1 LEGL - Intro to Class and Ch. 1

1 LEGL - Intro to Class and Ch. 1 - Legal and Regulatory...

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Unformatted text preview: Legal and Regulatory Legal and Regulatory Environment of Business LEGL 2700 Professor Grow Introduction to Law Introduction to Law Chapter One What is Law? What is Law? What is Law? What is Law? Three primary elements: A rule Laid down by the government Enforced by the government What is Law? What is Law? Code of Hammurabi (Babylon, 1790 B.C.) If any one brings an accusation against a man, and the accused leaps into the river, if he sinks in the river his accuser shall take possession of his house. But if the river proves that the accused is not guilty, and he escapes unhurt, then he who had brought the accusation shall be put to death, while he who leaped into the river shall take possession of the house that had belonged to his accuser. What is Law? What is Law? Code of Hammurabi (Babylon, 1790 B.C.) If a Builder builds a house for someone, and does not construct it properly, and the house which he built falls in and kills its owner, then that builder shall be put to death. What is Law? What is Law? The law provides certainty, predictability, and stability The law allows businesses and individuals to have the confidence to enter business agreements and make long­term investments Types of Law Types of Law Types of Law Types of Law Common Law vs. Civil Law Common law emphasizes the role of judges in interpreting and applying the law Civil law relies more on legislation than judicial decisions Types of Law Types of Law Public Law vs. Private Law Criminal Law vs. Civil Law Substantive Law vs. Procedural Law Sources of Law Sources of Law Sources of Law Sources of Law Constitutions United States Constitution State Constitutions States also have constitutions which establish and regulate the state governments Sources of Law Sources of Law Legislation Laws passed by elected representatives Statute or Act Ordinance Sources of Law Sources of Law Legislation Uniformity of Legislation Congress can pass a single federal law preempting all state regulations of the same subject­matter States can work together to pass uniform laws Sources of Law Sources of Law Legislation Interpretation of Legislation Sources of Law Sources of Law A person commits the offense of loitering or prowling when he is in a place at a time or in a manner not usual for law­abiding individuals under circumstances that warrant a justifiable and reasonable alarm or immediate concern for the safety of persons or property in the vicinity Georgia Code § 16­11­36(a) Sources of Law Sources of Law Administrative Regulations Give clarity and provide enforcement of statutes Sources of Law Sources of Law Judicial Decisions Legal opinions issued by a judge deciding a legal issue which has arisen in a case Also known as case law These opinions are then followed by later courts as prior precedent Stare decisis Sources of Law Sources of Law Judicial Decisions Advantages: Reliance on past precedent offers stability and predictability in the legal system Allows judges to take unique facts of a case into consideration to reach a just outcome Allows judges to consider changes in circumstances Sources of Law Sources of Law Judicial Decisions Disadvantages: Volume, time, and expense Conflicting precedent Lack of precedent Rejected precedent Hierarchy of Laws Hierarchy of Laws U.S. Constitution Federal Statutes Federal Administrative Regulations State Constitutions (apply only in the applicable state) State Statutes (apply only in the applicable state) State Administrative Regulations (apply only in the applicable state) Local Ordinances (apply only in the applicable locality) Judicial Decisions / Case Law ...
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