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chp 1
Business Law Exam 1 vocabulary
14
Accounting
Undergraduate 3
02/07/2015

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Term
business law
Definition
the enforceable rules of conduct that govern commercial relationships
Term
private law
Definition
regulates disputes between private individuals or groups
Term
public law
Definition
controls disputes between private individuals or groups and their government e.g. if a store owner dumps waste behind the store in violation of federal laws
Term
civil law
Definition
delineates the rights and responsibilities implied in relationships between persons and between persons and their government
Term
criminal law
Definition
regulates incidents in which someone commits an act against the public as a whole; e.g. insider trading
Term
cyberlaw
Definition
based primarily on existing law
Term
constitutional law
Definition
the general limits and powers of ]governments (state and federal) as stated in written constitutions
Term
statutes
Definition
rules and regulations put forth by legislatures; make up statutory law
Term
model or uniform law
Definition
serve as a basis for some statutory law at the state level
Term
case law/ common law
Definition
the collection of legal interpretations made by judges; these interpretations are law unless revoked later by new statutory law
Term
administrative law
Definition
the collection of rules and decisions made by administrative agencies; e.g. OSHA or EPA
Term
treaty
Definition
a binding agreement between two states or international organizations
Term
executive orders
Definition
given by the resident and state governors
Term
natural law
Definition
ethical laws and principles believed to be morally right and "above" the laws devised by humans; freedom to disobey a law if it is against conscience
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