Busi 561 Chap 1-3 Questions and Answers graded A

Business Law - The enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges Law - rules of conduct in any organized society that are enforced by the governing authority of the community Private law - law that involves suits between private individuals or groups Public Law - Law that involves suits between private individuals or groups and their government Civil Law - The body of laws that govern the rights and responsibilities either between persons or between persons and their government Criminal Law - The body of laws that involve the rights and responsibilities an individual has with respect to the public as a whole Constitutional law - The general limits and powers of the government as interpreted from it's written constitution Statutory law - The assortment of rules and regulations put forth by legislatures Model laws - 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. Case Law - The collection of legal interpretation is made by judges. They are considered to be law unless otherwise revoked by statutory law. Also known as common law Precident - A tool used by judges to make rulings on cases on the basis of key similarities to previous cases stare decisis - Standing by the decision; a principal stating that rolls made in higher courts are binding president for lower courts Restatement of the law - Summaries of common law rules in a particular area of the law. Restatements do not carry the weight of law but can be used to guide interpretations of particular cases. Administrative law - The collection of rules and decisions made by administrative agencies to feel in particular details missing from constitutions and statutes Natural law - A school of jurisprudence that recognizes the existence of higher law, or law that is morally superior to human lives Legal positivism - School of jurisprudence that holds that because society requires authority, illegal and authoritarian hierarchy should exist. When a law is made, therefore, obedience is expected because authority created it Identification with the vulnerable - A school of jurisprudence that whole is that society should be fair. Particular attention is therefore paid to the poor, the ill and the elderly. Historical school - A school of jurisprudence that uses traditions as the model for future lies and behavior. Also called tradition or custom Legal realism - 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