Business Law Cheat Sheet 1.docx

Business Law Cheat Sheet 1.docx - What is law Rules that...

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What is law? Rules that must be obeyed which regulates individuals, businesses, and other organizations and violaters will be sanctioned by the controlling authority It protects people and their property against unwanted interference Law forbids persons from engaging in certain undesirable activities Functions of law Keeping the peace Including making certain activities crimes Shaping moral standards e.g., enacting laws that discourage drug and alcohol abuse Promoting social justice e.g., enacting statutes that prohibit discrimination in employment Maintaining the status quo e.g., passing laws preventing the forceful overthrow of the government Facilitating orderly change e.g., passing statutes only after considerable study, debate, and public input Providing a basis for compromise approximately 90 percent of all lawsuits are settled prior to trial Fairness of the Law The American legal system is one of the most comprehensive, fair, and democratic systems of law ever developed and enforced Flexibility of the Law U.S. law evolves and changes along with the norms of society, technology, and the growth and expansion of commerce in the United States and the world Primary source of law: A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision. Secondary source of law: A publication that summarizes of interprets the law, such as a legal encyclopedia, a legal treatise, or an article in a law review. Constitutional Law. U.S. Constitution is the supreme law of the land. The U.S. Constitution is the supreme law of the land The U.S. Constitution establishes the federal government and enumerates its powers Powers not given to the federal Codified law: statutes and ordinances Statutes are enacted by Congress and state legislatures Ordinances are enacted by municipalities and local government agencies They establish courses of conduct that must be followed by covered Treaties: The president, with the advice and consent of the Senate, may enter into treaties with foreign governments Executive orders Issued by the president and governors of states They regulate the conduct of covered Administrative Law. Rulemaking--Rules, orders and decisions of administrative agencies, federal, state and local. Administrative agencies can be independent regulatory agency such as the Food and Drug Administration. Adjudication--agencies make rules, then investigate and enforce the rules in administrative hearings Administrative Law. Early English Courts. King’s Courts established the common law—body of general legal principles applied throughout the English empire. King’s courts used law. Precedent example involving identical or similar facts Stare decisis which judges are obligated to follow the precedents established in prior decisions.
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