Introduction to Law and Legal Systems in Business Law

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What is the term for a philosophy that holds certain rights are inherent by virtue of human nature and can be universally understood through human reason?

Natural Law

In the context of legal positivism, what does 'sovereign' refer to?

A supreme ruler, especially a monarch

What is the term for the minimum level of ethical behavior expected by society, usually defined by the law?

Moral minimums

What are statutes?

Written laws passed by legislative bodies

What is the term for a principle or rule established in a previous legal case that is binding or persuasive for subsequent cases?

Precedent

Which term refers to a form of political organization where people with shared history, traditions, or language live under one government?

Nation-states

What are cases of first impression?

Cases that involve new issues never decided by the courts before

Which type of law provides individuals with rights and creates certain duties?

Statutory law

What is the function of an administrative agency?

Implement delegated legislation

What does the Federal Register publish?

Rules, proposed rules, and notices of federal agencies

What is the main source of law in a common law system?

Precedents established by the courts

What term refers to matters so minor that the law does not concern itself with them?

De Minimis non Curat Lex

Test your knowledge on Chapter 1 - Introduction to Law and Legal Systems in the field of Business Law and the Legal Environment. Explore concepts such as law, nation-states, jurisprudence, and sovereignty.

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