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Busi 561 Chap 1-3 questions and answers 100% complete solution 2024/2025
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Busi 561 Chap 1-3 questions and answers 100% complete solution 2024/2025
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Busi 561 Chap 1-3Business 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
Cost-Benefit Analysis (CBA)
And economic school of jurisprudence in which all costs and benefits of a law are given
monetary values. Laws with the highest ratios of benefits to costs are then preferable to
those with lower ratio's.
Ethics
the study and practice of decisions about what is good or right
Business ethics
The use of ethics and ethical principles to solve business dilemmas
Ethical dilemma
A question about how one should behave that requires want to reflect on the
advantages and disadvantages of the optional choices for various stakeholders
Social responsibility of business
The expectations that a community places on the actions of firms inside that
communities borders
WH approach (to ethical decision making)
A set of ethical guidelines that urges us to consider whom an action affects, the purpose
of the action, and how we view its morality
Ethical guideline
a simple tool that helps determine whether an action is moral
Values
positive abstractions that capture our sense of what is good and desirable
Stakeholders
The groups of people affected by a firm's decisions
Trial court
A court in which most civil or criminal cases start when they first enter the legal system.
The parties present evidence and call witnesses to testify. Trial courts are referred to as
court of common pleas or county courts in state court systems and his district courts in
the federal system. Also called Court original jurisdiction and Court of instance
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