stephaBusiness Law

stephaBusiness Law - Laws are implemented to protect...

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Laws are implemented to protect individuals Law is the remedy for adverse situations Law is the remedy for when you are harmed Law is part of life, things people normally do Law is a set of rules enforce by an institution with significant consequences Oliver Wendell Holmes: Law is not logic, but an accumulation of experience There is no definition of law that everyone agrees on Public v. private law Public law is created by governments Private law concerns individuals Criminal v. civil law Criminal law is punitive, lock ‘em up Civil law is compensatory, make ‘em pay Common v. Statutory law Common law is from old England and is not consistent Statutory law makes common law consistent Substantive v. Procedural law Substantive law dictates behavior Procedural law states court room rules Equity law will act on a person to remediate a situation Law: Keeps order in society Influences conduct Honors contractual expectations Promotes equality Changes, i.e. adultery cases Legal systems are based on theories: Moral – Altruistic or theological Historical – Culmination of customs and traditions Command – Rules from government over time Sociological – Means of social control Economic – Promotes the system Socratic method – how law is taught in school Equity cases – cannibalism under duress, defamation “Here’s Johnny, World’s Foremost Commodian” Federal v. State law Laws are based on precedent Laws must be known and knowable
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This note was uploaded on 03/16/2011 for the course MGMT 325 taught by Professor Walter during the Spring '11 term at VCU.

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stephaBusiness Law - Laws are implemented to protect...

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