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BUSINESS LAW

Objectives. Answer the question,

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BUSINESS LAW

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    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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