Chapter 1 Notes
Chapter 1 Notes Finance 363
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This 2 page Class Notes was uploaded by Kendall Davis on Monday August 22, 2016. The Class Notes belongs to Finance 363 at University of South Carolina taught by Ozgur Ince in Fall 2016. Since its upload, it has received 56 views. For similar materials see Introduction to Finance in Finance at University of South Carolina.
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Date Created: 08/22/16
Chapter 1: Intro to Dynamic Business LawAugust 19, 2016 Business Law: enforceable rules of conduct that govern commercial relationships Functional Areas Affected: o Corporate Management o Production and Transportation o Marketing o Research and Development o Accounting and Finance o Human Resource Management Purposes of the Law o Providing order o Serving as an alternative to altercation o Facilitating a sense that change is possible the laws are not static, evolve with time o Encouraging social justice o Guaranteeing personal freedoms o Serving as a moral guide Classification of Law o Private Law: Involves disputes between private individuals or groups; ex. dispute between renters and landlords o Public Law: Involves disputes between private individuals or groups and their government; ex. company violates law o Civil Law: Involves the rights and responsibilities involved in relationships between persons and between persons and their government; compensation generally in the form of money, monetary damages o Criminal Law: Involves incidents in which someone commits an act against the public as a whole; ex. murder; primarily outcome is jail time or fine Sources of Business Law: o Constitutions o Statues o Cases: “manmade” or “judgemade” law; look to prior cases to see what’s been done; provides stability to the law o Administrative Law o Treaties: agreements between two parties; countries, businesses o Executive Orders: order from the president Schools of Jurisprudence: common guys to legal interpretation o Natural Law: ethical or moral laws that are morally right, above humans o Legal Positivism: if there is a legitimate political authority in place o Identification with the Vulnerable o Historical School: Tradition; o Legal Realism: what is going on in society? How are they reacting to it o CostBenefit Analysis: how can the law benefit the most people?
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