Business Law PPT Chaps 1-4

Business Law PPT Chaps 1-4 - 1. 1 LawforBusiness,16e...

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1.1 Law for Business, 16e  by Ashcroft and Ashcroft Chapter 1: Introduction to Law
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1.2 Learning Objectives Define law. Explain why we have laws. List four sources of law. Distinguish among crimes, torts, and  ethics.
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1.3 What is Law? Blackstone’s definition is famous: “Law is a rule of civil conduct, commanding what is right and prohibiting what is wrong.”
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1.4 Introduction Business law is concerned with what  is right or wrong regarding business  transactions. The law is also concerned with  establishing a framework in which  society can operate as smoothly as  possible to avoid disputes.
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1.5 Roots of Our Legal System English, French, and Spanish  influences. Mostly from English because the 13  original colonies were English. We get our common law and equity  concepts from English law.
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1.6 Types of Law Common law   - customs that gradually  became law.  Colonists brought this  concept of law to America from England. Equity law   -  system based on fairness in  which money damages sometimes are not  sufficient.  This gave rise to the following: Restraining orders Injunctions
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1.7 Sources of Law Judicial decisions Constitutional interpretation Statutory law Administrative agency orders
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1.8 Civil Law and Criminal Law Civil law: concerned with private or  purely personal rights. Criminal law: injures society as a  whole. Felonies – big crimes Misdemeanors – less serious crimes Violations and infractions – much less  serious
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1.9 Torts Torts  are private or civil wrong or injury  for which there may be an action for  damages May be intentional or it may be caused by  negligence Example of tort that is not a crime A business negligently leaving debris in an  area of customer traffic Examples of torts that can also be crimes Fraud, assault
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1.10 Ethical Principles Seriousness of   consequences Laws do not reflect everything we believe  about right or wrong; less serious matters  are not addressed. Consensus of majority
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Business Law PPT Chaps 1-4 - 1. 1 LawforBusiness,16e...

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