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BUSINESS LAW
CHAPTER 001: LEGAL ENVIRONMENT
16
Law
Professional
06/17/2009

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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
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