Class notes
Business Law Chapter 1 Notes
- Course
- BUL 4421
- Institution
- Florida Atlantic University
Business Law Chapter 1 notes from textbook
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Business Law Chapter 1business law
The enforceable rules of conduct that govern the actions of buyers and
sellers in market exchanges.
private law
Law that involves suits between private individuals or groups.
public law
Law that involves suits between private individuals or groups and their
governments.
civil law
The body of laws that govern the rights and responsibilities either between
persons or between persons and their government.
criminal law
A classification of law involving the rights and responsibilities an individual
has with respect to the public as a whole.
cyberlaw
A classification of law regulating business activities that are conducted
online.
constitutional law
The general limits and powers of a government as interpreted from its
written constitution.
, statutory law
The assortment of rules and regulations put forth by legislatures.
model law
See uniform law
uniform law
A law created to account for the variability of laws among states; serves to
standardize the otherwise different interstate laws. Also called model law.
case law
The collection of legal interpretations made by judges. They are considered
to be law unless otherwise revoked by a statutory law. Also known
as common law
precedent
A tool used by judges to make rulings on cases on the basis of key
similarities to previous cases.
stare decisis
Latin for “standing by the decision;" a principle stating that rulings made in
higher courts are binding precedent for lower courts.
Restatements 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 fill
in particular details missing from constitutions and statutes.
treaty
A binding agreement between two nations or international organizations.
natural law
A school of jurisprudence that recognizes the existence of higher law, or law
that is morally superior to human laws.
legal positivism
The school of jurisprudence which holds that because society requires
authority, a legal and authoritarian hierarchy should exist. When a law is
made, therefore, obedience is expected because authority created it.
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