BUSFIN 3500 IRVINE MIDTERM STUDY GUIDE ALREADY GRADED A+
GUARANTEEED PASS!!!!
Private Law - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)refers to the general limits and powers of these governments as stated in
their written constitutions
Statutes - (ANSWER)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 - (ANSWER)assortment of statutes
Model/Uniform laws - (ANSWER)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 - (ANSWER)the collection of legal interpretations made by judges. These
interpretations are law unless revoked later by new statutory law
, BUSFIN 3500 IRVINE MIDTERM STUDY GUIDE ALREADY GRADED A+
GUARANTEEED PASS!!!!
Precedent - (ANSWER)past decisions in similar cases that guide later decisions thereby providing greater
stability and predictability to the law
Stare decisis - (ANSWER)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 - (ANSWER)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 - (ANSWER)the collection of rules and decisions made by all these agencies including
OSHA and EPA.
Treaty - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)on the grounds that some higher law or body of moral
principles connects all of us in the human community.
GUARANTEEED PASS!!!!
Private Law - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)refers to the general limits and powers of these governments as stated in
their written constitutions
Statutes - (ANSWER)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 - (ANSWER)assortment of statutes
Model/Uniform laws - (ANSWER)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 - (ANSWER)the collection of legal interpretations made by judges. These
interpretations are law unless revoked later by new statutory law
, BUSFIN 3500 IRVINE MIDTERM STUDY GUIDE ALREADY GRADED A+
GUARANTEEED PASS!!!!
Precedent - (ANSWER)past decisions in similar cases that guide later decisions thereby providing greater
stability and predictability to the law
Stare decisis - (ANSWER)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 - (ANSWER)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 - (ANSWER)the collection of rules and decisions made by all these agencies including
OSHA and EPA.
Treaty - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)on the grounds that some higher law or body of moral
principles connects all of us in the human community.
