BLaw 210 - Business Law Marc Lindsey * = test material...

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Business Law Marc Lindsey * = test material 1/12/11 Homework Brief- 2.1 Masiondrea Due wed. 19th Chapter 1: Intro to Law and Legal Reasoning Business Activity and Legal Environment Law regulates many different areas of business. Study of business law also involves knowledge of ethics in decision-making. Many different laws may affect a single business transaction Sources of American Law U.S. and State Constitutions. Statutory Law—federal, state and local. Administrative regulations and decisions. Case Law and Common Law Doctrines The Common Law Tradition American law is based largely on English Common Law which was based largely on traditions, social customs, rules, and cases developed over hundreds of years. At common law, there were two separate court systems with two different types of remedies: o COURTS OF LAW (monetary relief), and o COURTS OF EQUITY (non-monetary relief) based on “notions of justice and fair dealing.” Courts of Law Also called “king’s courts” where judges were appointed by the king. Remedies limited to those provided at law, i.e., land, chattel, money.
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BLaw 210 - Business Law Marc Lindsey * = test material...

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