Business law review - Relationship between business and law...

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August 21, 2007 Relationship between business and law** o Business      – Any enterprise organized for the purpose of making a  profit o Law      – A body of enforceable rules that govern individuals in society o -**Making a profit legally Bending the law = ethical violation o Ex.: Age discrimination in employment August 23, 2007 3 branches of US government o Executive – President o Legislative – House & senate = congress o Judicial – Supreme court (John Roberts) Bills = Laws (before the are passed as “laws”) needing to be passed by  congress o Can be vetoed by the president o President’s veto can be overridden by 2/3 vote from the house AND  senate Basics of American Law o Federal & State constitutions Structure of government Rights & obligations of the government - What the government is prohibited from doing Civil Law  – The branch of law dealing w/ the definition & enforcement of  all private or public rights, as opposed to criminal matters o One person/company sues another person/company for money Criminal Law – Law that defines & governs actions that constitutes crimes.  Generally, criminal law has to do w/ wrongful actions committed against  society for which society demands redress. o Crime – a wrong against society proclaimed in a statute &, if  committed, punishable by society through fines &/or imprisonment -  & in some cases, death. Statutory Law – Enacted by legislative bodies (signed by president) Conversion – Stealing (civil) Common Law or Judge-made Law o Written opinion by a judge o Stare Decisis  (Latin) – Let the decision stand
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Similar cases must be dealt w/ in the same manner –  predictability  August 28, 2007  Classification of Law o Civil      – rights & obligations from one person to another or one  corporation to another o Fraud      – Any misrepresentation, either by misstatement or omission  of material fact, knowingly made w/ the intention of deceiving  another & on which a reasonable person would & does rely to  detriment (damage) Civil fraud      – against one person, not affecting society Criminal fraud      – in violation to criminal statute o Liability AND Damages     Liability      – any actual or potential legal obligation, duty, debt,  or responsibility Damages      – Money sought as a remedy for a breech in  contract **Unless you have BOTH, you have no Recovery Burden of Proof o Civil – preponderance (greater weight of evidence) o Criminal – beyond a reasonable doubt o **There is a difference because in a criminal case, your life &/or 
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