Chapter_15 - Chapter 15 Legal Issues for Entrepreneurs...

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Copyright Atomic Dog Publishing, 2006 Chapter 15 Legal Issues for Entrepreneurs
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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.
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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.
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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.
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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
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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.
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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. Federal Courts:
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This note was uploaded on 10/02/2010 for the course ENTR ENTR 3310 taught by Professor A.lish during the Fall '09 term at University of Houston-Victoria.

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Chapter_15 - Chapter 15 Legal Issues for Entrepreneurs...

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