Law chapter 1
Treaty
A binding agreement between 2 states or international organizations - In the U.S. this is generally negotiated by the executive branch
Cyberlaw
Based on existing laws
Legal realism
Based on the idea that when ruling a case, judges need to consider moe than just the law, they also weigh factors such as social and economic conditions
Business law
Consists of the enforceable rules of conduct that govern commercial relationships
Public law
Controls disputes between private individuals or groups and their governments - Ex. store dumping waste in violation of local, state or federal law
Identification with the vulnerable
On the grounds that some higher law or body or moral principles connects all of us in the human community
Precedent
Past decisions in similar cases that guide future decisions - Applies in the same state - Provide greater stability and predictability to the law
Constitutional law
Refers to the general limits and powers of these governments stated within their constitutions
National conference of commissioners on uniform state laws (NCC)
Regularly urges states to enact model laws to provide greater uniformity - Important influence on business law
Private law
Regulates disputes between private individuals or groups
Criminal law
Regulates incidents in which someone commits an act against the public as a whole - Ex. conducting insider trading on a stock - Usually involve the person suspected of committing the crime and the state or federal government - Defendant must be found guilty beyond all reasonable doubt - Plaintiff is always the government
Stare decisis
Rulings made in higher courts become binding precedent for lower courts
Legal positivism
Sees our proper role as obedience to duly authorized law - Ex. A judge might write that they decide to enforce the law in question but their decision does not mean they see the law as morally correct rule
Model/uniform law
Serve as a basis for some statutory law at the state level
Restatements of the law
Summaries of common law rules in a particular area of the law that have been enacted by most states - While themselves are not sources of business law, judges frequently use them to guide their interpretations in particular case
Statutory law
The assortment of statutes or rules and regulations put forth by legislatures - These legislative acts are written into the United States Code when they are passed by congress or state codes when they are passed by state legislatures
Codes
Collection of all the laws in one convenient location
Natural law
Describes certain ethical laws and principles believed to be morally right and "above" the laws devised by humans - Individuals have not only basic human rights but also freedom to disobey the law enacted by people if their conscience goes against it and they belive it is wrong
Civil law
Describes the rights and responsibilities implied in relationships between persons and between persons and their government - Involve either 2 individuals or 2 organizations - Defendant must be found guilty by a preponderance of evidence (Needing more than half) - Defendant if found guilty, the victim usually receives some amount of compensation
Case law/ common law
The collection of legal interpretations made by judges - These interpretations are law unless revoked later by new statutory law
