Week 2 - AEM 3200 Week 2 What is Law Lecture Date Monday September 8 2008 I What is Law A Establishes relationship between parties i Define rights

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Lecture Date : Monday, September 8, 2008 I. What is Law? A. Establishes relationship between parties i. Define rights and obligations to others 11. There are no absolutes; it is about weighing the different interests involved. 12. Regulates conflicting interests - sometimes there are different outcomes to similar legal problems depending on the facts of a case. ii. Is usually prohibitory - You can "do" something unless a behavior is illegal or leads to civil liability . 1. The law tells you what you cannot do, not what you can do. B. Law v. Equity i. Great Britain historically had criminal and civil courts, but there were also dispensers of justice in ecclesiastical (church run) courts who would mediate justice. 1. Specific Performance (equitable doctrine) or monetary damages (remedy at law) are examples of different concepts still seen. c. Substantive v. Procedural law i. Business Law mainly deals with substantive law. Public substantive law involves the government and is usually statutory (e ). Law makers pass laws and identify what conduct is illegal. Private substantive law regulates dealings between parties. The government oversees this body of private substantive law rather than defining its parameters. 1. ex. Contract law 11. Procedural law deals with the rules by which one could be sued or indicted. Procedural law varies from state to state. 1. ex. How long a defendant can wait before answering a complaint. D. Criminal v. Civil law 11.In Business law we will usually be talking about "private law" vs. "public law" 12.You may not be held criminally liable (guilty) unless your actions violate statutes passed by the legislature . Statutes are created from ~ .tons (crimes) considered sociality or morally wrong based on the prevailing public moves. 1. We use the statutes so that people know what to expect. They'll know what is reasonable and how we value certain interests given certain circumstances. E. Ethics in Law 1. Question you need to ask is if all laws are just and fair? The answer is, it DEPENDS! 2. Early lawsuit by shareholders in Ford Motors is a prime example of ethics vs. Ford was extremely profitable due to the invention of the assembly line. After putting some of the money back into the company, Ford started to spend to improve lives of employees and give back to the community. Profits were being spent to build housing and helping Ford employees with their quality of life. 2. The Dodge Brothers were shareholders who didn't believe in this philosophy. As a business, they felt the profits should go to shareholders (themselves) rather than the employees and communities. 3. Dodge Brothers sued, and won. Although Ford was doing well, the court held that as a publicly traded company, they have a responsibility to payout shareholders. 1
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This note was uploaded on 03/03/2009 for the course AEM 3200 taught by Professor Grossman,d. during the Fall '07 term at Cornell University (Engineering School).

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Week 2 - AEM 3200 Week 2 What is Law Lecture Date Monday September 8 2008 I What is Law A Establishes relationship between parties i Define rights

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