CHAPTER OUTLINES - CHAPTER 1: Introduction to Law Functions...

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Unformatted text preview: CHAPTER 1: Introduction to Law Functions of Law: 1. Maintain stability in social, political, econ. System while permitting change 2. Protect owners use of property and facilitate contracts regarding exchange of property and services 3. Preservation of state Sanctions means by which law enforces decisions of courts Right capacity of person to require another person to perform/refrain from certain act Duty obligation law imposes on person to person to perform/refrain from act Classification of Law: 1. Substantive & Procedural Law Substantivecreates rights and duties Proceduralrules for enforcing subs. Law 2. Public & Private Law Publiclaw dealing with relationship btw gov. and individuals ex: criminal law Privategoverns relationships among individuals and legal entities (corporations); ex: business law 3. Civil & Criminal Law Civilwrong against individual, plaintiff sues for compensation or deterrence, private burdern of proof: preponderance of evidence principal sanctions: monetary damages, equitable remedies Criminalwrong against whole community, State/Fed gov. prosecutes to punish, deterrence, rehabilitation, preservation of peace burden of proof: beyond reasonable doubt principal sanctions: capital punishment, imprisonment, fines Hierarchy of Law: 1. Constitutional fundamental law of gov. establishing powers and limitations 3 branches: Federal judiciary, Congress, Executive 2. Judicial Common Lawbody of law developed by courts that serves precedent for determining later controversies Equitybody of law based upon principles distinct from common law, justice administered according to fairness- specific performancecommands defendant to transfer title to land- injunctioncourt order requiring party to perform/refrain from performing an act reformationreform language of contract upon ground of mutual mistake- recissioninvalidate contract 3. Legislative statutes adopted by legislative bodies Uniform Commercial Code: drafted by NCCUSL, governs commercial transactions (sale of goods, commercial paper, bank deposits, letters of credit, bulk transfers, etc) Treatiesagreement btw or among independent nations Executive Orderslaws issued by pres. or governor of State 3. Administrative public law created by agencies CHAPTER 2: Business Ethics and Social Responsibility Business Ethicsstudy and determination of what is right and good in business settings Ethical Theories: Ethical Fundamentalism look to central authority or set of rules to guide in decision making Ethical Relativism judge actions by what subjectively feel is right/wrong Situational Ethics judge persons actions by putting oneself in others situation Utilitarianism moral actions are those that produce greatest net pleasure compared with net pain- act util: assesses each separate act according to whether is maximizing pleasure over pain- rule util: supports rules that produce greatest pleasure for socity...
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CHAPTER OUTLINES - CHAPTER 1: Introduction to Law Functions...

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