BUL14-ch1-BB(2) - 1 Chapter 1 Business and Its Legal...

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Chapter 1 Business and Its Legal Environment 1
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Knowledge of ‘black-letter’ not enough - business now assumes an ethical dimension. Many Different Laws May Affect a Single Business Transaction. Ethics and Business Decision Making. §1: Business Activities and the Legal Environment 2
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Areas of the Law That May Affect Business Decision Making 3
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§2: Sources of American Law Constitutional Law. Statutory Law. Ordinances. Uniform Laws (NCCUSL). Uniform Commercial Code. 4
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Sources of American Law Administrative Law. Federal Agencies. State and Local Agencies. 5
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Sources of American Law Case Law and Common Law Doctrines. Case law governs all areas of law not covered by statutory or administrative law. 6
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§3: The Common Law Tradition Early English Courts. American law is based largely on English Common Law which was based largely on traditions, social customs, rules, and cases dating back to 1066 A.D. 7
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The Common Law Tradition Early English Courts. At common law, there were two separate court systems: COURTS OF LAW (awarding money damages), and COURTS OF EQUITY (non-monetary relief) based on “notions of justice and fair dealing.” 8
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The Common Law Tradition Courts of Law and Remedies at Law. Were also called “king’s courts,” and judges were appointed by the king. Remedies were limited to those provided at law, i.e. , land, chattels, money. 9
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The Common Law Tradition Courts of Equity and Remedies in Equity.
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