Chapter_15 - Chapter 15 Legal Issues for Entrepreneurs...

Info icon This preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Copyright Atomic Dog Publishing, 2006 Chapter 15 Legal Issues for Entrepreneurs
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Copyright Atomic Dog Publishing, 2006 15-1 Introduction Litigation in the United States is a growth industry. As the economy continues to mature and as the complexities of business relationships and transactions increase, the potential for intentional and unintentional legal missteps grows. Business activity is governed by legal rules of fair play that are constantly evolving, both formally by statute and court decision and informally by practice. Entrepreneurs and business owners must abide by the legal rules of business, whether or not they are familiar with all of them.
Image of page 2
Copyright Atomic Dog Publishing, 2006 15-1 Introduction (cont.) Statistics compiled by the Administrative Office of the U.S. Courts indicate that total cases filed between 1994 and 2003 increased significantly in nearly every category, but there are wide annual fluctuations in the number of cases brought to court.
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Copyright Atomic Dog Publishing, 2006 15-2 Business law A law is a standard or rule established by a society to govern the behavior of its members. Federal, state, and local governments, constitutions, and treaties all establish laws. So do court decisions.
Image of page 4
Copyright Atomic Dog Publishing, 2006 15-2a Sources of Law The U.S. Constitution specifies how the U.S. government must operate. It is also the foundation of U.S. law. Federal and state constitutions provide the framework for the various levels of government, which derive laws from three major sources: - Common law - Statutory law - Administrative law
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Copyright Atomic Dog Publishing, 2006 15-2b The Court System The court system, or judiciary, is the branch of government responsible for applying laws to settle disputes among parties. Courts possess jurisdiction, the legal right and power to interpret and apply laws, and make binding decisions. The major method of taking disputes to court is by filing a lawsuit. Airline passengers who get bumped from overbooked flights, for instance, can sue for damages. Because of the considerable time and expense involved in going to court, many firms try to resolve their legal disputes outside the courtroom.
Image of page 6
Copyright Atomic Dog Publishing, 2006 15-2b The Court System (cont.) A dual court system operates in the United States. The federal government and each of the fifty state governments have separate courts.
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern