Business Law Study guide.pdf - Business Law-consists of the...

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Business Law -consists of the enforceable rules of conduct that govern commercial relationships 6 functional area of business-management,production,R&D,accounting,transportation Purpose of Law-provide order, encourage social justice,guarentee personal freedom, alt to fighting, moral guide Private Law -regulates disputes betw’n private indiv/ or groups Public Law -controls disputes betw’n private ind/ groups and their gov’t Civil Law -lays out the rights/responsibilites implied in relationships between priv indiv/groups and their gov’t Criminal Law -regulates situations which someone comics act against public as a whole, inside trading in stock ex Cyber Law -online laws based on existing laws SOURCES OF THE LAW: Constitutions, Statutes,Cases,Admin Law,Treaties,Executive Orders,Schools of Jurisprudence Constitutional Law -refers to the general limits and powers of theses gov’t as state in their written constitutions Statutory Law -assortment,rules,regulations put forth by legislatures. written into US Code passed by congress Case Law- common law, collection of legal interpretations made by judges. These are law unless revoked by a new stat law Not source of law-model/uniform laws-suggestions for statutory law at the state level. NCC allows greater uniformity UCC-uniform commercial code,business activity,includes sales law other regulations a ff ect commerce Precedent-past decisions in similar cases that guide later decisions. Stare Decisis -“standing by their decision”rules from higher courts become set precedents for lower courts. Examples: Roe V Wade-1973 fetus viable women terminate any time Planned Parenthood of S.E PA v Casey 1992 used constitutional right of a woman to have abortion Brown v Board of Education 1954 abolished discriminatory policies for people di ff erent racial backgrounds Regents of Univer of Cali V Bakke 1978admissions process was unjust, used Brown case as stare decisis Wygnant v Jackson Board used Brown case as well. layo ff policy was unjust Restatements of the Law-summaries of common law rules, mechanism assist in common law evolution Administrative Law-collection of rules and decisions made by huge number of independent/executive agencies EX: indepent:FTC,Securities exchange commission, fed commun commis, Eexec: NASA,VA, national science foundation Treaty- binding agreement between 2 states or international org. Executive Orders -president/governors issue directives in the exec branch to perform their functions in a certain manner Schools of Jurisprudece- schools of thought that influence certain types of decisions Natural Law - ethical laws and principles believed to be morally right and “above”the was devised by humans Legal Positivism -our proper role as obedience to duly authorized law ID with the Vulnerable -grounds some higher law or body of moral principle connects all of us. ill, children, disabled, poor Legal Realism -based on idea judges need to consider more than just law, weigh factors such as social/economic condition Cost Benefit Analysis-

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