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Legal Environment of Business

by: Alberto Maza

Legal Environment of Business 2900

Marketplace > University of Missouri - St. Louis > Business > 2900 > Legal Environment of Business
Alberto Maza
GPA 3.5
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About this Document

Review of Chapter 1: Legal Foundations
Legal Environment Of Business
Elizabeth Grimm-Howell
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This 2 page Class Notes was uploaded by Alberto Maza on Sunday January 24, 2016. The Class Notes belongs to 2900 at University of Missouri - St. Louis taught by Elizabeth Grimm-Howell in Winter 2016. Since its upload, it has received 31 views. For similar materials see Legal Environment Of Business in Business at University of Missouri - St. Louis.


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Date Created: 01/24/16
CHAPTER 1: LEGAL FOUNDATIONS Law is defined as the principles and regulations established in a community by some authority and applicable to its people. The different purposes of law are: to keep social order, to protect people from each other, to provide predictability for individuals and businesses and to control behaviour. The highest law voice in the United States is the Supreme Court. Its decisions can never be overturned. There is always a resolution at every trial. Someone always wins, while other losses. Resolutions are not always perfect. Law derives its authority either from: - Divine/natural order which is called the natural law. -The consent of the people/will of the majority / social contract (positivism). It means that majority is never wrong and democracy works perfectly. Judges´ experiences and view of the world could affect the way in which law is applied. The sources of American law are: -Case law or ¨common law ¨. It is created based on previous precedents. By a precedent we understand a legal decision that is either binding on or persuasive for a court or other tribunal when deciding subsequent cases with similar issues or facts. - Constitutions (federal and state) -Status which are passed by legislatures. -Administrative law which is made by agencies. Most of laws in the United States derive from England. The original system of courts inherited from Britain was a dual system: law courts and courts of equity or ¨chancery courts¨. Most states have now merged the two courts, but the distinction remains in legal vs. equitable types of petitions and relief. -At law, parties are plaintiff and defendant, relief is monetary and judge´s decision is an order. Also, parties have the right to trial by a jury. -In equity, parties are petitioner and respondent, relief is other than money and judge´s decision is a decree. There is no juries in equity.


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