Definition Sheet

Definition Sheet - Chapter One 1 Business Law The...

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Chapter One: 1. Business Law : The enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges. 2. Private Law : Involves suits between private individuals or groups. 3. Public Law : Involves suits between private individuals or groups and their governments. 4. Civil Law : Those laws that govern the rights and responsibilities either between persons or between persons and their government. 5. Criminal Law : A classification of law involving the rights and responsibilities an individual has with respect to the public as a whole. 6. Cyberlaw : A classification of law regulating business activities that are conducted online. 7. Constitutional law : the general limits and powers of a government as interpreted from its written constitution. 8. Statutory Law : The assortment of rules sand regulations put forth by legislatures. 9. Model/Uniform Laws : Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws. 10. Case Law : The collection of legal interpretations made by judges; they are considered to be law unless otherwise revoked by statutory law (also known as common law). 11. Common Law : The collection of legal interpretations made by judges; they are considered to be law unless otherwise revoked by statutory law (also known as case law). 12. Precedent : A tool used by judges to make rulings on cases based on key similarities to previous cases, 13. Stare decisis : “Standing by the decision.” A principle stating that rulings made in higher courts are binding precedent for lower courts. 14. 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. 15. Administrative Law : The collection of rules and decisions made by administrative agencies to fill in the particular details missing from constitutions and statutes. 16. Treaty : A binding agreement between two states or international organizations. 17. Natural law : A school of jurisprudence that recognizes the existence of higher law, or law that is morally superior to human laws. 18. Legal Positivism : The school of jurisprudence that dictates that context must be considered as well as law. Context includes factors such as economic conditions and social conditions. 19. Identification with the vulnerable : A school of jurisprudence where fairness is sought. Particular attention is therefore paid to the poor, the ill, and the elderly.
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20. Historical School (Tradition, or Custom) : A school of jurisprudence where traditions are used as the model for future laws and behavior. 21. Legal Realism
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Definition Sheet - Chapter One 1 Business Law The...

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