Business Law Notes - Business Law Notes In ancient Greece...

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Business Law Notes 8/26/10 In ancient Greece and Rome the belief on merchants was “buyer beware” (caveat emptor) In the middle ages the thought went from business being bad to business was a good way to please God and give money to the church. John Locke writes about having rights, liberty, and property. The thought of capitalism in 1776 completely revolutionized society especially from just a couple hundred years earlier. In early capitalism there were no safety nets and you could fall flat on your face. From then until now we have debated on the proper balance of freedom and control. Corporate conscience started in the 1960’s. Involves not just shareholders but stakeholders as well. 8/31/10 Sources of American Law 1. US Constitution – In the United States this is the most important source of law. If any of the following sources are unconstitutional it is illegal in the United States. 2. Common law/Case law – William the Conqueror would serve as judges when they would pass through different parts of England. After a case was decided on, it could serve as a precedent for future cases. Three tiered court system: trial courts, court of appeal, highest court. Case of first impression – case that has been decided yet. 3. Statutory law – is law made by people who were elected to make laws. This would be the US Congress in the US. USC – United States Code for the US congress. Missouri Code for the Missouri state congress. City- Council laws are ordinances. 4. Administrative law – There is a lot of administrative law, however unless this affects your life you don’t know it exists. The administrative agency creates these laws. The administrative agencies have a lot of power. An administrative agency can take a statute and write tons of administrative laws and fine-tune the statute. The administrative agencies also have executive powers which allows them to decide who the law applies to. In addition, if you want to dispute the agency, you have to challenge them through their own judicial system before you can go to the court system. 5. Executive Order 6. Model/Uniform law – state laws where the law is the same so that commerce between states is clear amongst all states. States must be part of the UCC for the Model law to apply. More and more model law in family law. 7. Ballot initiatives/Direct democracy – people vote on incentives Substantive vs. Procedural Law Our rights are substantive What we do about protecting those rights is procedural A legal entity can be a plaintiff and sue someone all by himself
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A legal entity can be a defendant and be sued all by himself A legal entity could own property If a person dies with a will you say that person died testate If a person dies without a will you say that person died intestate 9/2/10 Civil Law and Criminal Law Civil Trial – Plaintiff versus Defendants – rights and duties between entities of a non- criminal nature Preponderance of evidence – the burden of proof in a civil trial. It means that more likely
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Business Law Notes - Business Law Notes In ancient Greece...

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