Business Law Exam 1 (Chapter 1, 3, 4, 5)
Questions and Verified Answers.
Civil Law - ANS the area of law governing the rights and duties between private parties
as compared with the criminal law. This term also describes the system of codifying law
in many countries as compared with the judicial orientation of the common law system.
Classifications of Law - ANS vocabulary to examine several major classifications of law
Common Law - ANS That body if law deriving from judicial decisions as opposed to
legislatively enacted statutes and administrative regulations
Corporate Governance - ANS a term that has at least two meanings. One related to
how business organizations are created and managed. A second concerns how various
levels of government regulate business organizations as they transact business
Criminal Law - ANS That area of law dealing with wrongs against the state as a
representative of the community at large, to be distinguished from civil law, which hears
cases of wrongs against persons
Federal Law - ANS the supreme law of a nation; Any law, federal or state, that conflicts
with the constitution is said to be void and has no legal effect
Historical School - ANS emphasizes that contemporary law should focus on legal
principles that have withstood the test of time in a nation; the law reflects a culture of
traditions of people and recognizes that different nations may have different traditions
and different laws; Fredric Sevigny
Jurisprudence - ANS the science of the law; the practical science of giving a wise
interpretation of the law
Law - ANS the rules of the state backed up by enforcement
Legal Realism - ANS tries to go beyond just the words of law to examine what police,
administrators, prosecutors, and judges are actually doing as they enforce, interpret,
and apply laws
Legislation - ANS laws passed by an elected body such as Congress, a state
legislation, or local council/commission. Those laws enacted at the federal and state
levels are called statutes. At the local level, such laws are often referred to as
ordinances
Natural Law - ANS goes back to Aristotle and other ancient philosophers; the theory
asserts that law contains universal moral principles that are observable in nature and
we can define them through human reason
, Positive Law - ANS positive law jurisprudence believes that the law is simply commands
of the state backed up by force and punishments, contrary to the philosophy of natural
law; Jeremy Bentham
Public Law - ANS includes those matters that involve regulation of society as opposed
to individuals interacting; includes constitutional law administrative law and criminal law
Constitutional Law - ANS involves the interpretation and application of either the federal
or state constitutions
Administrative Law - ANS covers the legal principles that applied to government
agencies, bureaus, boards, or commissions
Criminal Law - ANS specifies various offences against the proper order of the state
Precedent - ANS a prior judicial decision relied upon as an example of a rule of law
Private Law - ANS covers those legal problems and issues that concern your private
resource relationships with other people; Property law, contract law, and tort law
Property Law - ANS involves the recognition of exclusive right and both tangible and
intangible resources; Special areas of property law concern land, goods, copyrights,
trademarks, patents, and trade secrets
Contract Law - ANS covers the rules of how owners transfer resources by exchanging
them, contracts often involve enforceable promises to exchange resources in the future
Tort Law - ANS establishes rules for compensation when an owner's legal boundaries
are wrongfully crossed by another; Often but does not always require actual injury to the
owner's resources
Procedural Law - ANS the body of rules governing the manner in which legal claims are
enforced
Property - ANS a bundle of private, exclusive rights in people to acquire, possess, use,
and transfer scarce resources
Remedy (Legal i.e. Damages and Equitable I.e. Injunction) ~ Discussed in Class re: 6th
and 7th Amendments - ANS the action or procedure that is followed in order to enforce
a right or to obtain damages for injury to a right; the means by which a right is enforced
of the violation of a right is prevented, redressed, or compensated
Rule of Law - ANS the general and equal application of laws, even to lawmakers
Questions and Verified Answers.
Civil Law - ANS the area of law governing the rights and duties between private parties
as compared with the criminal law. This term also describes the system of codifying law
in many countries as compared with the judicial orientation of the common law system.
Classifications of Law - ANS vocabulary to examine several major classifications of law
Common Law - ANS That body if law deriving from judicial decisions as opposed to
legislatively enacted statutes and administrative regulations
Corporate Governance - ANS a term that has at least two meanings. One related to
how business organizations are created and managed. A second concerns how various
levels of government regulate business organizations as they transact business
Criminal Law - ANS That area of law dealing with wrongs against the state as a
representative of the community at large, to be distinguished from civil law, which hears
cases of wrongs against persons
Federal Law - ANS the supreme law of a nation; Any law, federal or state, that conflicts
with the constitution is said to be void and has no legal effect
Historical School - ANS emphasizes that contemporary law should focus on legal
principles that have withstood the test of time in a nation; the law reflects a culture of
traditions of people and recognizes that different nations may have different traditions
and different laws; Fredric Sevigny
Jurisprudence - ANS the science of the law; the practical science of giving a wise
interpretation of the law
Law - ANS the rules of the state backed up by enforcement
Legal Realism - ANS tries to go beyond just the words of law to examine what police,
administrators, prosecutors, and judges are actually doing as they enforce, interpret,
and apply laws
Legislation - ANS laws passed by an elected body such as Congress, a state
legislation, or local council/commission. Those laws enacted at the federal and state
levels are called statutes. At the local level, such laws are often referred to as
ordinances
Natural Law - ANS goes back to Aristotle and other ancient philosophers; the theory
asserts that law contains universal moral principles that are observable in nature and
we can define them through human reason
, Positive Law - ANS positive law jurisprudence believes that the law is simply commands
of the state backed up by force and punishments, contrary to the philosophy of natural
law; Jeremy Bentham
Public Law - ANS includes those matters that involve regulation of society as opposed
to individuals interacting; includes constitutional law administrative law and criminal law
Constitutional Law - ANS involves the interpretation and application of either the federal
or state constitutions
Administrative Law - ANS covers the legal principles that applied to government
agencies, bureaus, boards, or commissions
Criminal Law - ANS specifies various offences against the proper order of the state
Precedent - ANS a prior judicial decision relied upon as an example of a rule of law
Private Law - ANS covers those legal problems and issues that concern your private
resource relationships with other people; Property law, contract law, and tort law
Property Law - ANS involves the recognition of exclusive right and both tangible and
intangible resources; Special areas of property law concern land, goods, copyrights,
trademarks, patents, and trade secrets
Contract Law - ANS covers the rules of how owners transfer resources by exchanging
them, contracts often involve enforceable promises to exchange resources in the future
Tort Law - ANS establishes rules for compensation when an owner's legal boundaries
are wrongfully crossed by another; Often but does not always require actual injury to the
owner's resources
Procedural Law - ANS the body of rules governing the manner in which legal claims are
enforced
Property - ANS a bundle of private, exclusive rights in people to acquire, possess, use,
and transfer scarce resources
Remedy (Legal i.e. Damages and Equitable I.e. Injunction) ~ Discussed in Class re: 6th
and 7th Amendments - ANS the action or procedure that is followed in order to enforce
a right or to obtain damages for injury to a right; the means by which a right is enforced
of the violation of a right is prevented, redressed, or compensated
Rule of Law - ANS the general and equal application of laws, even to lawmakers
