Common Law, Statutory
Law, and Administrative Law
Judge-made law; made up of all the decisions made by
Two hundred years ago, almost all law was common
law; most new law is statutory.
Civil vs. Criminal Law law: Prohibits
and punishes conduct that
threatens public safety
Beyond Reasonable Doubt
Jail or Prison
Private injury (parties hire
their own a
Business Ethics and Social
The one and only social responsibility of
business is to increase its profits.
Milton Friedman (b. 1912),
Nobel laureate in economics
The business of business is serving
society, not just making money.
Legality, Consent, and
A verbal contract isnt worth
the paper its written on.
I am not young enough
A contract that is illegal is void and
Introduction to Contracts
The whole duty of government is to
prevent crime and to preserve
British Prime Minister
1179 - 1848
The Purpose of a Contract
Contracts exist to make business matters
Intentional Torts and
Progress everywhere today does
seem to come so very heavily
disguised as chaos.
Joyce Grenfell, British actor
Categories of Tort Law
Does not necessarily require an intention to harm the
Give me the liberty to know, to
utter, and to argue freely
according to conscience, above
John Milton, English poet, 1644
The Constitution of the United States is a
remarkable document in many ways.
One of the greatest pains to human nature is
the pain of a new idea.
1826 - 1877
English economist and journalist
Unlike other types of property, intellectual
property has little economic value unless it is
used by ma
There is only one good
kind of legal dispute -
The one that is prevented!
You have a chance to go
broke twice in your life;
once when you lose a
lawsuit, the other time,
when you win.
Structure of our court systems
Problem 11-12 Initial investment-Basic calculation
Cushing Corporation is considering the purchase of a new grading machine to replace
the existing one. The existing machine was purchased 3 years ago at an installed cost
of $20,000; it was being depreciat
Please complete the Homework problems P8-2, P8-11, 8-20 & 8-26 from Ch 8. Submit your
method & answers by Wednesday 6.00 pm ( 7/23/14) to get full credit for class participation.
Return = Cash distributions + Ending value- Initial value