The Legal Environment of Business: Business Law Review

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Natural Law – denotes a system of moral and ethical principles that are inherent in human nature and that people can discover through the us of their natural intelligence, or reason.

Positive Law – Or national law (the written law of a given society at a particular point in time), applies only to the citizens of that nation or society.

Legal Realism – the idea that law is just one of many institutions in society and that it is shaped by social forces and needs.

Constitutional Law – The law expressed in these constitutions.

Statutory Law – Laws enacted by legislative bodies at any level of government, such as the statutes passed by congress or state legislatures, make up the body of law generally referred to as statutory law.

Ordinances – Statutes (laws, rules, or orders) passed by municipal or county governing units to govern matters not covered by federal or state law. Ordinances commonly have to do with county or city land use (zoning ordinances), building and safety codes, and other matters affecting the local unit.

Uniform Laws – or model laws, for the states to consider adopting.

Administrative laws – The rules, orders, and decisions o administrative agencies.

Administrative agency – a federal, state, or local government agency established o perform a specific function.

Executive agencies – is an agency that exist within the cabinet departments of the executive branch. The food and Drug administration, for example, is an agency within the department of Health and Human Services.

Independent regulatory agencies – are agencies at the Federal level, such as the Federal Trade Commission, the Securities and Exchange Commission, and the federal communications commission.

Case Law – Interpretations of constitutional provisions, of statutes enacted by legislatures, and of regulations created by administrative agencies is case la or common law.

Common Law – a body of general rules that applied throughout the entire English...
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