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BUSINESS LAW

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Title: BUSINESS LAW


1
BUSINESS LAW
  • Chapter 1
  • Introduction to the Law and Our Legal System

2
Objectives
  • Answer the question, What is Law?
  • List the major sources of our legal system
  • Identify the supreme law of the land
  • Explain the difference between our legal system
    and the legal systems of other nations

3
What is Law?
  • Aristotle (Greek philosopher)
  • a pledge that citizens of a state will do
    justice to one another
  • Plato (Aristotles teacher)
  • Form of social control
  • Cicero (Roman philosopher)
  • The agreement of reason and nature, the just and
    unjust

4
What is Law?
  • Sir William Blackstone (British jurist)
  • a rule of civil conduct prescribed by the
    supreme power in a state, commanding what is
    right, and prohibiting what is wrong
  • Oliver Wendell Holmes, Jr. (American)
  • A set of rules that allowed one to predict how a
    court would resolve a particular dispute

5
What is Law?
  • Law consists of enforceable rules governing
    relationships among individuals and between
    individuals and their society.

6
Sources of American Law
  • Common Law
  • Constitutional Law
  • Statutory Law
  • Administrative Law

7
Common Law
  • Based on the English legal system
  • A body of general rules that prescribed social
    conduct and was applied throughout the entire
    English realm.
  • Precedent a court decision that serves as a
    guide for future decisions
  • Stare Decisis to stand on decided cases

8
Common Law
  • Equity
  • Branch of unwritten law that seeks a more
    equitable and adequate remedy than damages
    (money).
  • Order a party to perform a promise
  • Direct a party to do or not to do an act

9
Common Law
  • Case Law
  • Rules of law announced in court decisions.
  • Includes the cases that interpret judicial
    precedents, statutes, regulations, and
    constitutional provisions.

10
Constitutional Law
  • Constitutions set forth the general organization,
    powers and limits of their governments.
  • U. S. Constitution is the supreme law of the
    land.
  • Unless they conflict with the U. S. Constitution,
    state constitutions are supreme within their
    borders.

11
Statutory Law
  • Laws enacted by a legislative body
  • National Conference of Commissioners on Uniform
    State Laws (NCCUSL, 1892)
  • Uniform Commercial Code (UCC, 1952)
  • Facilitates commerce among the states

12
Administrative Law
  • Rules, orders, and decisions of administrative
    agencies
  • Securities and Exchange Commission
  • Federal Trade Commission
  • Environmental Protection Agency
  • Occupational Safety and Health Administration
  • Federal Deposit Insurance Corporation

13
Review
  • What are the four sources of law?

14
Answer
  • Common law
  • Constitutional law
  • Statutory law
  • Administrative law

15
Civil Law
  • The branch of law dealing with the definition and
    enforcement of all private or public rights.
  • Duties that exist either between persons or
    between citizens and their governments.
  • Make the other party comply with a duty or pay
    for damage caused by failure to comply.

16
Criminal Law
  • Law that governs and defines those actions that
    are crimes and that subject the convicted
    offender to punishment imposed by the government.
  • A wrong committed against the public as a whole.
  • The government seeks to impose a penalty upon an
    allegedly guilty person.

17
Civil Law System
  • From the Roman Empire, based on a code rather
    than case law.
  • Judges are not bound by precedent.
  • Doctrine of stare decisis does not apply.
  • Followed in continental European countries, Latin
    American, African, Asian, Japan, and others.
    Louisiana has elements.

18
International Law
  • The law that governs relations among nations.
  • International customs
  • Treaties
  • What happens if an international law is violated?

19
Review
  • What is the supreme law of the land?

20
Answer
  • United States Constitution
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