BLT9th.001 - Chapter 1 SOURCES OF AMERICAN LAW Law: A body...

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Chapter 1 SOURCES OF AMERICAN LAW Law: A body of enforceable rules governing relationships among individuals and between individuals and their society. U.S. law primarily takes the form of (1) constitutions setting forth the fundamental rights of the people living within the United States or a given state, describing and empowering the various branches of government, and prescribing limitations on that power; (2) legislatively-enacted statutes and local ordinances ; A given state statute may be based on a uniform law ( e.g. , the Uniform Commercial Code) or on a model act ( e.g. , the Model Business Corporations Act). However, each state is free to depart from the uniform law or model act as it sees fit. (3) administrative rules and regulations promulgated by federal, state, and local regulatory agencies; and Ch. 1: The Legal Environment - No. 1 Business Law Today: Standard Edition (9th ed.)
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(4) common law , which is the body of judicial decisions that interpret and enforce any of the foregoing as well as those relationships among individuals or between individuals and their society which are not subject to constitutional, statutory, or administrative law. Ch. 1: The Legal Environment - No. 2 Business Law Today: Standard Edition (9th ed.)
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ADMINISTRATIVE LAW: AN INTRODUCTION Administrative Law: The body of rules, orders, and decisions issued by administrative agencies, such as the federal Securities and Exchange Commission or a state’s public utilities commission. Administrative Agencies: Agencies authorized by federal or state legislation to make and enforce rules to administer and enforce legislative acts ( e.g. , the Social Security Administration). Executive Agencies: Agencies formed to assist the President or, at the state level, the Governor, in carrying out executive functions ( e.g. , the Federal Bureau of Investigation). Independent Regulatory Agencies: Agencies neither designed to aid nor directly accountable to the legislative or executive branches ( e.g. , the Federal Reserve System). Enabling Legislation: Legislative action specifying the name, purposes, functions, and powers of the agency the legislation created. Ch. 1: The Legal Environment - No. 3 Business Law Today: Standard Edition (9th ed.)
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As a general rule, an agency lacks the power to act beyond the scope of its enabling legislation. Ch. 1: The Legal Environment - No. 4 Business Law Today: Standard Edition (9th ed.)
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ADMINISTRATIVE RULEMAKING Rulemaking: The process of formulating new regulations. Federal agency rulemaking typically occurs as follows: Notice of Proposed Rulemaking: A proposed rule and some discussion of its rationale are published by the agency in the Federal Register . The notice invites public comment and notifies the public of the times and places of any hearings on the proposed rule. Comment Period:
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BLT9th.001 - Chapter 1 SOURCES OF AMERICAN LAW Law: A body...

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