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Chapter 1 - LEGAL ENVIRONMENT OF BUSINESS WHAT IS THE LAW...

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LEGAL ENVIRONMENT OF BUSINESS
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WHAT IS THE LAW ? The law consists of enforceable rules governing relationships among individuals and between individuals and society
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JURISPRUDENCE The science of philosophy of law.
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Schools of Jurisprudence Judges don’t make the law, they intrepret the law. The legislative branch of government makes law. The executive branch enforces law. The judicial branch interprets the law.
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Natural Law Believes natural law hold that there is a universal law applicable to all human beings and is based on reason.
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Positivist A school of thought centered on the assumption that there is no law higher than the laws created by government. Law must be obeyed, even if they are unjust to prevent anarchy.
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Historical This school of thought stresses the evolutionary nature of law and looks to doctrines that have passed the test of time.
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Legal Realism A school of thought popular in the 1920s and 1930s which advocates less abstract and more realistic and pragmatic approaches to the law. This takes into account customary practices and the circumstances in which the transaction took place.
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II. Business Activities Contracts Courts Professional Liability Business Organizations Agency Torts Products Liability Sales Negotiable Instruments Creditors’ Rights Intellectual Property E-Commerce Litigation
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III. Sources of American Law
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