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BLaw
Chapter 1 Intro
| Term | Definition |
|---|---|
| Business Law | Enforceable set of rules of conduct that govern commercial relationships. (can also be defined as the action of buyers and sells in market exchanges). |
| What are the six functional areas of business affected by business law? | Corporate Management, Production and Transportation, Marketing, Research and Development , Accounting and Finance Human Resources Management. |
| What is the purpose of Law | Providing order, serving as an alternative to conflict, and facilitating a sense that change is possible. Encouraging social justice, guaranteeing personal freedoms, and serving as a moral guide. |
| Private Laws | Involves disputes between private individuals or groups |
| Public Laws | Involves disputes between private individuals or groups and their government |
| Civil Law | Involves the rights and the responsibilities involved in relationships between persons and/or between person and their government. |
| Criminal Law | Involves incidents in which someone commits an act against the public as a whole. |
| What are sources of business law? | Constitutions, Cases , Statutes , Administrative Law , Treaties , Executive Orders |
| Define Constitutions | The United States Constitution and constitution of each state establish the fundamental and principles and rules by which the United States and the individual states are governed |
| constitutional law | refers to the general limits and powers of the federal and state governments as stated in their constitutions |
| U.S. Constitution | the supreme law of the land, meaning that it overrules all federal, state, and local laws that conflict with it and is the foundation for all laws in the United States. It is the primary authority to identify the relationship between business /government |
| Define Statutes | Legislative action. |
| Statutory laws | the assortment of rules and regulations put forth by legislatures. |
| uniform laws (model) | they serve as a basis for some statutory law at the state level. |
| Case Law | Is the collection of legal interpretations made by judges. another name is common law. These interpretation s are law unless they are revoked later by new statutory law. |
| precedent | 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 principle stating that rulings made in higher courts are binding precedent for lower courts. |
| 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 states or international organizations . Another names : international agreements, covenants, exchanges of letters, conventions, or protocols. To be binding it must be approved by two-third of the Senate. like a contract |
| Executive Orders | The president and state governors can issue directives requiring officials in the executive branch to perform their function in a particular manner. The issue such orders on the basis of their Article II Section 1 constitutional power. |
| What are the four schools of legal interpretation | Identification with the vulnerable, Historical School: Tradition, Legal Realism, Cost-benefit Analysis. |
| identification with the vulnerable | A school of jurisprudence that holds that society should be fair. Particular attention is therefore paid to the poor, the ill and the elderly. stare decisis is rooted in this perpective |
| historical school | A school of jurisprudence that uses traditions as the model for future laws and behavior. Also called tradition or custom |
| Originalism | The interpretation of legal texts such as the constitution by relying on the words or intent of the creators of the text in question |
| 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 | AN economic school of jurisprudence in which all costs and benefits of a law are given monetary values. Laws qith the highest ra |
| Restatements of the Law | Common law evolves with this mechanism that are summaries of the common law rules in a particular area of the law that have been enacted by most states. |
| Administrative law | the collection of rules and decisions made by all these administrative agencies. |
| Commodity Futures Trading Commission (CFTC) | INDEPENDENT |
| Consumer Product Safety Commission (CPSC) | INDEPENDENT |
| Equal Employment Opportunity Commission (CPSC) | INDEPENDENT |
| Federal Trade Commission (FTC) | INDEPENDENT |
| Federal Communications Commission (FCC) | INDEPENDENT |
| Interstate Commerce Commission (ICC) | INDEPENDENT |
| National Labor Relation Board (NLRB) | INDEPENDENT |
| Nuclear Regulatory Commission (NRC) | INDEPENDENT |
| Securities and Exchange Commission (SEC) | INDEPENDENT |
| Federal Deposit Insurance Corporation (FDIC) | EXECUTIVE |
| Occupational Safety and Health Administration (OSHA) | EXECUTIVE |
| General Services Administration (GSA) | EXECUTIVE |
| National Aeronautics and Space Administration (NASA) | EXECUTIVE |
| Small Business Administration (SBA) | EXECUTIVE |
| International Development Cooperative Agency (IDCA) | EXECUTIVE |
| National Science Foundation (NSF) | EXECUTIVE |
| Veterans Administration (VA) | EXECUTIVE |
| Office of Personal Management (OPM) | EXECUTIVE |
| Global Trade Laws | Business managers must be familiar with global trade laws that regulate business practices among nations |
| North American Free Trade Agreement (NAFTA) and the General Agreement on Tariffs and Trade (GATT) | These agreements help establish the conditions of trade between countries. |
| World Trade Organization (WTO) | Stimulates negotiations among member nations to reduce barriers to international trade. attempts to enforce trade agreements governing trade. It serves as a world court adjudicating trade disagreements that threaten to disrupt international trade. |
Created by:
bellam08
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