LEGAL & REG ENV BUS
LEGAL & REG ENV BUS LEGL 2700
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This 23 page Class Notes was uploaded by Dr. Guadalupe Christiansen on Saturday September 12, 2015. The Class Notes belongs to LEGL 2700 at University of Georgia taught by Reed in Fall. Since its upload, it has received 94 views. For similar materials see /class/202181/legl-2700-university-of-georgia in Legal Studies at University of Georgia.
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Date Created: 09/12/15
Legal amp Regulatory Environment of Business Chapter 1 Law as the Foundation of Business M Learning Objectives To understand why the legal systems of nations contribute to making the economies of some nations stronger and more prosperous than the economies of other nations To grasp that property in the law refers not to something that is owned but to the right of ownership itself which gives maximum incentive for wealth creation To appreciate what legal sources lawyers turn to in answering legal questions from their clients and the hierarchy of those sources To be able to explain why stare decisis is different in common law nations than in civil law nations Law and the Legal System An adeguately enforced system of equally applied law is increasingly recognized as a prerequisite for strong prosperous economies Provides maximum incentive to entrepreneurs investors and inventors Secures the elements oftrust and certainty that are vital to economic transactions among strangers 3 Components 0 Law 0 Rule of Law 0 Property Law 0 What is it 0 Where is it The Rule of Law 0 In a society governed by the rule of lawquot the law is generally and equally applicable to everyone Private Property 0 Legal right vs individual resources 0 May be thought of as a bundle of positive rights to use possess and transfer or a single negative right to exclude 0 Historically the foundation of capitalist economies 0 A citizen s lawful private property is inviolable 0 Citizens urgently require effective protection oftheir own lawful property accumulated through hard workquot Sources of Law Constitutions Legislation Administrative Regulations Case Law Constitutions 0 US Constitution 0 This Constitution and the Laws of the United States shall be the supreme Law of the Land and the Judges in every State shall be bound thereby any Thing in the Constitution or Laws of any State to the Contrary notwithstandingquot US Constitution Article 6 0 State Constitutions 0 Legislative acts in violation of this Constitution or the Constitution of the United States are void and the judiciary shall so declare themquot Georgia Constitution Article 1 Section 2 Paragraph 5 Legislation 0 Achieving Uniformity in Legislation 0 Supremacy Clause Federal Uniform Laws States 0 Nat l Conference of Commissioners on Uniform State Laws 0 To date has drafted more than 200 uniform laws 0 Uniform Partnership Act 0 Uniform Child Custody Jurisdiction Act 0 Uniform Probate Code 0 Uniform Commercial Code the UCCquot Legislation 0 Statutory Construction 0 Determining lawmakers intent in enacting legislation 0 Canons of Construction 0 Expressio unius est exclusio alterius 0 Tenant may keep dogs birds and fish on the premises 0 Cats Hamsters 0 Ejusdem generis D Tenant may keep dogs cats and other animals on the premises 0 Goldfish Pigs Cows Administrative Regulations Supplement legislation Promulgated by administrative agencies 0 EX EPA SEC OSHA Section 10b of Securities Exchange Act of 1934 0 It shall be unlawful for any person to use or employ in connection with the purchase or sale of any security any manipulative or deceptive device or contrivance Rule 10b5 as promulgated by the SEC 0 It shall be unlawful for any person to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made in the light of the circumstances underwhichthey were made not misle 39 Case Law 0 Advantages 0 Stare decisis 0 Disadvantages 0 Volume 0 Conflicting precedents 0 Dicta vs holdings 0 Striking down precedent 0 Conflicts of law 0 Generally litigation is won or lost on case law Geese law Hierarchy of the Law US Constitution and Amendments Federal statutes enacted by Congress Federal administrative regulations promulgated by federal administrative agencies State constitutions State statutes enacted by state legislatures State administrative regulations promulgated by state administrative agencies Local ordinances Classi cations of Law H Common Law vs Civil Law Common Law Civil Law Legal system emphasizing the 0 Legal system emphasizing role ofjudges in interpreting and legislation applying the law The role ofjudges is less Congressional legislation and significant presidential actions may be declared unconstitutional by federal judges No stare decisis The norm in the rest ofthe Stare decisis world Originated in the UK and spread to the coloniesquot United States Canada India 39 iv wZealand Jamaica Criminal Law vs Civil Law Criminal Law