Chapter 1: Business and
Its Legal Environment
Knowledge of black-letter not
enough - business now
assumes an ethical dimension.
Many Different Laws May
Affect a Single Business
in federal level, law can be passed only by congress.
State- legislative and government
1. Federal Constitution, State Constitution
Supreme basis government relationship with its people
2. Statues, or law passed by Congress & state legisl
1B LAW 220 PAUL V. MORGAN, JR.
COURSE DESCRIPTION AND OBJECTIVES:
In this course in law, emphasis is placed upon the growing interrelationship of legal, ethical
and business concepts. The basic course topics of contracts, sales
Michael Denyer, Jaimie Kowalsky, Nick Velles
When creating a new business, the proper forms must be filed with the State of
Connecticut Secretary of the State. For limited partnerships, limited liability companies, and
corporations, the Secretary
1. Promise to pay: Promissory note or a CD (leave money with a bank that accrues interest, to be withdrawn at a maturity date)
Order to Pay: DRAFT(order by drawer to a drawee to pay a 3rd party(payee). If payable on demand, its a