Business Law 1-6 Exam.docx - Chapter 1 o Business Business...

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Chapter 1 o Business- Business are a part of the society in how it operates Mush honor its duties as a member of society People rely on businesses to get what they need they are not self sufficient People also provide labor for those businesses o Law Law- rules that must be obeyed People who don’t follow the law will be subjected to sanction- fines, jail Enforced by government Our society has many rules to follow but are not all considered laws People who violate rules do not face punishment from the government People who break the law can be healed through Court imposed sanctions Fines Impressment Forfeitures Plaintiff- who files civil lawsuit Defendant- who responds to the suit Different types of law (5)- for definitions Torte law Criminal law Contact law o Why study business law Need to know when can be sued and when can sue Know and learn limits on their actions imposed by society Develop valuable decision-making skills o Types of laws to follow (7) Contracts- law provided that a valid contract will be enforced Employment law- law that provides rules and regulations employers must follow Intellectual property- IP provides protection to a business who has acquired Intellectual property Government regulations- the social contract theory states business exist because society wants them to. The right society can change and forces business to adapt to those new set of rules. The business can lose the right to exist o Direction of change Proactive- a business takes direct action, identifying potential problems and actively taking action to resolve issue o Legal systems Combo of law, order, and justice Order An order- legal command by judge Order- is the absence of chaos
The word law and order are liked because when the law is followed there is order No society with perfect order bc all laws must be followed by all the ppl at the same time Not all ppl know and understand laws but legal system presumes that everyone knows and can’t argue they didn’t know it Justice- fairness, the process followed by the result Goal should be attaining justice by continuously searching for fairness and equality o Needs of a legal system 12 for diagram Responsible- based on facts, laws must be applied in reasonable manner, have a connection. Ex- speeding gets kids taken away not okay Need to be definite- law is straight forward not vague- set amounts Needs to be flexible- can be applied in many different situations Needs to bend without breaking like trees Needs to be practical- ppl depend on the law so laws must deal w real issues created by real ppl Needs to be published- provide notice of new laws like speed limit signs Need to be final- use legal system to resolve issues and then at some point the issue will be resolved. May not be to full satisfaction for one party, but they can appeal o Purpose of legal system (15) Achieving justice- fairness- sometime achieved and sometimes not all needs of ppl are met

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