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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 broadis 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 trialfiduciary 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 law1. 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.