BLaw Chapter 1 - LAW AND JURISPRUDENCE Law: A body of...

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Ch. 1: The Historical and Constitutional Foundations - No. 1 Business Law Today: The Essentials (8th ed.) LAW AND JURISPRUDENCE ± Law: A body of enforceable rules governing relationships among individuals and between individuals and their society. ± Jurisprudence: The study of different schools of legal philosophy and how each can affect judicial decisionmaking.
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Ch. 1: The Historical and Constitutional Foundations - No. 2 Business Law Today: The Essentials (8th ed.) PRIMARY SOURCES OF AMERICAN LAW ± There are four primary sources of domestic law: (1) Constitutions , setting forth the fundamental rights of the people living within the United States or a given state, describing and empowering the various branches of government, and prescribing limitations on that power; (2) Statutes , enacted by Congress or the legislature of a given state and ordinances adopted by a given locality; ± A given state statute may be based on a uniform law ( e.g. , the Uniform Commercial Code) or on a model act ( e.g. , the Model Business Corporations Act). However, each state is free to depart from the uniform law or model act as it sees fit. (3) Administrative Rules and Regulations promulgated by federal, state, and local regulatory agencies; and (4) Case law , which is the body of judicial decisions that interpret and enforce any of the foregoing, as well as those relationships among individuals or between individuals and their society which are not subject to constitutional, statutory, or administrative law.
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Ch. 1: The Historical and Constitutional Foundations - No. 3 Business Law Today: The Essentials (8th ed.) ADMINISTRATIVE LAW ± Administrative Law is the body of rules, orders, and decisions issued by administrative agencies, such as the federal Securities and Exchange Commission or a state’s public utilities commission. ± Administrative Agencies: Agencies authorized by federal or state legislation to make and enforce rules to administer and enforce legislative acts ( e.g. , the Social Security Administration). ± Executive Agencies: Agencies formed to assist the President or, at the state level, the Governor, in carrying out executive functions ( e.g. , the Justice Department). ± Independent Regulatory Agencies: Agencies neither designed to aid nor directly accountable to the legislative or executive branches ( e.g. , the Securities and Exchange Commission). ± Enabling Legislation: Legislative action specifying the name, purpose(s), function(s), and power(s) of the agency created by the legislation. ± As a general rule, an agency lacks the power to act beyond the scope of its enabling legislation.
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Ch. 1: The Historical and Constitutional Foundations - No. 4 Business Law Today: The Essentials (8th ed.) ADMINISTRATIVE RULEMAKING ± Rulemaking: The process of formulating new regulations. Rulemaking by federal agencies typically occurs in the
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This note was uploaded on 02/12/2010 for the course BUSINESS L 201 taught by Professor J during the Fall '09 term at Huntington.

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BLaw Chapter 1 - LAW AND JURISPRUDENCE Law: A body of...

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