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Business Law Exam 1

Ch 1, 3, 4 and article
1) Law : a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong
2) Natural Law : Basic ideas of right and wrong, naturally in our minds
3) Positive Law : laws obtain their validity from proper enactment
4) Sources of Ancient Law : Torah, Babylonian, Egyptian, Greek, Roman
5) Functions of Law : maintain stability in social, political, and economic system through dispute resolution, protection of property, preservation of the state, while permitting ordered change
Created on: 9/25/2018
# of cards: 49

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