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Business Law and the Regulation of Business Chapter 1: Introduction to Law

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Barry S. Roberts. Topics Covered in this Chapter. A. Nature ... Administrative Law -- rules, regulations, orders, and decisions made by administrative agencies ... – PowerPoint PPT presentation

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Title: Business Law and the Regulation of Business Chapter 1: Introduction to Law


1
Business Law and the Regulation of Business
Chapter 1 Introduction to Law
  • By
  • Richard A. Mann
  • Barry S. Roberts

2
Topics Covered in this Chapter
  • A. Nature of Law
  • B. Classification of Law
  • C. Sources of Law
  • D. Legal Analysis

3
Nature of Law
  • Definition of Lawa rule of civil conduct
    prescribed by the supreme power in a state,
    commanding what is right, and prohibiting what is
    wrong (Blackstone)
  • Functions of Law to maintain stability in the
    social, political, and economic system through
    dispute resolution, protection of property, and
    the preservation of the state, while
    simultaneously permitting ordered change

4
Nature of Law (contd)
  • Legal Sanctions are means by which the law
    enforces the decisions of the courts
  • Law and Morals are different but overlapping
    law provides sanctions, while morals do not
  • Law and Justice are separate and distinct
    concepts justice is the fair, equitable, and
    impartial treatment of competing interests with
    due regard for the common good

5
Law and Morals
MORALS You should not silently stand by and
watch a blind man walk off a cliff.
LAW You must drive on the right side of the
road.
BOTHThou shall not kill.
6
Classification of Law
  • Substantive and Procedural Law
  • Substantive law creating rights and duties
  • Procedural rules for enforcing substantive law
  • Public and Private Law
  • Public law dealing with the relationship between
    government and individuals
  • Private law governing the relationships among
    individuals and legal entities
  • Civil and Criminal Law
  • Civil law dealing with rights and duties the
    violation of which constitutes a wrong against an
    individual or other legal entity
  • Criminal law establishing duties which, if
    violated, constitute a wrong against the entire
    community

7
Classification of Law
8
Comparison of Civil Criminal Law
Civil Law
Criminal Law
Aggrieved individual
State or federal government
Commencement of
action
(plaintiff) sues
prosecutes
Compensation
Punishment
Purpose
Deterrence
Deterrence
Rehabilitation
Preservation of peace
Burden of proof
Preponderance of the
Beyond a reasonable doubt
evidence
Liable/Not liable
Guilty/Not guilty
Outcome
Monetary damages
Capital punishment
Principal sanctions
Equitable remedies
Imprisonment
Fines
9
Sources of Law
  • Constitutional Law -- fundamental law of a
    government establishing its powers and
    limitations
  • Judicial Law -- Common Law body of law developed
    by the courts and Equity based upon principles
    distinct from common law and providing remedies
    not available at law
  • Legislative Law -- statutes adopted by
    legislative bodies includes Treaties and
    Executive Orders 
  • Administrative Law -- rules, regulations, orders,
    and decisions made by administrative agencies

10
Hierarchy of Law
U.S. Constitution
Treaties
Federal Statutes
Federal Common Law
State Constitution
State Statutes
State Administrative Law
State Common Law
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