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Unformatted text preview: Management 260: Quiz 1 CHAPTER 1: LAW AND THE FOUNDATION OF BUSINESS- Law, The Rule of Law, and Property o Law - Is known as being intended to tell members of society what they can or cannot do Rules Rules laid down by state and enforced o The Rule of Law o Property A legal right that allows you to exclude others from your resources. Its what makes yours yours. 3 types of property: Public Property Private Property Common Property Property rights give a major incentive to develop resources o Property in its Broadest Sense Wheel of Property (P. 11) An adequately enforced property system is the foundation of the private market o Jurisprudence The philosophy of law Main Types of Jurisprudence: Natural Law Positive Law Historical School Sociological jurisprudence Legal realism- Classification of Law o Common Law Emphasizes the role of judges in determining the meaning of laws o Civil Law Relies more on Legislation than judicial decisions...
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- Spring '08