BookNotesBus215 - Business & Its Legal Environment Section...

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Section One: Schools of Jurisprudential Thought The Natural Law School o One of the oldest and most significant schools of legal thought. Those  who believe in natural law hold that there is a universal law applicable  to all human beings. This law is discoverable through reason and is of  a higher order than positive (national) law. The Positivist School o 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. The Historical School o A school of legal thought that stresses the evolutionary nature of law  and that looks to doctrines that have withstood the passage of time for  guidance in shaping present laws. Legal Realism o A school of legal thought, popular during the 1920s and 30s, that left a  lasting imprint on American jurisprudence. Legal realists generally  advocated a less abstract and more realistic and pragmatic approach  to the law, an approach that would take into account customary  practices and the circumstances in which transactions take place.  Legal realism strongly influenced the growth of the  sociological school  of jurisprudence, which views law as a tool for promoting social justice. Section Two: Business Activities and the Legal Environment Business Decision Making o Areas of the law that may affect business during decision making: Contracts Courts and court procedures Sales Negotiable Instruments Professional Liability Business Organizations Creditors’ Rights Agency
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Intellectual Property Torts E-Commerce Product Liability Section Three: Sources of American Law Constitutional Law o The law as expressed in the US Constitution and the state  constitutions. The US Constitution is the supreme law of the land.  State constitutions are supreme within state borders to the extent that  they do not violate a clause of the US Constitution or a federal law. Statutory Law o Laws (statutes and ordinances) created by federal, state, and local  legislatures and governing bodies. None of these laws may violate the  US Constitution or the relevant state constitution. Uniform statutes,  when adopted by a state, become statutory law in that state. Administrative Law o The rules, orders, and decisions of federal, state, or local government  administrative agencies. Case Law and Common Law Doctrines
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This note was uploaded on 04/07/2008 for the course BUS 215 taught by Professor Mcquiddy during the Spring '08 term at Chapman University .

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BookNotesBus215 - Business & Its Legal Environment Section...

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