BUS 207 Chapter Notes - Chapter 1: Precedent, Statutory Law, Corporate Law
Document Summary
These laws serve to standardize the otherwise different interstate laws. Also called uniform laws: cases, case law: the collection of legal interpretations made by judges. They are considered to be law unless otherwise revoked by a statutory law. When a law is made, therefore, obedience is expected because authority created it. Identification with the vulnerable: a school of jurisprudence that holds that society should be fair. Particular attention is therefore paid to the poor, the ill, and the elderly: historical school: a school of jurisprudence that uses traditions as the model for future laws and behavior. Also called tradition or custom: legal realism: 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: cost-benefit analysis: an economic school of jurisprudence in which all costs and benefits of a law are given monetary values.
