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Business law Chapter one Week one notes

by: Sarah Albert

Business law Chapter one Week one notes SPTE 240 001

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Sarah Albert

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Business Law
Joseph R. Lefft
Class Notes
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This 4 page Class Notes was uploaded by Sarah Albert on Friday January 29, 2016. The Class Notes belongs to SPTE 240 001 at University of South Carolina taught by Joseph R. Lefft in Summer 2015. Since its upload, it has received 106 views. For similar materials see Business Law in Physical Education at University of South Carolina.

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Date Created: 01/29/16
Business law Exam One    Chapter One  Business law­ enforceable rules of conduct that govern commercial relationships  ● buyers and sellers interact in market exchanges within the rules that indicate the boundaries of legal business  behavior  ● All contracts, employment decisions, and payments to a supplier are limited and protected by business law  ● functional areas of business affected by business law: Corporate management, production and transportation  marketing, research and development, accounting and finance, and Human resource marketing  Law­ rules of conduct in any organized society that are enforced by the governing authority of the community   ● purpose of the law: Providing order, serving as an alternative to altercation, facilitating a sense that change is  possible, encouraging social justice, guaranteeing personal freedoms, serving as a moral guide  Classifications of Law  ● Private law­ involves disputes between private individuals or groups  ○ if a business person owns a computer equipment store and is delinquent in paying rent to the landlord   ● Public law­ involves disputes between private individuals or groups and their government  ○ if a computer store dumps waste behind the building in violation of local, state, or federal environmental  regulations  ● Civil law­ involves the rights and responsibilities involved in relationships between persons and between persons  and their government   ○ remedies available when someone’s rights are violated   ○ 1993­ jack in the box was ordered to pay damages after a 2 year old died of food poisoning from e­coli   ● Criminal law­ involves incidents in which someone commits an act against the public as a whole  ○ prosecuted not by individuals but by the state or federal government   ○ ex. prohibition against insider trading on the stock exchange  Sources of Business Law  ● Constitutions: the United States Constitution and the constitution of each state establish the fundamental  principles and rules by which the United States and the individual states are governed   ○ constitutional law­ the general limits and powers of a government as interpreted from its written  constitution   ● Statutes­ legislative actions  ○ statutory law­ assortment of rules and regulations put forth by legislatures   ■ can be found in the United States Code when they are passed by Congress or in the various state  codes when they are enacted by state legislatures   ■ address important business considerations such as local taxes, environmental standards, zoning  ordinances, and building codes   ○ model or uniform laws­ serve as a basis for some statutory laws at the state level  ■ National Conference of Commissioners on Uniform State Laws(NCC) the NCC regularly urges  states to enact model laws to provide greater uniformity of law.  The state legislatures can ignore  a suggestion or adopt a part of the proposed model law  ■ The NCC became the source of the Uniform Commercial Code(UCC) the UCC laws include sales  laws and other regulations affecting commerce, such as bank deposits and collections, title  documents, and warranties  ● Cases law­ is the collection of legal interpretations made by judges.  Alternative name­ common law  ○ precedent­ the use of past decisions to guide further decisions   ■ ex.  many retailers of hot beverages provide warning labels on their cups because of the precedent  set by the Mcdonald's case  ○ When courts rely on precedent, they are obeying stare decisis “standing by the decision”  ■ following stare decisis creates greater predictability for both businesses and individuals that look  to the courts for the rules on which they should rely when they engage in market exchanges  ■ rulings that are made in higher courts become binding precedent for lower court  ■ if a new issue comes before two state courts and there is no binding decision from the state  supreme court, both state courts need to look for other rulings on similar cases.  They are not  bound by each other's decisions   ■ The decisions in these lower courts can be appealed to the state's appeal court, however, and the  appeal court's decision can be appealed to the state supreme court  ● if the state supreme court rules on the case, its decision is binding for the state but does  not affect earlier decisions made by state courts  ■ ex of a case that has been used in accordance with stare decisis is Brown vs Board of education  ● University of California vs Bakke   ○ Restatements of the law­ summaries of common law rules in a particular area of the law.   Restatements  do not carry the weight of law but can be used to guide interpretations of particular cases  ● Administrative Law­ The federal government, as well as state and local governments, has dozens of  administrative agencies, whose task is to perform a particular government function  ○ ex the Environmental Protection Agency­ responsibilities to enforce federal statutes in the area of  environmental protection  ○ Occupational Safety and Health administration (OSHA)  ○ Independent Agencies: Commodity Futures Trading Commission, Consumer Product Safety Commission,  Equal Employment Opportunity Commission, Federal Trade Commission, Federal Communications  Commission, Interstate Commerce Commission, National Labor Relations Board, National  Transportation Safety Board, Nuclear Regulatory Commission, Securities and Exchange Commission  ○ Executive Agencies­ Federal Deposit Insurance Corporation, Occupational Safety and Health  Administration, General Services Administration, National Aeronautics and Space Administration, Small  Business Administration, International Development Cooperative Agency, National Science Foundation,  Veterans Administration, Office of Personnel Management  ● Treaties­ a treaty is a binding agreement between two states or international organizations  ○ a treaty is generally negotiated in the executive branch.    ○ to be binding it must be approved by 2/3 of the Senate  ● Executive Orders­ The President and state governors can issue directives requiring that officials in the executive  branch perform their functions in a particular manner  ○ The Code of Federal Regulations(CFR) contains all the executive orders created by the president      Schools of Legal Interpretation   ● Natural law­ the idea that there are certain ethical laws and principles that are right and above the laws devised by  humans  ○ ethical laws and moral principles above human made laws  ○ ex.  Dow Chemical wants its suppliers to conform to US environmental and labor laws, not just the local  laws of the supplier's country.  This reaction reflects the belief that people have a right to be treated fairly  ● Legal Positivism­ idea stresses that societies require authority and the hierarchy that such authority demands.  When a duly authorized branch of government issues a law, positivism would urge us to see our proper role as  obedience.    ○ this view sees law as something quite distinct from morality  ○ the belief that one should follow the law regardless of disagreements because it was set by the  government    ● Identification with the Vulnerable­ closely linked to natural law and the pursuit of fairness in our society.  The ill,  children, the aged, the disabled, and the poor, require assistance to meet their fundamental needs of life, health,  and education  ○ ex minimum wage laws  ● Historical School: tradition: Stare decisis is rooted in this perspective.  Past practice is assumed to have been the  product of careful thought  ● Legal Realism­ when ruling on a case, judges need to consider more than just the law.  They should also take  factors of social and economic conditions into consideration when making a judgement.  ○ judges who follow this school of thought are more likely to depart from past court decisions to account  for the fact that our society is constantly shifting and evolving  ■ ex Family and Medical Leave Act (FMLA) provide workers with unpaid leave every year to take  care of family related affairs  ● Cost­Benefit Analysis­ we need to examine all the costs and benefits for alternative laws or decisions and place  monetary value on those costs and benefits   ○ ex regulations enacted by the EPA can affect cost and benefit in the national economy.  Polluted land is  an economic loss because it cannot be used for farming or recreation      Business Ethics and Social Responsibilities   ● Ethics is the study and practice of decisions about what is good or right  ● Business ethics­ the application of ethics to the problems and opportunities experienced by business people   ● Ethical Dilemma­ A problem about what a firm should do for which no clear, right decision is available   ● Social Responsibilities of Business: expectations that the community imposes on firms doing business inside its  borders    The WPH framework for Business Ethics  This approach provides future business managers with some ethical guidelines or practical steps that serve as a dependable  stimulus to ethical reasoning in a business context   ● The decision that affect particular groups of stakeholders in the operation of the firm.  Who would this decision  affect?  ○ WHO= consumers, owners or investors, management, employees, community, and future generations  ○ stakeholders are the many groups of people affected by the firms decisions  ● The decisions are made in pursuit of a particular purpose.  Business decisions are instruments toward an ethical  end  ○ PURPOSE= freedom, security, justice, efficiency   ○ Values are positive abstractions that capture our sense of what is good or desirable  ■ Freedom: to act without restriction from rules imposed by others, to possess the capacity or  resources to act as one wishes, to escape the cares and demands of this world entirely  ■ Security: to possess a large enough supply of goods and service to meet basic needs, to be safe  from those wishing to interfere with your property rights, to achieve the psychological condition  of self­confidence such that risks are welcome  ■ Justice: to receive the products of your labor, to treat all humans identically regardless of race  class gender age and sexual preference, to provide resources in proportion to need, to possess  anything that someone else was willing to grant you  ■ Efficiency: To maximize the amount of wealth in society, to get the most from a particular outlet,  and to minimize costs   ● HOW  ○ The golden rule­ The idea that we should interact with other people in a manner consistent with the way  we would like them to interact with us has deep historical roots.  Both Confucius and Aristotle suggested  versions of the guideline.    ■ do others as you want them to gratify you, be considerate of others feelings as you want them to  be considerate of yours, treat others as person's of rational dignity like you, extend brotherly or  sisterly love to others, treat others according to moral insight, do others as god wants you to do  them  ○ The Public Disclosure Test­ requires us to imagine that our actions are being broadcasted.  Given our role  as a member of the community, our self concept is tied to how our community perceives us  ○ Universalization Test­ asks us to consider what the world would be like were our decisions copied by  everyone else     


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