Business Law Test 1

Front 1

What is law?

Back 1

*Principles applied by courts
*Enforcable rules that govern relationships among individuals and between individuals and the government or society

Front 2

Social control

Back 2

Exists to control and influence our behavior

Front 3

Justice

Back 3

A goal of law is to be administered in a way that is fair and right

Front 4

Jurisprudence

Back 4

The philosophy of law. The theory of how and why law should develop.

Front 5

Natural law

Back 5

*The idea or principle that humans have certain fundamental rights
*One of the oldest schools of thought
*Declaration of Independence

Front 6

Positivism

Back 6

*Law is law and exists because legislature says so
*Natural rights exists because of law

Front 7

Historical

Back 7

*Look to the past; Use doctrines as a basis to shape present law

Front 8

Legal realism & the Sociological School

Back 8

*Belief that law is shaped by social forces and needs
*Law should be a tool to promote justice
*Judges should take individuals into account

Front 9

Economic school

Back 9

*Cost/benefit analysis
*Is it economical to sue?

Front 10

Ethics and the Legal Environment

Back 10

*The study of what constitues right and wrong behavior
*Actions can be legal, profitable but not ethical

Front 11

What does "legal" mean?

Back 11

There is no law regulating the behavior

Front 12

Constitutions

Back 12

*A charter that expresses both the power of govn't and the limitations of govn't
*U.S. Constitution

Front 13

Statutory law

Back 13

Laws that are enacted by legislative bodies, such as Congress

Front 14

Administrative law

Back 14

*State and federal agencies that have the power to regulate certain areas of the law
*OSHA, IRS

Front 15

Case law

Back 15

The rule of law announced in case devisions by judges (common law)

Front 16

Common law

Back 16

*Developed by England; used by the US
*Judges apply rules and principles from earlier cases
*Interprets a statute

Front 17

Civil law system

Back 17

*Primary source of law is statutory code
*Law is rule driven
*Napleonic Code

Front 18

Civil law

Back 18

*Regulates the relationship between individuals
*A private wrong - the party that was wronged is seeking a remedy

Front 19

Criminal law

Back 19

*Relationships between individuals and society
*The harm is to the public based on the conduct of the defendant

Front 20

Substantive law

Back 20

The laws that define, describe, regulate and create rights and duties

Front 21

Procedural law

Back 21

*The rules for enforcing rights
"Rules of the game" for individuals substantive rights

Front 22

Stare decisis

Back 22

*"Let the decision stand"
*Fundamental principles of our common law system
*Gives law a predictability

Front 23

What is a "case of first impressions"?

Back 23

When a situation is brought to court for the first time

Front 24

What are 3 exceptions of following precedents?

Back 24

1. Unjust (Brown vs Brown of Education)
2. Poorly reasoned
3. Changing times

Front 25

Legal sanctions

Back 25

Law provides a remedy to either enforce a right or compensate for violation of a right

Front 26

Compensatory damages

Back 26

Money awarded to plantiff designed to compensate the victim (equal to damages)

Front 27

Punitive damages

Back 27

Awarded to a plantiff and designed to punish defendant

Front 28

Equitable relief

Back 28

Doing what is fair or what is right

Front 29

Rescission

Back 29

Court will return the parties to the position they were in before contract was entered

Front 30

Injunctions

Back 30

An order of the court that directs a party to do something

Front 31

Specific performance

Back 31

Court orders the party to perform under the contract

Front 32

Judicial philosophies

Back 32

Restraintists- One who believes that the legislature should make the law and that the courts role is to interpret the law

Activists - Said to "make law"

Front 33

Teleological theory

Back 33

The morality of an act must be judged by its consequences

A good action is one that has a good outcome

Front 34

Deontological theory

Back 34

An approach to ethical behavior that focuses on the means used to achieve an end

Front 35

Normative theory

Back 35

One which tells you how you ought to act

Front 36

Descriptive theory

Back 36

One that describes how we did act, but not how to act

Front 37

Psychological Egoism

Back 37

Descriptive theory that we act according to our own interest

We give to charity to feel good about ourselves

Front 38

Ethical egoism

Back 38

A normative theory that we should always act to promote our self interest

Front 39

Cultural relativism

Back 39

A descriptive theory that holds that the morality of an action is relative to its cultural setting

Bribing government officials is acceptable in some countries

Front 40

Utilitarianism

Back 40

A teleological theory that an action is morally right if it produces the greatest good for the most people

Front 41

Categorical imperative

Back 41

Deontological theory that we should always act as if our actions could become universal law

Improper to lie about a loan because then everyone would do it

Front 42

Natural Law

Back 42

Natural characteristics that people possess indicate the values that should be followed

Life is good - suicide must be wrong

Front 43

Aristotles' Virtue and Perfectionism

Back 43

We should seek true happiness, which comes about by practicing courage, temperance... become good by doing good

Generosity is the middle between wastefulness and stinginess