BUS 415 notes - 1 BUS 415 Law in its generic sense is a...

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1 BUS 415 Law, in its generic sense, is a body of rules of action or conduct prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences is a law. The primary functions served by the law in this country are: Keeping the peace. Example some laws make certain activities crimes. Shaping moral standards. Example some laws discourage drug and alcohol abuse. Promoting social justice. Example some laws prohibit discrimination in employment. Maintaining the status quo. Example some laws prevent the forceful overthrow of the government. Facilitating orderly change. Example Laws are enacted only after considerable study, debate, and public input. Facilitating planning. Example Well-designed commercial laws allow businesses to plan their activities, allocate Their productive resources, and assess the risks they take. Providing a basis for compromise. Example Approximately 90 percent of all lawsuits is settled prior to trial. Maximizing individual freedom. Example the rights of freedom of speech, religion, and association are granted by the First Amendment to the U.S. Constitution.
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2 SCHOOLS OF JURISPRUDENTIAL THOUGHT The philosophy or science of the law is referred to as jurisprudence . There are several different philosophies about how the law developed, ranging from the classical natural theory to modern theories of law and economics and critical legal studies. Classical legal philosophies
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BUS 415 notes - 1 BUS 415 Law in its generic sense is a...

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