MIE chapter 1 - What is law Rules and regulations...

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What is law? Rules and regulations, enforcement Law sets forth Represent what a majority of people want. An overwhelming majority of people will comply with law. Why? Repercussions. Chaos. Natural law of tradition-oldest. Legal positivism- no law higher than the gov’t law. Everyone must obey even if they think it is unjust. Legal realism-80 or 90 years old. Reality of law making, Business Activities= The Nature of Law Law- enforceable rules governing relationships among individuals and between individuals and their society. They establish rights, duties, and privileges that are consisitent with the values and beliefs of their society or ruling group. Jurisprudence- the science or philosophy of law, involves learning about different schools of legal thought and discovering how each school’s approach to law can affect judicial decision making. 1. Natural law of tradition- oldest law, Aristotle. Legal system should reflect unicersal moral and ethical principles that are inherent in human nature. 2. Legal positivism- there is no law higher than the laws of the Government. There are no natural rights, laws must be obeyed no matter what. 3. Legal realism- law is shaped by social forces and needs. 1920s and 1930s. law can never be applied with total uniformity. Influences sociological school -the law is a tool for promoting justice in society. Historical school- concentrates on the origin and history of the legal system and looks at the past to discover the principles of law. Business activities and the legal environment Many different laws may affect a single business transaction Businesspeople must also take ethics into account.
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