Business Law Chapters 1-6
law - ANS -rules of conduct established by the government of a society to maintain harmony,
stability, and justice.
morals - ANS -values that govern a society's attitude toward right and wrong and toward good
and evil.
ethics - ANS -the attempt to develop a means of determining what values ought to be and for
formulating and applying rules that enforce those values.
Articles of Confederation - ANS -The first constitution of the U.S.; replaced by the U.S.
Constitution in 1787.
2 parts of U.S. Constitution - ANS -Articles and Amendments
Articles - ANS -establish the organization of the national government
Amendments - ANS -establish the rights that belong to the people, change some of the
provisions in the original articles, and add ideas that the Framers did not include in those
articles. The first 10 amendments of the Constitution compose the Bill of Rights.
Principle of Supremacy - ANS -U.S. Constitution is the supreme law of the land. All other laws
must be in line with constitutional principles. If a law conflicts with the Constitution, it is said to
be unconstitutional.
statutes - ANS -laws passed by a legislature
Uniform Commercial Code (UCC) - ANS -a unified set of statutes designed to govern almost all
commercial transactions.
common law - ANS -the body of previously recorded legal decisions made by the courts in
specific cases.
stare decisis (let the decision stand) - ANS -the process of relying on previously recorded legal
decisions.
precedents - ANS -a model case that the court can follow when facing a similar situation.
law - ANS -rules of conduct established by the government of a society to maintain harmony,
stability, and justice.
morals - ANS -values that govern a society's attitude toward right and wrong and toward good
and evil.
ethics - ANS -the attempt to develop a means of determining what values ought to be and for
formulating and applying rules that enforce those values.
Articles of Confederation - ANS -The first constitution of the U.S.; replaced by the U.S.
Constitution in 1787.
2 parts of U.S. Constitution - ANS -Articles and Amendments
Articles - ANS -establish the organization of the national government
Amendments - ANS -establish the rights that belong to the people, change some of the
provisions in the original articles, and add ideas that the Framers did not include in those
articles. The first 10 amendments of the Constitution compose the Bill of Rights.
Principle of Supremacy - ANS -U.S. Constitution is the supreme law of the land. All other laws
must be in line with constitutional principles. If a law conflicts with the Constitution, it is said to
be unconstitutional.
statutes - ANS -laws passed by a legislature
Uniform Commercial Code (UCC) - ANS -a unified set of statutes designed to govern almost all
commercial transactions.
common law - ANS -the body of previously recorded legal decisions made by the courts in
specific cases.
stare decisis (let the decision stand) - ANS -the process of relying on previously recorded legal
decisions.
precedents - ANS -a model case that the court can follow when facing a similar situation.
