BUSI 301 Liberty University -BUSI 301 (Business Law) Chapter 1 Concepts verified

BUSI 301 Liberty University -BUSI 301 (Business Law) Chapter 1 Concepts verifiedLaw - correct answer A body of rules of action or conduct prescribed by controlling authority and having legal binding force In what type of terms should you think of law? - correct answer Broad terms What is the common characteristic of the current state of law? - correct answer It creates duties, obligations, and rights that reflect accepted views of a given society How is law classified? - correct answer By subject matter Contract law - correct answer Rules regarding agreements Employment law - correct answer Laws that regulate certain rights of employees Jurisprudence - correct answer The science & philosophy of law that defines various approaches to the appropriate function of law and how legal doctrines should be developed and applied Natural law - correct answer Moral values form the basis for all law; principles of higher authority more important than national laws Positivists - correct answer Set of uniformly agreed-upon laws Legal realism - correct answer Law is a social institution to promote fairness Black's Law Dictionary - correct answer The authoritative source for legal terms