Business Law Chapter 1

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Administrative agency
governmental body formed to carry out particular laws
Business ethics
ethical principles used in making business decisions
Business law
group of laws that governs business situations and transactions
Case law
made when an appellate court endorses a rule to be used in deciding
court cases
Civil disobedience
group of laws used to provide remedy for wrongs against individuals
laws grouped into an organized form
Common law
law based on current standards or customs of the people
Consequences-based reasoning
form of ethical reasoning that evaluates the results of an action
document that sets forth the framework of the government and its relationship to the people it governs
Constitutional Law
law made when the fundamental, supreme law of the land is adopted,
amended, or interpreted
Criminal law
group of laws that defines and sets punishments for offenses against society
party complained against in a civil or criminal lawsuit
basic fairness
deciding what is right or wrong action in a reasoned, impartial manner
Fidelity bond
insurance policy that pays the employer money in the case of employees’
idea that the same ethical standards apply to everyone
court order for a person to do or not do a particular act
doing what is right even under pressure to act otherwise
power of a court to decide a case
panel of citizens sworn by a court to decide issues of fact in court cases
enforceable rules of conduct in a society
legislation enacted by a town, city, or county board or commission
party that initiates a civil lawsuit by filing a complaint
Positive law
law based on the dictates of a central political authority
Procedural law
group of laws that define the methods for enforcing legal rights and
Stare decisis
doctrine that requires lower courts to follow existing case law in deciding
similar cases
law enacted by state or federal legislatures
Substantive law
group of laws that define rights and duties
law that conflicts with a constitution and is therefore invalid
Uniform Commercial Code
widely adopted uniform business law
mental test to identify irrational, illogical, or demeaning actions
Categories: Business Law