Class notes
BUL 4421 Key Terms Notes
- Course
- BUL 4421
- Institution
- Florida Atlantic University
This is a comprehensive and detailed note on key terms you need to know from Chapter 1-5. *Essential Study Material!!
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Key TermsChapter One
Business law- consists of the enforceable rules of conduct that govern commercial
relationships (“commercial” meaning for the purpose of making a profit”).
Laws- rules describing what behavior is permitted, and are enforceable in the courts of that
community.
Private law- involves disputes between private individuals or groups
Public law- involves disputes between private individuals or groups, and their government.
Civil law- involves the rights and responsibilities found in relationships between persons and
between persons and their governments
Criminal law- applies to situations in which someone commits an act against the public as a
whole
Constitutional law- refers to the general limits and powers of the federal and state
governments as stated in their written constitutions.
Statutory law- assortment of rules and regulations put forth by legislatures
Statues- Legislative actions
Model or Uniform Laws- serve as basis for statutory law at the state level
Case law- collection of legal interpretations made by judges (other known as common law)
Precedent- the use of past decisions to guide future decisions
2014 case of Air Wisconsin Airlines corp vs Hoeper- Hoeper, who failed to be certified
tossed his headset and cursed at his instructor. His behavior was brought to the attention of the
airlines, who knew he carried a firearm. TSA removed him to search for his firearm, and he sued
for defamation. At first the jury sided with Hoeper, but the US supreme court heard about the
case and reversed the decision. It is crucial for business managers to pay attention to changes
in law in case new precedents are set.
Stare Decisis- standing by the decision
Brown vs board of education- abolished discriminatory policies for individuals of different
racial backgrounds
University of California v Bakke- white male applied to University of Cali two years in a row
and denied attendance, he alleged that the admissions process was discriminatory because out
of 100 slots, 16 were saved for members of minority races. The Supreme court found that the
schools admissions policy was not legal.
, Key Terms
Rest tements of the law- common laws that evolve with the assistance of mechanism.
Summaries of the common law rules in a particular area of the law that have been enacted by
most states.
Administrative law- collection of rules and decisions made by all these administrative agencies
Treaty- binding agreement between two states or international organizations
CFD code of federal reserves- contains all executive orders created by the president
Identification with the vulnerable- members of our society can take care of themselves in
terms of most life situations. Others, like the ill, children, aged ,etc require assistance to meet
fundamental needs of life, health, and education.
Tradition (custom)- also called historical school, one of most often used guidelines for shaping
the law
Originalism- theory of interpretation of legal texts, particularly the constitution- that believes
these texts should be interpreted according to their original meanings.
Legal realism- when ruling on a case, judges needs to consider more than just the law
Family and medical leave act- businesses employing more than 50 people must provide their
workers with up to 12 weeks unpaid leave every year to take care of family related affairs such
as caring for ill parents, adopting a child or having a child.
Cost-benefit analysis- choosing the legal alternatives that maximize the ratio of benefits to
costs
NAFTA- north american free trade agreement
GATT- general agreement on tariffs and trade
WTO- world trade organization (created to replace gatt 1995)
Use of right- if individuals or private enterprises want to use land, they must pay tax on it as a
form of rent , getting a “use of right” that entitles them to extended use and freedom to transfer
the property
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