CHAPTER 1. SECTION 4.
SCHOOLS OF JURISPRUDENTIAL THOUGHT
Closely related to our study of ethics in Chapter 4 is this Section 4 in Chapter 1. The authors of
your textbook discuss the different schools of legal (jurisprudential) thought in the context of ho
January 27th, 2017
March 7, 2017
Legal Environment of Business Spring Paper
Part 1: Base Assignment Recalls:
Around a year ago I purchased a self-balancing hoverbooard. These are simply sold at
your mall kiosk. Weeks after my
Domicile, Service, Consent, Systematic and
Contnuous contacts, Long Arm Statutes
"Over the thing"
Standing to Sue
"sufficient stake in
Business Law Research Paper
You are required to complete an 8-10 page paper presenting the findings of your own
research on an area of business law that interests you. The paper will be worth 50
points of your grade and must be typed, double-spa
Bluebook (19th ed.) Citation Format Examples
1. Book published by a single publisher:
2 FREDERICK POLLOCK & FREDERIC WILLIAM MAITLAND, THE
HISTORY OF ENGLISH LAW 205-06 (2d ed. 1911).
2. Book published in editions by multiple publishers:
Chapter 9: Contract Formulation
Contract vs. Promise
Promise: A persons declaration that something will or will not
happen in the future
o Promisor: The person making the promise (offerer?)
o Promisee: The person to whom the promisor made the
Chapter 19 - corporations
Corporations: A legal entity formed in compliance with the statutory
requirements of its states of incorporation, owned by shareholders whose
liability is limited to their investment in the corporation, and managed by
White Collar Crimes
Embezzlement: Fraudulently appropriating money or other
property one has been entrusted to handle.
Mail Fraud: Mailing or causing someone to mail something written,
printed, or photocopied in furtherance of a sch
Why business ethics?
Elements of trust in business relationships
Cost of unethical behavior
Ethics as a strategy
Value of a good reputation
Tips for following the Law
Businesses should learn the followi
NATURAL LAW AND POSITIVE LAW
Law: A body of enforceable rules governing relationships
among individuals and between individuals and their
Natural Law: A system of universal moral and ethical
principles that are inherent in human nature and that
Agency: A fiduciary relationship that results when one
person (the principal) manifests her consent that another
person (the agent) will act on her behalf and subject to
her control, and the agent manifests his consent to so ac
TORTS: AN INTRODUCTION
Tort: A civil wrong, not arising from a breach of contract
or other agreement. A breach of a legal duty that
proximately causes another person harm or injury.
Civil vs. Criminal Wrong: A tort is a civil wrong,
punishable by pa
SCOPE OF UCC ARTICLE 2
Article 2 of the UCC governs sales of and contracts for
the sale of goods, pursuant to which a seller transfers to a
(1) title (formal right of ownership) to
(2) goods (tangible, movable property)
(3) in exchange for money.
CLASSIFICATION OF CRIMES
Crime: A wrong against society, defined in a statute and
punishable by fines, imprisonment, or in rare cases
Depending on their degree of seriousness, crimes are
classified as felonies or misdemeanors.
Felony: A crime such
Corporation: A legal entity formed in compliance with the
statutory requirements of its state of incorporation, owned
by shareholders whose liability is limited to their
investment in the corporation, and managed by (i) a board
ISSUES IN SELECTING A BUSINESS FORM
Entrepreneur: Someone who initiates and assumes the
financial risk of a new enterprise.
One or more entrepreneurs setting out to start a business
should consider the following four factors when deciding
what form of bus
Judicial Review: The process by which a court decides the
constitutionality of legislative enactments and actions by
the executive branch.
While the U.S. Constitution makes no mention of the
power of judicial review, Alexander Hamilton and
Lien: A claim against a debtors property that must be
satisfied before other creditors may claim the property or
its proceeds to satisfy the debtors obligations to them.
Mechanics Lien: A lien on real property to ensure
payment for work pe
CONTRACT VS. PROMISE
Promise: A persons declaration that something will or will
not happen in the future.
Promisor: The person making the promise.
Promisee: The person to whom the promisor made the
Contract: An agreement between two or more compe
Federal Government: A form of government where states
form a union and the sovereign power is divided between
the national government and the various states.
The Privileges and Immunities Clause: Article IV of the
U.S. Constitution provides tha
DISCHARGE AND CONDITIONS
Discharge: The termination of a partys obligations arising
under a contract. Discharge occurs either when:
(1) both parties have fully performed their contractual
(2) events, conduct of the parties, or operation of
Ethics: Moral principles and values applied to social
Business Ethics: Moral principles and values applied to
situations that arise in a business setting.
A particular challenge facing businesses is ethically
balancing the compet
Limited Liability Company (LLC): A hybrid form of
business, which is taxed like a partnership while offering
owners the limited liability of a corporation.
An LLC is composed of one or more owner(s), called
member(s), who must file articles of organi
Grade Lookup Table
Laws are created through two different methods:
Case (common) Law
Statutory Law, created by the state
The 4th Amendment
It is unreasonable for the government to search a place or seize a person or
things without a warrant.
Becoming an Entrepreneur
What form of business organization should you select?
o Sole Proprietorship: single individual doing business without
forming a separate business organization (never operate one)
Easy and inexpensive
Business Law 2/18/15
To Bring a Lawsuit:
Personal: how to bring the person into the court room
Subject matter: legal dispute
2. Venue: right physical location
3. Standing: sufficient interest in lawsuit?
Consolation with Attorney
Unit 1: Employment Environment (chapter 21 & 22)
Employment at Will
Now regulated by state and federal statues
Rule: Either party may terminate at any time for any reason, unless contrary to law
Exceptions to Employment at Will