BUS 206 Chapter 1 Notes key terms
Administrative law is a body of regulations and judgments produced by several administrative
authorities. Business law is made up of the legally binding standards of behavior that control
transactions in "commercial" (meaning profitable) partnerships. Case law is a compendium of
judicial interpretations of the law. Civil law: Describes the obligations and rights that flow from
interactions between people and between people and their governments. Common Law: A body
of judicially created legal interpretations. Refers to the broad constraints and authorities of these
governments as set down in their statutory law. Cost-benefit analysis is a tool for selecting
options for legal reform that maximize benefits while minimizing costs. Criminal law: controls
circumstances where a person violates the public's trust. Cyber Law: Is mostly based on
already-existing laws. Identification with the Vulnerable: on the premise that there is a higher
law or set of moral standards that binds everyone in human society together. Legal Positivism:
Views compliance with duty-authorized legislation as our appropriate function. Legal Realism: Is
founded on the premise that, as legal principles were created by people and exist in a constantly
changing context, judges must take into account more than simply the law when making a
decision. They must also examine elements like social and financial realities.
Model (Uniform) Laws: Provides recommendations for state statutory law. The term "natural
law" refers to some ethical rules and precepts that are seen to be ethically superior to and
"above" the laws created by humans. Precedent: Judgements made in comparable instances in the
past that serve as a model for other decisions, making the law more stable and predictable.
Private law: governs disagreements between private parties. Public law: Regulates disagreements
between private parties or organizations and their government. Restatement of the Law:
Synopses of the common law principles in a specific field of the law that have been adopted by
the majority of states. Stare decisis is a legal principle that requires courts to uphold their
judgments. Statutory Law: The collection of laws, rules, and ordinances enacted by lawmakers.
A treaty is a legally binding pact between two governments.
