BUSN LAW Chapter 1 - Assignment Essays %

question

Law

answer

A body of enforceable rules governing relationships among individuals and between individuals and their society.

question

Liability

answer

the state of being responsible for something, such as a debt or an obligation

question

Ethics

answer

the moral principles and values that govern the actions and decisions of an individual or group (right or wrong behavior)

question

primary sources of law

answer

sources that establish the law such as constitutions and regulations

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Satutory Law

answer

A body of enforceable rules enacted by governments to govern relationships among individuals and between individuals and their society

question

Ordinances

answer

passed by local governing bodies deal with matters not covered by deferral to state law

question

statutory conflicts

answer

Tension may sometimes arise between federal, state, and local laws.

question

uniform laws

answer

Model statutes reduce difficulties in conducting trade and commerce among the states.

question

The Uniform Commercial Code (UCC)

answer

This uniform act provides a uniform, yet flexible, set of rules governing commercial transactions to facilitate interstate commerce.

question

Administrative Law

answer

These rules, orders, and decisions of administrative agencies (entities that are established to perform a specific function) constitute a dominant element in the regulatory environment of business.

question

federal agencies

answer

These agencies at the national level are subject to the authority of the president.

question

executive agencies

answer

such as the U.S. Food and Drug Administration are contained within cabinet departments and are subject to the authority of the president, who has the power to appoint and remove their officers.

question

Independent regulatory agencies

answer

such as the Federal Trade Commission and the Securities and Exchange Commission have officers that serve for fixed terms and cannot be removed without just cause.

question

State and Local Agencies

answer

These administrative agencies, often created as a parallel to a federal agency, operate at the state and local levels.

question

Case Law and Common Law Doctrines

answer

These rules of law are announced in court decisions.
Case law: The doctrines and principles announced in cases that govern all areas not covered by statutory or administrative law.

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question

Law

answer

A body of enforceable rules governing relationships among individuals and between individuals and their society.

question

Liability

answer

the state of being responsible for something, such as a debt or an obligation

question

Ethics

answer

the moral principles and values that govern the actions and decisions of an individual or group (right or wrong behavior)

question

primary sources of law

answer

sources that establish the law such as constitutions and regulations

question

Satutory Law

answer

A body of enforceable rules enacted by governments to govern relationships among individuals and between individuals and their society

question

Ordinances

answer

passed by local governing bodies deal with matters not covered by deferral to state law

question

statutory conflicts

answer

Tension may sometimes arise between federal, state, and local laws.

question

uniform laws

answer

Model statutes reduce difficulties in conducting trade and commerce among the states.

question

The Uniform Commercial Code (UCC)

answer

This uniform act provides a uniform, yet flexible, set of rules governing commercial transactions to facilitate interstate commerce.

question

Administrative Law

answer

These rules, orders, and decisions of administrative agencies (entities that are established to perform a specific function) constitute a dominant element in the regulatory environment of business.

question

federal agencies

answer

These agencies at the national level are subject to the authority of the president.

question

executive agencies

answer

such as the U.S. Food and Drug Administration are contained within cabinet departments and are subject to the authority of the president, who has the power to appoint and remove their officers.

question

Independent regulatory agencies

answer

such as the Federal Trade Commission and the Securities and Exchange Commission have officers that serve for fixed terms and cannot be removed without just cause.

question

State and Local Agencies

answer

These administrative agencies, often created as a parallel to a federal agency, operate at the state and local levels.

question

Case Law and Common Law Doctrines

answer

These rules of law are announced in court decisions.
Case law: The doctrines and principles announced in cases that govern all areas not covered by statutory or administrative law.

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