$.$ Business law consists of the $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ of conduct that govern the actions of buyers and sellers in market exchanges.

$2.$ Business law applies to the six functional areas of business:

$$ M$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$$ Production and transportation

$$ Marketing

$$ Research and development

$$ Accounting and finance

$$ H$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$3.$ What are the purposes of law?

$$ Providing $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$$ Serving as an $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ to fighting

$$ Facilitating a sense that change is possible

$$ Encouraging $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$$ Guaranteeing personal freedoms

$$ Serving as a $\_\_\_\_\_\_\_\_\_\_\_\_$ guide

$4.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ involves disputes between private individuals or groups.

$5.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ involves disputes between private individuals or groups and their government.

$6.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is the body of laws that govern the rights and responsibilities either between persons or between persons and their government.

$7.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is the body of laws that involve the rights and responsibilities an individual has with respect to the public as a whole.

$8.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ refers to the general limits and powers of governments as stated in their written constitutions.

$9.\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ or legislative actions refer to the assortment of rules and regulations put forth by legislatures.

$10.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is the collection of legal interpretations made by judges.

$11.\_\_\_\_\_\_\_\_\_\_\_\_\_$ is a tool used by judges to make rulings on cases on the basis of key similarities to previous cases.

$12.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is a principle stating that rulings made in higher courts are binding precedent for lower courts.

$13.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is the collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes.

$14.$ A $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is a binding agreement between two states or international organizations.

$15.$ An $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is a directive that comes from the president or state governor.

$16.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ assumes social and economic conditions should be considered when making a judgment.