Chapter 01 - Law as the Foundation of Business
LAW AS THE FOUNDATION OF BUSINESS
I. LEARNING OBJECTIVES
The purpose of this chapter is to introduce the students to the subject of law and to some
classifications of its subject matter. In addition, it is designed to instill in them respect for the
role of the "rule of law" in our society and that the judicial system is the most important
stabilizing force in society. It should create an awareness that law is a foundation for the private
market and “property” as a legal concept underpins that market and contributes to the maximum
wealth of nations through productivity. This chapter also describes stare decisis, basic sources of
our law, and sanctions that can be imposed when the law is not followed.
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