Management 260 notes - Management 260 Quiz 1 CHAPTER 1 LAW...

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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. It’s 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
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o Common Law – Emphasizes the role of judges in determining the  meaning of laws o
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