[BUS 131] - Midterm Exam Guide - Everything you need to know! (13 pages long)

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6 Feb 2017
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Kutztown University
BUS 131
MIDTERM EXAM
STUDY GUIDE
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Chapter 1
Law and Legal Reasoning
Part 1: Section 1- 3
Law: a body of enforceable rules governing relationships among individuals and
between individuals and their society
Laws provide:
-stability
-predictability
-continuity
Section 1. Business Activities and the Legal Environment
Ethics and Business Decision Making
Businesses must consider legality of decisions and ethicality.
Section 2. Sources of American Law
Primary Sources of Law
1. US Constitution and State Constitutions
2. Statutory Law
3. Regulations
4. Case Law and Common Law Doctrines
Constitutional Law
Constitutional Law: Law that is based on the US Constitution and the
constitutions of the various states
“Supreme Law of the Land”
Each state has its own constitution
Statutory Law
Statutory Law: laws enacted by legislative bodies
when passed, its immediately in the federal code of laws
Includes local ordinances
Ordinance: a law passed by a local governing unit
Federal Statutes apply to all states
State Statutes: vary from state to state
Uniform Laws
Uniform laws: (model statuses) a model law created by the National
Conference of Commissioners on the Uniform State Laws and /or the
American Law Institute for the states to consider adopting.
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Chapter 1
Law and Legal Reasoning
Part 1: Section 1- 3
If the state adopts the law, it becomes statutory law in that state.
Each state has the option of adopting or rejecting all or part of a
uniform law.
National Conference of Commissioners: formed by a group of legal
scholar and lawyers in 1892.
Earliest uniform law: 1896 the Uniform Negotiable Instruments
Law
The Uniform Commercial Code
“Most ambitious uniform act of all
First issued in 1952
UCC facilitates commerce among states by providing a set of rules
governing commercial transactions.
Administrative Law
Administrative Law: the body of law created by administrative agencies
to carry out their duties and responsibilities
Administrative Agency: a federal, state, or local government agency
established to perform a specific function.
Authorized by legislative acts to make and enforce rules to administer
and enforce the acts.
Federal Agencies
Executive Agencies: an administrative agency within the executive
branch of government.
They are subject to the authority of the president.
Independent Regulatory Agencies: an administrative agency that is not
considered part of the government’s executive branch and is not subject
to the authority of the president.
State and Local Agencies
State agencies are created parallel to a federal agency
Case Law and Common Law Doctrines
Rules include:
- Interpretations of Constitutional Provision
- Statutes enacted by legislatures
- Regulations created by administrative agencies
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