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BUL 3130 - Chapter 1
terms
28
Business
Undergraduate 3
08/11/2012

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Term
Law
Definition
enforcable rules of conduct set forth by a government to be followed by the citizens of society
Term
congress
Definition
the legislative branch of government that passes statutes
Term
executive branch
Definition
the president and administrative agencies that issue regulations under statutes
Term
constitution
Definition
the fundamental law of a nation that establishes and limits the powers of government
Term
U.S. constitution
Definition
oldest written constitution in force in the world
Term
Legislative, Judicial, Executive
Definition
Three branches of state government
Term
statutes (legislation)
Definition
make up much of the law that significantly affects business behavior
Term
common law
Definition
law made and applied by judges and they resolve disputes among private parties
Term
case
Definition
dispute between two or more parties that is resolved through the legal process
Term
case reporters
Definition
the official publications of case decisions and are public information
Term
precedent
Definition
a decision in a case that is used to guide decisions in latter cases with similar fact situations
Term
"stare decisis"
Definition
"to stand on decided cases"
Term
executive orders
Definition
an order by the president to establish or enforce a legal requirement
Term
The basis' for classifying law
Definition
1) public or private 2) civil or criminal 3) procedural or substantive
Term
public law
Definition
the legal relationship between members of society - businesses and individuals - and the government
Term
private law
Definition
sets forth rules governing the legal relationships among members of society
Term
criminal law
Definition
legal wrongs or crimes committed against the state
Term
2 classifications of crimes
Definition
felony or misdemeanor
Term
civil law
Definition
the rights and responsibilities that exist among members of society or between individuals and the government in noncriminal matters
Term
substantive law
Definition
includes common law and statutory law that define and establish legal rights and regulate behavior
Term
procedural law
Definition
determines how substantibe law is enforced through the courts by determining how a lawsuit begins, what documents needs to be filed, which court can hear the case, how the trial proceeds, etc.
Term
ethics
Definition
in the context of business practioners, has to do with rules or standards governing the conduct of members of a profession and how standards are put in to action within an organization
Term
integrity
Definition
living by a moral code and standards of ethics
Term
morality
Definition
conformity to the rules of correct conduct withing the context of a society, religion, or other institution
Term
compliance program
Definition
a key factor in an agency's decision whether to prosecute an organization or to recommend leniency to a court when a problem arises
Term
corporate social responsibility
Definition
the belief that businesses have a duty to society that goes beyond obeying the law and maximizing profits
Term
Two parts of state legislature
Definition
House of Representatives and Senate
Term
Nebraska
Definition
the only state that does not have a two-part legislature
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