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Unformatted text preview: What is Law? Establishes relationships between parties o Defines rights and obligations o Regulates conflicting interests o Is usually prohibitory Law v. Equity o There is a distinction between law and equity (being fair) Most of our laws take their lineage back to feudal England There were two important forces in society: the Church and the King. They owned all land. o If someone else owned land, that meant they got it from the kind. o When disputes would arise, one had to go to law courts , which were secular institutions o The Church, on the other hand, decided what moral values are the correct ones, which underlie the idea of equity (or fairness) o Therefore, the two concepts have roots in different domains- one in political and the other in religion/morality Legal remedy is when a party gets something out of a dispute (i.e. property, money) Equitable remedies are instituted when money or property are not enough to make things right o For example, if a forestry company cuts down trees illegally and gets sued, trees wont spring up just because the plaintiffs won. Substantive v. Procedural Law o The procedural rules are important, because if procedures are not followed, the case could be dismissed even if it is valid. A good example is the failure to read the Miranda Rights. Criminal v. Civil Law o How do we know something is a crime? Crimes are crimes because people belong to a society say so. If people decide that something is against the common weal (social norms or common interests), then they put it in writing, i.e. a statue o A wrong according to a civil law does not necessarily have to have a specific statue o Some things can be wrong according to both civil and criminal law. Example: Insider trading because it violates securities laws and the injured shareholders can use. Example: Causing physical harm to a personOJ Simpson; won the criminal t rial, but lost the civil one Ethics and Law What is the difference between ethics and law? o Some might say that if it is illegal, it is unethical o One the other hand, there are actions that are legal but might also be considered unethical Ethical dilemmas could include such factors as motivations and intentions, which could be treated differently from a legal perspective o The right choice in a business decision has to include both ethical and legal considerations Developed Law Common Law: Judicial decisions create precedent , Routinely adhering to precedents is the concept of stare decisis. See Trombetta v. Conkling Where does law come from? o There are a number of ways to address this question. There are numerous philosophical perspectives that go into explaining the origin of law, such as contemplating the concept of man and the idea of natural law. As was mentioned in the previous lecture, this course will be oriented towards a pragmatic understanding of the law....
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- Fall '07
- The Lottery