Bussiness Law Ch 1
Terms
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- Stare Decisis
- requires that lower courts must follow established case law in deciding
- Stage 1 in the Growth of Law
- Individuals take revenge for wrongs done to them
- Administrative Agencies
- governmental bodies formed to carry out particular laws
- Stage 2 in the Growth of Law
- A powerful leader or other form of central authority substitutes an award of money or goods for revenge.
- Precedent
- courts used prior cases as a guide for deciding similar new cases
- constitution
- document that sets forth the framework of a government and its relationship to the people it governs
- Criminal, Civil, Procedural, Substantive, Business
- types of law
- civil disobedience
- an open, peaceful, violation of a law to protest its alleged, or supposed, injustice
- jurisdiction
- the power to decide a case
- Bill of Rights
- Protects people from actions of their government
- consequence based ethical reasoning
- rightness or wrongness is based only on the results of the action. Particular acts have no ethical, or moral character.
- Crime
- an offense against society rather than individuals
- integrity
- the capacity to do what is right in the face of temptation or pressure to do otherwise
- scofflaws
- persons that do not respect the law
- Stage 3 in the Growth of Law
- The leader or authority gives power to a system of courts
- Civil Law
- When the private legal rights of an individual are violated.
- business law
- covers rules that apply to business situations and transactions
- Common Law
- Law based on the current standards or customs of the people
- Rule based ethical reasoning
- acts are either right or wrong.
- tort
- private wrongs against people or organizations
- Ordinance
- Legislation created by a town or city council
- Constitutions, Statues, Case Law, Administrative Regulations
- 4 sources of law
- code
- organized law
- universalizing
- picture everyone doing the action and then ask yourself, Would the result be irrraitonal, illogical, or demeaning?
- Case Law
- Made when an appellate court endorses a rule to be decided in court cases.
- injunction
- stops something from being done
- Statue
- Law enacted by state of federal legislature
- sovereign
- leader or authority
- laws
- enforceable rules of conduct in a society that reflect the culture and circumstances that create them
- Positive Law
- law based on the dictates of a central political authority
- Constitutional law
- when constitutions are adopted or amended or when courts interpret constitutions
- Procedural Law
- Deals with methods of enforcing legal rights and duties.
- Stage 4 in the Growth of Law
- The leader or central authority acts to prevent and punish wrongs
- Substantive law
- defines rights and duties
- Equity
- fairness
- fidelity bond
- an insurance policy that pays the employer money in the case of theft by emplooyees
- impartiality
- the idea that the same ethical standards are applied to everyone
- business ethics
- the ethical principles used in making business decisions
- ethics
- a practice of deciding what is right or wrong in a reasoned, impartial matter