BUSFIN 3500 LEGAL ENV OF BUS EXAM 1 STUDY
GUIDE
Business Law - Answers - consists of enforceable rules of conduct that govern
commercial relationships ("commercial" meaning "for the purpose of making a profit")
Private law - Answers - regulates disputes between private individuals or groups
Public law - Answers - controls disputes between private individuals or groups and their
government
Civil law - Answers - lays out 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
Criminal law - Answers - regulates situations in which someone commits an act against
the public as a whole
Both civil and criminal law regulates the _______________ of other individuals -
Answers - behavior
statutory law - Answers - is the assortment of statutes, or rules and regulations put forth
by legislatures
model or uniform laws - Answers - serve as suggestions for statutory law at the state
level
National Conference of Commissioners on Uniform State Laws (NCC) - Answers -
prevent state-to-state business problems, a group of legal scholars and lawyers formed
the National Conference of Commissioners on Uniform State Laws
Uniform Commercial Code (UCC) - Answers - laws include sales laws and other
regulations affecting commerce, such as bank deposits and collections, title documents,
and warranties
Case law - Answers - also called common law, is the collection of legal interpretations
made by judges
Precedent - Answers - past decisions in similar cases that guide later decisions, thereby
providing greater stability and predictability to the law.
stare decisis - Answers - ("standing by their decision")- rulings made in higher courts
become a binding precedent for lower courts
, Restatements of the Law - Answers - These 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 a huge
number of administrative agencies
Treaty - Answers - is a binding agreement between two states or international
organizations, To be binding, it must then be approved by two-thirds of the Senate
Treaty and contract similarities - Answers - Both treaties and contracts are attempts by
parties to determine rights and obligations among themselves, and when a party fails to
obey a treaty or a contract, international law imposes liability on it
The Code of Federal Regulations (CFR) - Answers - contains all the executive orders
created by the president
natural law - Answers - describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans. Under natural law, individuals
have not only basic human rights but also the freedom to disobey a law enacted by
people if their conscience goes against it and they believe it is wrong
legal positivism - Answers - sees our proper role as obedience to duly authorized law
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. Some members of
our society are able to take care of themselves in terms of most life situations. Others,
especially the ill, children, the aged, the disabled, and the poor, require assistance to
meet their fundamental needs of life, health, and education.
Level the playing field, minimum wage
Tradition, or custom - Answers - law from the past
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 - a guide to legal change, choosing the alternatives that
maximize benefits and minimize costs
WTO (World Trade Organization) - Answers - attempts to enforce trade agreements
governing trade among its 160 member nations. In this role it serves as a world court
adjudicating trade disagreements that threaten to disrupt international trade
GUIDE
Business Law - Answers - consists of enforceable rules of conduct that govern
commercial relationships ("commercial" meaning "for the purpose of making a profit")
Private law - Answers - regulates disputes between private individuals or groups
Public law - Answers - controls disputes between private individuals or groups and their
government
Civil law - Answers - lays out 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
Criminal law - Answers - regulates situations in which someone commits an act against
the public as a whole
Both civil and criminal law regulates the _______________ of other individuals -
Answers - behavior
statutory law - Answers - is the assortment of statutes, or rules and regulations put forth
by legislatures
model or uniform laws - Answers - serve as suggestions for statutory law at the state
level
National Conference of Commissioners on Uniform State Laws (NCC) - Answers -
prevent state-to-state business problems, a group of legal scholars and lawyers formed
the National Conference of Commissioners on Uniform State Laws
Uniform Commercial Code (UCC) - Answers - laws include sales laws and other
regulations affecting commerce, such as bank deposits and collections, title documents,
and warranties
Case law - Answers - also called common law, is the collection of legal interpretations
made by judges
Precedent - Answers - past decisions in similar cases that guide later decisions, thereby
providing greater stability and predictability to the law.
stare decisis - Answers - ("standing by their decision")- rulings made in higher courts
become a binding precedent for lower courts
, Restatements of the Law - Answers - These 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 a huge
number of administrative agencies
Treaty - Answers - is a binding agreement between two states or international
organizations, To be binding, it must then be approved by two-thirds of the Senate
Treaty and contract similarities - Answers - Both treaties and contracts are attempts by
parties to determine rights and obligations among themselves, and when a party fails to
obey a treaty or a contract, international law imposes liability on it
The Code of Federal Regulations (CFR) - Answers - contains all the executive orders
created by the president
natural law - Answers - describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans. Under natural law, individuals
have not only basic human rights but also the freedom to disobey a law enacted by
people if their conscience goes against it and they believe it is wrong
legal positivism - Answers - sees our proper role as obedience to duly authorized law
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. Some members of
our society are able to take care of themselves in terms of most life situations. Others,
especially the ill, children, the aged, the disabled, and the poor, require assistance to
meet their fundamental needs of life, health, and education.
Level the playing field, minimum wage
Tradition, or custom - Answers - law from the past
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 - a guide to legal change, choosing the alternatives that
maximize benefits and minimize costs
WTO (World Trade Organization) - Answers - attempts to enforce trade agreements
governing trade among its 160 member nations. In this role it serves as a world court
adjudicating trade disagreements that threaten to disrupt international trade
