MGT 371 Exam 1 Vocab Ch. 1-3

the enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges

rules of conduct in any organized society that are enforced by the governing authority of the community

law that involves suits between private individuals or groups

law that involves suits between private individuals or groups and their government

The body of laws that govern the rights and responsibilities either between persons or between persons and their government.

the body of laws that involve the rights and responsibilities an individual has with respect to the public as a whole

the assortment of rules and regulations put forth by legislatures

Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws.

The collection of legal interpretations made by judges. They are considered to be law unless otherwise revoked by a statutory law. Also known as common law.

A tool used by judges to make rulings on cases on the basis of key similarities to previous cases.

"Standing by the decision"; a principle stating that rulings made in higher courts are binding precedent for lower courts.

summaries of the common law rules in a particular area of the law

The collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes.

A school of jurisprudence that holds that society should be fair. Particular attention is therefore paid to the poor, the ill, and the elderly.

A school of jurisprudence that uses traditions as the model for future laws and behavior. Also called tradition or custom.

A school of jurisprudence that holds that context must be considered as well as law. Context includes factors such as economic conditions and social conditions.

An economic school of jurisprudence in which all costs and benefits of a law are given monetary values. Laws with the highest ratios of benefits to costs are then preferable to those with lower ratios.

Any government body created by the legislative branch to carry out specific duties

The first federal administrative agency; created to regulate the anticompetitive conduct of railroads.

A statute that specifies the name, functions, and specific powers of an administrative agency and grants the agency broad powers for the purpose of serving the public interest, convenience, and necessity.

an order to appear at a particular place and time

an order to appear and bring specified documents

A judge who presides over an administrative hearing; may attempt to get the parties to settle but has the power to issue a binding decision.

a statement in which a company agrees to stop disputed behavior but does not admit that it broke the law

A binding decision rendered by a judge

An agency that is typically located within the executive branch, under one of the cabinet-level departments. The agency head is appointed by the president with the advice and consent of the Senate.

An agency that is typically not located within a government department. It is governed by a board of commissioners, who are appointed by the president with the advice and consent of the Senate.

an agency that has characteristics of both executive and independent agencies

federal legislation that places limitations on how agencies are run and contains very specific guidelines on rule making by agencies

A type of rule making in which an agency publishes a proposed rule in the Federal Register, considers public comments, and then publishes the final rule. Also called notice-and-comment rule making.

The government publication in which an agency publishes each proposed rule, along with an explanation of the legal authority for issuing the rule and a description of How the public an participate in the rule making process, and later publishes the final rule.

A type of rule making that is used when legislation requires a formal hearing process with a complete transcript; consists of publication of the proposed rule in the Federal Register, a public hearing, publication of formal findings, and publication of the final rule if adopted.

A type of rule making that combines features of formal and informal rule making; consists of publication in the Federal Register, a written-comment period, and an informal public hearing with restricted cross-examination.

A rule that does not create any new rights or duties but is merely a detailed statement of an agency's interpretation of an existing law, including the actions a party is to take to be in compliance with the law.

A general statement about the directions in which an agency intends to proceed with respect to its rule-making or enforcement activities; has no binding impact on anyone.

A type of rule making in which representatives of concerned interest groups and of the involved government agency participate in mediated bargaining sessions to reach an agreement, which is forwarded to the agency.

Federal legislation that mandates and facilitates public access to government information and records, including records about oneself. Sensitive information (e.g., on national security) is excluded.

A statute or administrative rule serving to protect consumer interests

interpretations of consumer laws created by the FTC to encourage businesses to stop unlawful behavior

An FTC order requiring that a company stop its illegal behavior.

Information that is true but is not complete.

An FTC standard requiring that advertisers have a reasonable basis for the claims made in their ads.

A deceptive practice in which a seller advertises a low-priced item, generally unavailable to the consumer, and then pushes the consumer to buy a more expensive item.

A form of cease-and-desist order issued by the FTC that applies not only to a specified product but also to other products produced by the same firm.

advertising in which the company explicitly states that formerly advertised claims were untrue.