Business Law Chapter1
Business Law Chapter1 BL 2413
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This 3 page Class Notes was uploaded by Brandon on Monday January 25, 2016. The Class Notes belongs to BL 2413 at Mississippi State University taught by Cecelia Cook in Spring 2015. Since its upload, it has received 53 views. For similar materials see Legal Envt Business in Business Law at Mississippi State University.
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Date Created: 01/25/16
Business Law Chapter 1 Signi cance of law John Locke 1600 s English social philosopher quotWhere there is no law there is no freedomquot Provision of freedom at the very basis of laws comes the freedoms we enjoy as citizens 3 things the law does for 1 Law provides us with stability and predictability 0 We know the likely hood of a lawsuit because of what has gone before 2 Allows citizens what is legally right and legally wrong 0 quotIgnorance of the law is no excusequot 3 It provides rights duties and privileges 0 Right Legal capacity to require another person to act or refrain from acting o Duty Legal obligation to act or refrain from acting 0 Rights and duties are absolute and apply to everyone 0 Privilege can be taken away They only apply to a few individuals Law consists enforceable rules governing relationships among individuals and between individuals and their government Single most important in uence in your everyday life Sources of a law 4 sources of law 0 1 Constitutional Law United States Constitution and State Constitutions US constitution is the bedrock of all laws that are made The US Constitution is the Supreme Law of the land Article 6 It is a living document meaning it can change Interpreted by thejudicial System We have expressed rights written and stated gt Bill of Rights 0 2 Statutory Law Laws that are enacted by legislative bodies Federal laws by US Congress State Laws by state legislatures National laws affect everyone and state laws And the municipallocal interest laws ex when garbage is picked up ALL criminal laws are Statutory o 3 Administrative Law the rules and regulations promulgated by administrative agencies Ex President s Cabinet CIA FCC Department of transportation planning and zoning Parks and Rec 0 4 Common Law Heart of legal system JUDGE MADE M Every time a just makes a decision he either makes new law or follows prior decisions Precedent Following what has gone before Doctrine of Stare Decsis Latin for quotlet the decision standquot 0 Kings Court Early 1200 s1400 s where king appointed judges 0 Court of Law Remedies Land Money and other valuables A solution basically Circuit courts deal with this Also we have introduced punishment 0 Courts of Equity Looking for something more than the remedies in a court of Law Wills Divorces Contracts etc MS has Chancellery Courts 0 Rosco Pounds 1800 s quotThe Law should be stable but never stand stillquot Things change overtime and the law has to keep up with that EX Allbright Factors that decide which parents gets custody of a child in a divorce Also Plessy v Ferguson supreme court says Separate but Equal l 50 years later 1953 Brown v Board overturns separate but equal separate is inherently unequal Classifying Law 4 way 0 Law can either be substantive or procedural Substantive subject matter Procedural case proceeds through the court system How do we let defend know that a case has been led against them What evidence can be presented to the jury 0 Civil or Criminal Law Both are substantive law Civil Laws that applies among individuals Rights and duties of individuals Criminal Deals with the wrongs committed against society Styles United States v Person 0 Laws can be private or public Private dispute between individuals Public between gov t and individuals 0 Classifying law by remedy Courts of law see above Courts of equity see above
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