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1 Business Law and the Legal Environment 2020, v. 5.1 Keith Tierney updated and enhanced this work in 2019 based on an adaptation of Business Law and the Legal Environment by the Saylor Academy . The 2012 Saylor Academy version is licensed under CC BY-NC-SA 3.0 . This version is licensed under a CC BY-NC-SA 4.0 license. The original creators/licensors have requested that they not be attributed.
2 Chapter 1 Introduction to Law and Legal Systems .................................................................................... 4 Chapter 2 Corporate Social Responsibility and Business Ethics ............................................................... 19 Chapter 3 Courts and the Legal Process ................................................................................................ 34 Chapter 4 Constitutional Law and US Commerce ................................................................................... 56 Chapter 5 Administrative Law ................................................................................................................ 78 Chapter 6 Criminal Law .......................................................................................................................... 82 Chapter 7 Introduction to Tort Law ....................................................................................................... 94 Chapter 8 Introduction to Contract Law (Hardbound chapter 8 and 53) ............................................... 146 Chapter 9 The Agreement ................................................................................................................... 163 Chapter 10 Consideration (Hardcover chapter11) Consideration ......................................................... 184 Chapter 11 Real Assent (Hardbound chapter10) .................................................................................. 196 Chapter 12 Legality .............................................................................................................................. 217 Chapter 13 Form and Meaning ............................................................................................................ 230 Chapter 14 Discharge of Obligations(Hardbound Ch. 15) ..................................................................... 242 Chapter 15 Remedies (Hardbound chapter 16) ................................................................................... 257 Chapter 16 Introduction to Sales and Leases (Hardbound chapter 17) ................................................. 278 Chapter 17 Title and Risk of Loss (Hardbound chapter 18) ................................................................... 291 Chapter 18 Performance and Remedies (Hardbound chapter 19) ........................................................ 304 Chapter 19 Nature and Form of Commercial Paper (Hardbound Chapter 22) ....................................... 317 Chapter 20 Negotiation of Commercial Paper (Hardbound chapter 23) ............................................... 327 Chapter 21 Holder in Due Course and Defenses (Hardbound chapter 24) ............................................ 339 Chapter 22: Secured Transactions and Suretyship (Hardbound chapter 28) ......................................... 349 Chapter 23 Introduction to Property: Personal Property and Fixtures (Hardbound Chapter 31) ........... 373 Chapter 24 Intellectual Property (Hardbound Chapter 32) ................................................................... 381 Chapter 25 Mortgages and Nonconsensual Liens (Hardbound chapter 29) .......................................... 392 Chapter 26 The Transfer of Real Estate by Sale (Hardbound chapter 34) .............................................. 402 Chapter 27 The Nature and Regulation of Real Estate and the Environment (Hardbound chapter 33) .. 404 Chapter 28 Landlord and Tenant Law (Hardbound chapter 35) ............................................................ 423 Chapter 29 Corporation: General Characteristics and Formation (Hardbound chapter 43) ................... 435 Chapter 30 Partnerships: General Characteristics and Formation (Hardbound chapter 40) .................. 461 Chapter 31 Securities Regulation (Hardbound chapter 46) ................................................................... 481 Chapter 32 Antitrust Law (Hardbound chapter 48) .............................................................................. 490 Chapter 33 Unfair Trade Practices and the Federal Trade Commission (Hardbound chapter 49) .......... 503
3 Chapter 34 Employment Law (Hardbound chapter 50) ........................................................................ 510 Chapter 35 Labor-Management Relations (Hardbound chapter 50) ..................................................... 537
4 Chapter 1 Introduction to Law and Legal Systems 1. What Is Law? Black’ s Law Dictionary says that law is “a body of rules of action or conduct prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequence is a law.” Black’s Law Dictionary , 6th ed., s.v. “law.” 1.1 Functions of the Law In a nation, the law can serve to (1) keep the peace, (2) maintain the status quo, (3) preserve individual rights, (4) protect minorities against majorities, (5) promote social justice, and (6) provide for orderly social change. Some legal systems serve these purposes better than others.

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