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Chapter 1 - Shawnae Cristobal Legal Aspects of the Business...

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Shawnae Cristobal Legal Aspects of the Business Process Professor Schulz January 14, 2010 Chapter 1: Introduction to Law (1,3,5,7,9) 1. Yes. Whatever business you choose to engage in, courts and the general public alike will expect you to know what you are doing. This does not mean that you need to know everything a lawyer knows. It does mean that you must be able to anticipate legal problems. Sometimes you will know exactly what to do, other times you will know enough to call a lawyer. If you permit sexual harassment in your company, the company is liable whether you understood the law or not. If you casually agree to manufacture and sell a new product with a friend, you may have created a binding contract, an agency relationship, or a partnership. Courts will look at what you did, not what you understood. 3. The Securities Act of 1933 is a statute. A statute is any law passed by a legislative body. Voters elect members of Congress who are supposed to respond to demands from the voters. Congress passes statutes and those statutes are used to preside over all of us. We
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