Business law midterm review

Topics: Law, Common law, Criminal law Pages: 4 (1265 words) Published: November 25, 2014
1. What is law? (There are 6 functions)
A body of rules of action or conduct prescribed by controlling authority. Six functions: keep the peace, maintain the status quo, preserve individual rights, protect minorities against majority, promote social justice and provide for orderly social change.

2. What does jurisprudence mean? What does common law mean?
Jurisprudence is the philosophy of law.
Common law is judicial decisions that don’t involve interpretations of statutes, treaties, regulations, or the constitution.

3. What 2 factors do most judges use when deciding a case? What does stare decisis mean? Case law and laws (federal and state).
Latin for “let the decision stand”

4. Most judicial decisions involve one of 3 areas of the law. What are they? Discuss what they cover and give an example of each. Property- Deals with the rights and duties of those who can legally own land. Contract- Deals with what kinds of promises courts should enforce. Tort- Types of cases that involve some kind of harm and/or injury between the plaintiff and the defendant when no contract exists.

5. What does precedent mean?
A prior judicial decision that is either binding or persuasive, provides a rule useful in making a decision in the case at hand.

6. What is the difference between substantive law and procedural law? Substantive law is the conduct of law
Procedure law is the law in the court room.

7. What is utilitarianism? Describe the theory. How does it differ from deontology? Utilitarianism the theory that the right moral act is the one that produces the greatest good for society, emphasizes NOT RULES BUT RESULTS. Deontology judges the morality of choices by the adherence to moral norms.

8. What is conscious capitalism? How does it differ from Milton Friedman’s view of social responsibility of business? Give examples. Conscious capitalism is when companies embrace the idea that provide and prosperity can and must go hand in hand with social...
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