CH01_LectureNotes

CH01_LectureNotes - The Environment of Business CHAPTER 1...

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    CHAPTER 1 CHAPTER 1 The Legal and The Legal and International Foundations International Foundations The Environment of The Environment of Business Business
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    INTRODUCTION We must understand that: The law is a set of general rules In applying these general rules, a judge cannot always fit a case  to suit a rule, so must fit (or find) a rule to suit the case In fitting (or finding) a rule, a judge must supply reasons for the  decision What is the law? Answer includes how jurists have answered the question How common law courts originated  Rationale for the doctrine of  stare decisis
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    The Nature of Law Law is a body of enforceable rules governing relationships  among individuals and between individuals and their society. Three important schools of legal thought: Natural law tradition. Legal positivism. Legal realism.
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    Natural Law Tradition One of the oldest and most significant schools of  legal thought. Those who believe in natural law hold there is a  universal law applicable to all human beings and  that this law is of a higher order than positive, or  conventional law.
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    Legal Positivism A school of legal thought centered on the  assumption that there is no law higher than the  laws created by the government. Laws must be obeyed, even if they are unjust, to  prevent anarchy.
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    Legal Realism A popular school of legal thought during the 1920s and  1930s. Legal realists generally advocated a less abstract and more  realistic approach to the law, an approach that would take  into account customary practices and the circumstances in  which transactions take place.  The school left a lasting imprint on American jurisprudence.
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    Business Activities The law impacts every-day business transactions. Many different laws may affect a single business  transaction. Ethics and the legal environment. What is the relationship? What is the relationship between ethics and profits?
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    Sources of US Law Constitutional Law Statutory Law Case Law and Common Law Doctrines Administrative Law
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    Sources of American Law   Which source of law takes priority in the following situations, and why? A federal statute conflicts with the U.S. Constitution.
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This note was uploaded on 04/07/2008 for the course BUSA 2106 taught by Professor Johnson during the Winter '08 term at Gordon GA.

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CH01_LectureNotes - The Environment of Business CHAPTER 1...

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