Entrepreneurial%20Legal%20Issues

Entrepreneurial%20Legal%20Issues - Copyright Atomic Dog...

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Unformatted text preview: Copyright Atomic Dog Publishing, 2006 Legal Issues for Entrepreneurs Copyright Atomic Dog Publishing, 2006 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. Copyright Atomic Dog Publishing, 2006 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 3 major sources:-Common law-Statutory law-Administrative law Copyright Atomic Dog Publishing, 2006 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. Copyright Atomic Dog Publishing, 2006 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: Federal Courts in the United States primarily hear cases involving questions of constitutional law, federal crimes, disputes between citizens of different over property valued at $10,000 or more, bankruptcy, tax, postal, copyright, patent, or trademark laws, and maritime cases. A U.S. district court is the first court to hear a federal case. -At least one district court is located in each state. Copyright Atomic Dog Publishing, 2006 The U.S. Court System Copyright Atomic Dog Publishing, 2006 The Court System (cont.) The highest court of the land, the U.S. Supreme Court is composed of nine justices appointed by the...
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This note was uploaded on 02/13/2011 for the course ENTR 3310 taught by Professor Ortega during the Fall '08 term at University of Houston.

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Entrepreneurial%20Legal%20Issues - Copyright Atomic Dog...

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