Misunderstood by many managers selected companies

misunderstood by many managers, selected companies should be able to leverage their
legal resources into a source of competitive advantage that is sustainable over the long
term.
● The gov entities make policy decisions on matters or tax, regulation,and licesing that
make or break entire undustry sectors and influence which companies within the sectors
succeed
● Purpose of law- ensuring of orderliness to all human activity
● No universal definition of the law
● How broad is the LAW- page 10
Law according to philosophers page 10
Prima facie
● “On its face”
● the evidence before trial is sufficient to prove the case unless there is substantial
contradictory evidence presented at trial
fiduciary duties
● Obligation of respect (profionalism)
● Duties
● It boils down to reasonable personal standard.
Personal jurisdiction
● You can only drag into court

● If you write good contractracts you don’t have to worry much of the law. .
In our legal system there are primary and secondary sources.
● Primary sources contain legally binding rules and procedures. (black leather laws)
○ Constitution : oldest legal document - sets super important laws of the land and
foundations of society.
○ State Level Constitutions : tend to be longer and deal with more issues that impact
daily living within the state.
○ Statutes : laws that are passed by legislative bodies.
○ Regulations : laws that are set forth by some sort of administrative body (i.e. FDA
or EPA).
○ Binding Court Decisions : when a court needs to interpret a law and make a
decision that either clarifies it or helps figure out how it is supposed to apply to
society
● Secondary sources :
help explain laws, restatements, hypotheticals
.
○ Government Websites : underrated source of info about the law.
○ Restatements : explain laws in different ways to help people figure out how the
law should be interpreted and applied.
○ Law Review Journals, Legal Publications, Academic Scientific Research
● For a legal sys to function prop, it must command the respect of the great majority of ppl
governed by it.
How we think of the law
1. Rule oriented approach
● Has tunnel vision - very stark, black and white, here is the law, it’s the same yesterday
as it is today and it will be the same thing tomorrow - when you ask an attorney about a
law, should respond with rule oriented approach.
2. Process oriented approach
● Views the law broadly; looks at how the rules are created; asks "Why?"
● Judicial activism - basically is when a judge is helping to nudge the law along - pretty
much any time a judge is moving the law in one direction or the other or widening or
narrowing who it applies to or adding a new exception to a law, that’s the judge actively
changing and helping the law along.