answers - 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. Ex: in 1993 the restaurant chain
Jack In The Box was ordered to pay damages after a 2 year old child died of food
poisoning and sever other people became ill from eating meat gained with E coli
bacteria
Criminal law - Answers - regulates incidents in which someone commits an act against
the public as a whole, such as by conducting insider trading on the stock exchange
Constitutional Law - Answers - refers to the general limits and powers of these
governments as stated in their written constitutions
Statutes - Answers - rules and regulations put forth by legislatures. they are written into
the United States Code when they are passes by Congress or into the appropriate state
codes when they are enacted by state legislatures
Statutory Law - Answers - assortment of statutes
Model/Uniform laws - Answers - Serve as a basis for some statutory law at the state
level. Business activity is made more difficult when laws vary from state to state. The
National Conference of Commissioners on Uniform State Laws regularly urges states to
enact this to provide greater uniformity
Case/Common Law - Answers - the collection of legal interpretations made by judges.
These interpretations are law unless revoked later by new statutory law
Precedent - Answers - past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare decisis - Answers - When courts rely on precedent, they are obeying the principle
of this term meaning "standing by their decision" in which rulings made in higher courts
become binding precedent for lower courts
, Restatements of the Law - Answers - common law evolves with the assistance of this
mechanism, which are summaries of the common law rules in a particular area of the
law that have been enacted by most states.
Administrative Law - Answers - the collection of rules and decisions made by all these
agencies including OSHA and EPA.
Treaty - Answers - a binding agreement between two states or international
organizations. I may be an international agreement, a covenant, an exchange of letters,
a convention, or protocols.
Natural law - Answers - describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans. Under this, individuals have not
only basic human rights but also the freedom to disobey a law enacted by people if their
conscience go against it and they believe it is wrong.
Legal Positivism - Answers - sees our proper role as obedience to duly authorized law.
That law is quite distinct from morality and moral questions about the law should not
interfere with our inclination to obey it.
Identification with the vulnerable - Answers - on the grounds that some higher law or
body of moral principles connects all of us in the human community.
Legal realism - Answers - based on the idea that, when ruling on a case, judges need to
consider more than just the law; they also weigh factors such as social and economic
conditions, since legal guidelines were designed by humans and exist in an ever-
changing environment
Cost-benefit analysis - Answers - choosing the alternatives that maximized benefits and
minimized costs; tied closely with the pursuit of efficiency
Jurisdiction - Answers - "to speak the law"; a court's power to hear cases and render
decisions that bind the parties before them. A court must have several types of this to
decide any particular case
Trial Courts/Courts of Original Jurisdiction - Answers - have the power to hear and
decide cases when they FIRST enter the legal system. In these courts, the parties
present evidence and call witnesses to testify. Federal system calls them district courts
Appellate Courts/Courts of Appellate Jurisdiction - Answers - have the power to review
previous judicial decisions to determine whether trial courts erred in their decisions. Do
NOT hold trials but rather review transcripts of trial court proceedings and occasionally
consider additional oral and written arguments from each part
