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Understanding the Nature and Functions of Law in Business Context

In "Law for Business," Chapter 1 explores the fundamental aspects of law, legal reasoning, and the legal profession. It highlights that laws must be broadly applicable, established by authoritative bodies, and enforced through sanctions. The chapter outlines the essential functions of law, illustrating how it maintains order, protects rights, resolves disputes, and facilitates social change. Understanding these principles is crucial for anyone engaged in business and legal affairs, providing a foundation for applying legal reasoning in a commercial environment.

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Understanding the Nature and Functions of Law in Business Context

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  1. Law for Business

    Chapter 1 Law, Legal Reasoning, and the Legal Profession
  2. A. The Nature of Law Laws Should: Be generally applicable to society Be developed by a legitimate authority Threaten sanctions against those who fail to comply
  3. A. The Nature of Law The Functions of Law Are: Keeping the peace Enforcing standards of conduct and maintaining order Facilitating planning Promoting social justice Laws of New York
  4. B. Classifications of Law Substantive and Procedural Law Substantive law Procedural law Criminal and Civil Law Criminal law – involves a breach of duty to society at large Civil law – involves a breach of duty to an individual A single incident may be a breach of both criminal and civil law
  5. C. The Constitutional Foundation of Law Branches of Government Checks and balances Supremacy clause Constitutional powers Constitutional limitations Federalism The Constitution of the United States The Bill of Rights Amendments 11-27
  6. D. Sources of Law Constitutions – state and federal Treaties – can only be made by the President and ratified by a 2/3 majority vote of the Senate Statutes – laws Administrative Rules and Decisions Independent agencies Constitutionality and legality of agency rules Judicial function of agencies Executive Orders
  7. D. Sources of Law Judicial Decisions Interpretation of other sources of law Common law Precedent (stare decisis) Equity – fundamental fairness Judicial review Private Law Established by contract Cannot violate other laws or public policy
  8. E. Legal Interpretation Plain Meaning – what the statute says Legislative History Purpose of the Law Public Policy
  9. F. Law and Societal Change Procedural Safeguards Ex post facto laws Notice of rulemaking (CFR) Stare Decisis (“to adhere to decided cases”) – can be overruled or distinguished Find earlier case with similar fact Obtain the rule from the earlier case Apply that rule to the current case
  10. G. Legal Jurisprudence Legal Positivism – requires “to the letter” enforcement of the law Natural Law – there is a “higher set of rules” which overrule statutory law Sociological Jurisprudence – plain language is interpreted subject to legislative purpose and prevailing public policy Legal Realism – argues that law is made and enforced based upon factors other than formal legal rules
  11. H. The Legal Profession The Adversary System Professional Responsibilities Confidentiality Attorney – client privilege Work product privilege Competence and Care Malpractice Preventive law Roles of lawyers and clients
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