Details Title: BUSINESS LAW Description: CHAPTER 001: LEGAL ENVIRONMENT Total Flash Cards: 16 Created: 06/17/2009 00:15:22		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Law Flashcards
Cards in this set: Term LAW Definition A body of enforceable rules governing relationships among individuals and between them in society Term JURISPRUDENCE Definition The science/philosophy of law Term NATURAL LAW Definition Belief that govt & lgl syst should reflect universal moral/ethical principles inherent in human nature. This school is the oldest=one of most significant schools of thought Term POSITIVE LAW Definition The body of conventional/written law of a particular society at a particular point in time Term LEGAL POSITIVSM Definition School of lgl thought centric to the assumption that there is no law higher than nat'l govt. Laws must be obeyed, even if unjust, to prevent anarchy Term HISTORICAL SCHOOL Definition School of lgl thought emphasizing law's evolutionary process & looks to past to det. what contemporary law should be. Term LEGAL REALISM Definition 20s & 30s school of thought that law is just another social institution. Socioeconomic factors, etc. must be taken into acct on a case-by-case basis. The law cannot be applied uniformly bc every judge is unique. Term SOCIOLOGICAL SCHOOL Definition School of legal thought viewing law as a promotional tool for justice in society Term PRIMARY SOURCE OF LAW Definition A constitution, statute, administrative rule, court decision Term SECONDARY SOURCE OF LAW Definition A publication summarizing/interpreting the law; legal encyclopedia, treatise, law review article Term UNIFORM COMMERCIAL CODE Definition Facilitates commerce by providing a uniform, yet flexible set of rules govn'g commercial transactions. Assures that bus cx, when properly entered into, will be honored. Created thru joint efforts of NCCUSL & ALI, issued in 1952. Adopted in all 50 states. Term UNIFORM COMMERCIAL CODE Definition Facilitates commerce by providing a uniform, yet flexible set of rules govn'g commercial transactions. Assures that bus cx, when properly entered into, will be honored. Created thru joint efforts of NCCUSL & ALI, issued in 1952. Adopted in all 50 states. Term SUBSTANTIVE LAW Definition Law that defines, describes, regulates, creates lgl rights & obligations Term PROCEDURAL LAW Definition Law est. the methods of enforcing the rights est. by substantive law Term CIVIL LAW Definition Branch of law dealing w definition/enforcement of all private/public rights, as opposed to criminal matters Term CRIMINAL LAW Definition Law defining/governing ax that constitute crimes. Generally has to do w wrongful acts committed against society for which society demands redress