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StudentNotesPartIofChapter1W

StudentNotesPartIofChapter1W - Business 18 Chapter One THE...

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Business 18: Chapter One – THE NATURE OF LAW Lecture Notes (S. Spencer) CHAPTER ONE: THE NATURE OF LAW “Nature of Law” has several components: Product – Legal Rules to be followed (Types of law: const, statutes, treaties, etc.) Process – Legal System in place (Federal, State, Admin. Agencies, court hierarchy) Practice/Application – What actually happens (Schools of thought, Legal reason’g) What is the law? What kinds of rules are commonly regarded as law? I. TYPES & CLASSIFICATIONS OF LAW ID the (8) major types of law that apply to business activity and help shape the business decisions of firms. Constitutions Statutes Common Law Equity Administrative Regulations & Decisions Treaties Ordinances Executive Orders CONSTITUTIONS – may be Federal or State. Primarily have two general functions. What are the two general functions of constitutions? Two General Functions: 1. Set up the structure of government 2. Prevent other units of government from taking certain actions or passing certain laws. Ensure states retain power Guarantee basic rights What is involved in setting up the structure: 1
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Business 18: Chapter One – THE NATURE OF LAW Lecture Notes (S. Spencer) Describe the Federal structure. What is meant by “Separation of Powers”? The U.S. Constitution establishes 3 Equal Branches of Government 1. Congress = Legislative Branch Makes Law 2. Chief Executive = Executive Branch Enforces Law 3. Judiciary = Judicial Branch Interprets Law “Separation of Power” = Power is divided equally between the 3 branches and each branch is given distinct powers.
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