BLRB01 - Business Law and the Regulation of Business...

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Unformatted text preview: Business Law and the Regulation of Business Regulation Chapter 1: Introduction to Law Chapter By Richard A. Mann & Barry S. Roberts Topics Covered in this Chapter Topics A. Nature of Law B. Classification of Law C. Sources of Law D. Legal Analysis Nature of Law Nature s s Definition of Law—a rule of civil conduct of —a prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong” (Blackstone) what Functions of Law — to maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change simultaneously Nature of Law (cont’d) (cont’d) s s s Legal Sanctions — are means by which the law enforces the decisions of the courts law Law and Morals — are different but overlapping; law provides sanctions, while morals do not morals Law and Justice — are separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common good with Law and Morals Law LAW “You must drive on the right side of the road.” BOTH “Thou shall not kill.” MORALS “You should not silently stand by and watch a blind man walk off a cliff.” Classification of Law Classification s Substantive and Procedural Law – Substantive— law creating rights and duties – Procedural— rules for enforcing substantive law s Public and Private Law and Private – Public— llaw dealing with the relationship between aw government and individuals government – Private— llaw governing the relationships among individuals aw and legal entities and s Civil and Criminal Law – Civil— llaw dealing with rights and duties the violation of which aw constitutes a wrong against an individual or other legal entity constitutes – Criminal— llaw establishing duties which, if violated, constitute aw a wrong against the entire community wrong Classification of Law Classification Public Law Substantive Law Constitutional Law Criminal Law Administrative Law Torts Contracts -- Sales Commercial Paper Agency Partnerships Corporations Property OR Procedural Law Private Law Methods of enforcement (courts) Comparison of Civil & Criminal Law Comparison Civil Law Commencement of action Purpose Aggrieved individual (plaintiff) sues Compensation Deterrence Criminal Law State or federal government prosecutes Punishment Deterrence Rehabilitation Preservation of peace Beyond a reasonable doubt Guilty/Not guilty Capital punishment Imprisonment Fines Burden of proof Outcome Principal sanctions Preponderance of the evidence Liable/Not liable Monetary damages Equitable remedies Sources of Law Sources s s s s Constitutional Law -- fundamental law of a government establishing its powers and limitations limitations Judicial Law -- Common Law body of law developed by the courts and Equity based upon principles distinct from common law and providing remedies not available at law providing Legislative Law -- statutes adopted by legislative bodies includes Treaties and Executive Orders Administrative Law -- rules, regulations, orders, and decisions made by administrative agencies¤ and Hierarchy of Law Hierarchy U.S. Constitution Treaties Federal Administrative Law Federal Common Law State Constitution State Statutes State Administrative Law State Common Law Federal Statutes ...
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