Vocab for Midterm - AEM 3200 Midterm Vocab CHAPTER 1...

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AEM 3200: Midterm Vocab CHAPTER 1: Introduction to Law Functions of Law: 1. Maintain stability in social, political, econ. System while permitting change 2. Protect owners use of property and facilitate contracts regarding exchange of property and services 3. Preservation of state Sanctions —means by which law enforces decisions of courts Right —capacity of person to require another person to perform/refrain from certain act Duty —obligation law imposes on person to person to perform/refrain from act Classification of Law: 1. Substantive & Procedural Law Substantive—creates rights and duties Procedural—rules for enforcing subs. Law 2. Public & Private Law Public—law dealing with relationship btw gov. and individuals ex: criminal law Private—governs relationships among individuals and legal entities (Corporations); ex: business law 3. Civil & Criminal Law Civil—wrong against individual, plaintiff sues for compensation or Deterrence, private Burden of proof: preponderance of evidence Principal sanctions: monetary damages, equitable remedies Criminal—wrong against whole community, State/Fed gov. prosecutes to Punish, deterrence, rehabilitation, preservation of peace Burden of proof: beyond reasonable doubt Principal sanctions: capital punishment, imprisonment, and fines Hierarchy of Law: 1. Constitutional —fundamental law of gov. establishing powers and limitations 3 branches: Federal judiciary, Congress, Executive 2. Judicial Common Law—body of law developed by courts that serves precedent for Determining later controversies Equity—body of law based upon principles distinct from common law, Justice administered according to fairness - Specific performance—commands defendant to transfer title to land - Injunction—court order requiring party to perform/refrain from performing an act Reformation—reform language of contract upon ground of mutual mistake - Rescission—invalidate contract 3. Legislative —statutes adopted by legislative bodies Uniform Commercial Code: drafted by NCCUSL, governs commercial Transactions (sale of goods, commercial paper, bank deposits, letters of Credit, bulk transfers, etc) Treaties—agreement btw or among independent nations Executive Orders—laws issued by pres. or governor of State 3. Administrative —public law created by agencies 1
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AEM 3200: Midterm Vocab CHAPTER 2: Business Ethics and Social Responsibility Business Ethics—study and determination of what is right and good in business settings Ethical Theories: Ethical Fundamentalism —look to central authority or set of rules to guide in decision making Ethical Relativism —judge actions by what subjectively feel is right/wrong Situational Ethics —judge person’s actions by putting oneself in other’s situation Utilitarianism —moral actions are those that produce greatest net pleasure compared with net pain - act util: assesses each separate act according to whether is maximizing pleasure over pain -
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