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BUSI 404 Final
Roberts Final Exam
5
Law
Undergraduate 4
02/27/2012

Additional Law Flashcards

 


 

Cards

Term
Three functions of law
Definition
  1. established an elaborate and evolving set of rules to resolve disputes
  2. Protect private ownership of property and assist int he making of voluntary agreements/contracts
  3. Preservation of the state--elections, legislation, etc..

 

 

Term
Substantive Law vs. Procedural Law
Definition

Substantive law creates, defines, and regulates legal rights and duties. Thus, the rules of contract law that determine a binding contract are rules of substantive law.

 

Procedural law sets forth the rules for enforcing

those rights that exist by reason of the substantive law.

Thus, procedural law defines the method by which to

obtain a remedy in court.

Term
Public vs. Private Law
Definition

Public law is the branch of substantive law that deals with the government’s rights and powers and its relationship to individuals or groups. Public law consists of constitutional, administrative, and criminal law.

 

Private law is that part of substantive law governing individuals and legal entities (such as corporations) in their relationships with one another. Business law is primarily private law.

Term
Common Law - adversary system 
Definition

the parties, not the court, must initiate and conduct litigation. This approach is based on the belief that the truth is more likely to emerge from the investigation and presentation of evidence by two opposing parties, both motivated by selfinterest, than from judicial investigation motivated only by official duty.

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