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Flashcards in Law as a Foundation for Business Deck (51)
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Why is law a fundamental foundation for business?

Companies need to be in compliance with the law.
A Lawyer helps to avoid risk and navigate issues.


What is the framework for an effective market society?

Law, the rule of Law, and property


____ is made up of rules, laid down by the state and backed up by enforcement.

Law. these rules are laid down by the state and backed up by enforcement.
Law is a formal social force.
Need to enforce to create trust that resources will not be taken from owner.


Under _______, laws are made are generally and equally applicable.

Rule of law. apply to all members of society.
supporting the private market.


____ is a legal right that allows you to exclude others from your resources.

Property. as ownership. Usually call our relationship to these rights "liberty", almost identical meaning. modern understanding of human rights began with the concept of property.


Three types of property ownership fences are?

1. Public property - roads, public buildings, public lands, monuments.
2. Private property - resources that you own.
3. Common property - resources like land, owns jointly.


____ is the central concept of western legal system.

Property. to be able to exclude others.


__ enables an owner to exchange resources, now or in the future.

Contract law


___ punishes those who harm an owner's resources, ie theft.

Criminal law


____ how individuals can own and use private resources in groups.

Law of corporate governance and business organizations.


___ is the philosophy of law.

Jurisprudence. (it also refers to the general body of law interpretations by judges as different from legislation passed by legislators.)


Aristotle and other ancient philosophers thought of this law containing universal moral principles?

Natural law jurisprudence. observable in nature.


___ believes that law is simply the commands of the state backed by force and punishment.

Positive law jurisprudence


____ emphasizes that contemporary law should focus on legal principles that have withstood the test of time in a nation.

Historical school jurisprudence. reflects cultural traditions.


____ supports the idea that law can and should change to meet new developments in society.

sociological jurisprudence. ie 2nd amendment.


Law is what officials do about it, which is what?

Legal realism. goes beyond the words and into what police, administrators, prosecutors, and judges are actually doing as they enforce, interpret, and apply laws.


___ legal system emphasizes the role of judges in deter- mining the meaning of laws and how they apply. It arose beginning in the eleventh and twelfth centuries as the English monarch appointed royal judges to ride circuits around the English countryside and to resolve disputes in the name of the king (or queen).

Common Law.


___ relies more on legislation than judicial decisions to determine what the law is.

Civil law. courts decide the facts in case, but civil law courts do not make law nor do judges think they need to follow prior judicial decisions.


____: a judge follows prior judicial decisions where the facts of the case are similar.

precedents. When judges are deciding which party should “win” a case, they have to follow ( with certain exceptions! ) the previous decisions made by judges in earlier case dispute resolution where the facts of the recent case are sufficiently similar to the facts of the earlier case. The principle is called “judicial precedent”


What includes matters that involve the regulation of society as opposed to individual interacting.

Public law. represent the people of society.


The 3 main types of public law:

1. Constitutional law - federal or state constitution
2. Administrative law - apply to government agencies, bureaus, boards, or commissions.
3. Criminal - offenses against the proper order of the state.


What covers legal problems, and issues that concern resource, relationships with other people?

Private Law.


The 3 main types of Private law

1. Property law - exclusive right in both tangible and intangible resources. - Special areas include Land, goods, copyrights, trademarks, patents, and trade secrets.
2. Contract law - owners transfer resources by exchanging them. enforceable promises to exchange resources in the future.
3. Tort law - rules for compensation when an owner's legal boundaries are wrongfully crossed by another. often requires actual injury to the owner's resources.


Civil vs criminal law: what type of law, and remedy?

Civil: breach of contract or tort cases (personal injury). request for damages.
Criminal: govt. attempting to prove the wrong committed against society, seek punishment by the court system.


What defines legal relationship of people and how they behave or between them and the state?

Substantive law / define rights and duties.


A method or making, administering, and enforcing substantive law.

Procedural law


What is the supreme law of the nation?

U.S. Constitution - any law, federal or state, that conflicts with the Constitution is said to be void.
At the top of the hierarchy of laws.


Acts or Statutes are ?

Federal laws after US constitution - these laws are passed by legislation by Congress. i.e. Clean Air Act.


What law regulates business?

Administrative law - made by agencies (federal govt) that regulate business. i. e. Environmental Protection Agency.


What laws prevail over state law?