Shared Flashcard Set

Details

Business Law 1-10
Exam 1
8
Business
Undergraduate 3
02/06/2016

Additional Business Flashcards

 


 

Cards

Term
Define Law
Definition

A rule of comduct commanding what is right and prohibiting what is wrong.

 

Term
Civil Breach ...
Definition
incurs damages
Term

Business law is

Definition
primarly concerned with rules of business transactions
Term
Explain why we have laws?
Definition
We have laws to provide a stable framework to keep society operating as smoothly and just as possible
Term
List four sources of Law
Definition

Judicial decisions - Precedents

Constitutions- Bill of rights

Statutes-Codes  

Administrative agency orders - can make laws and codes

Term

Distinguish among crimes, torts, and ethics.

 

Definition

 

Crimes are offenses against society as a whole.

Ethics is the study of the morality of conduct, its motives and duties

 

Term

Distinguish among crimes, torts, and ethics.

 

Definition

 

Crimes are offenses against society as a whole.

Ethics is the study of the morality of conduct, its motives and duties

 

Term
What are the objectives of the law
Definition

 

Law seeks to establish rules so we will be able to resolve disputes and set rules of conduct for many transactions so we will know how to avoid disputes.  This is to establish a stable framework to keep society operating smoothly.

 

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