GB Chapter 1 Lesson

GB Chapter 1 Lesson - Chapter1Lesson...

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Chapter 1 Lesson  Chapter 1 - Introduction to Law OBJECTIVES: After completing this lesson, the required reading, and the assignments, learners will be  able to:  o Understand the concept of jurisprudence, identify several different theories,  and describe how they affect our undestanding of the law. o Explain why the study of legal issues is important to business students.  o Classify the different types of law.  o Discuss the sources of law and distinguish between statutory,  administrative and common law.  o Read and understand legal cases and answer questions about them.  Why Study Legal Issues? Most of you are probably taking this class because it is a requirement for your major.   Why do you think this class is a requirement?  How will the information you learn in this  course be helpful to you after you graduate?   Imagine you've just graduated from Boise State and you've decided to open a bicycle  sales and repair shop with a good friend.  What legal topics would you like to have  knowledge about before you begin? What legal issues might arise as you plan and then  begin doing business?   o What type of legal entity should you choose?  A partnership?  A  corporation?  A limited liability company (LLC) or a limited liability  partnership (LLP)?   o How do you intend to finance your business?  Borrow money?  Do  you intend to lease or own the real property?  Each of these  considerations involves a contract.   o Will you hire employees?  Think about some of the legal issues  involved in employment law:  salaries, overtime, discrimination laws,  employment-at-will and exceptions, workers' and unemployment  compensation benefits, OSHA - to name a few!  
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o What about product liability?  What if you sell a bike that isn't  manufactured properly?  Knowledge about warranties and product  liability is extremely important.   o What will you name your business?  Knowledge about trademarks  and other intellectual property laws might be helpful.   o What happens when you sell a bike on credit and don't receive any  payments?  How can you collect on the debt?   Can you think of any other issues?  Are you starting to understand why the information 
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This note was uploaded on 12/02/2011 for the course GEN BUS 201 taught by Professor Susanpark during the Fall '11 term at Boise State.

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GB Chapter 1 Lesson - Chapter1Lesson...

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