Civil Law 0 A government representative 0 A private citizen brings an brings an action seeking to action seeking to redress a redress a wrong committed wrong committed against against society generally himherit specifically 0 The government s objective is 0 The citizen seeks some form to have the wrongdoer of remedy typically money punished damages 0 Ex murder arson theft etc 0 Ex breach of contract negligence trespass etc Chapter one Legal Studies Outline Review 1 Why Nations are Economically Weak or Strong a E7 P Dependency Theoryeconomically strong nations exploit attain the resources and labor of weaker nations through trade Nations depend on others for their growth they should try internal trade instead of international Natural Resourceswhether a nation has an over ow of natural resources or notthe question is will they be able to sell these natural resources Educations and Technology strong nations usually have more schools and more advance technology but usually is a result of a strong nation Climate they feel when temperatures are too hot people are less willing to work but Singapore lies near the equator and has the highest national per person income Private Marketis the one of the single most significant reasons why some nations are strong Law and the Legal system a enforcement system of equally applied law provides maximum incentive to entrepreneurs investors and inventorssecures the elements of trust and certainty that are vital to economic transactions among stranger 3 componentsLaw Rule of Law and Property 2 LAWlaw can glue together diverse peoples of different backgrounds into very large organized group Known by everyone that lets everyone in society know what they can and cannot do Law is written in the constitutions federal and state legislationwritten by legislature Written down as a heck on the government made up of rules rules laid down by state but backed up by enforcement secure the elements with certainty and trust 3 The Rule of Law laws that are made are generally and equally applicable Is an ideal rather than a complete fact 1 Propertypublic or private legal right vs individual resources is a legal right to exclude or keep others from interfering with what you own with your resources To exclude mean you can turn to public authorities policecourts to keep others from interfering with what you own a c d e Public property applies to government owned property like roads public buildings Private property is what you own as an individual common property applies to resources owned by more than one individual Propertyownership capitalismproduction under private property systems property rightincentive to have the max effort in production Exclusionary right of property 5 Property in the Broadest Senseproperty is the central concept of Western legal systems a b c Contract Law enables an owner to exchange resources Tort Lawcompensates owners who resources are harmed wrongfully by others Criminal Lawpunish those who harm others resources d Regulatory Lawprotects ownership and sets limits on private resources e Antitrust Law forbids owners from monopolizing classes of resource and sets rules for how businesses can compete to acquire ownership f Securities Lawsregulate the transfer of ownership in certain pro tmaking opportunities g Environmental Law controls how owners can use their resources when creating pollution h Labor laws and antidiscrimination laws involve property in the sense they protect the employees right to exclude employers from interfering with certain self ownership inters of the employees Corporate governance law protecting the owners of a business organization from the managers who run it for them any law regulating and limiting private owner39s H productive resources and their use property includes an ownership of individual constitutional and human rights in ourselves that excludes the state from interfering with these rightsliberty 6 jurisprudencethe origin justi cation meaning and essence of Law Types of jurisprudence a Natural Law say that laws use moral principles that are observable in nature but human cannot reason b Positive Lawlaw is simply the commands of the state backed up by force and punishmentscontrary to Natural law c Historicalthat contemporary law should focus on legal principle that have withstood the test of time in a nation d Sociological jurisprudence Laws can and should be changed to meet new developments in society e Legal Realism goes beyond just words of law to examine what police administrators prosecutors and judges are actually doing as they enforce interpret and apply laws 7 Common Law and Civil Law Two major legal systems a Common Law a legal system the emphasizes the role of judges in determining the meaning of laws and how they apply judges they determine the meaning of the constitution and can declare void the legislation of congress and the acts of the president b Civil Lawrelies more on legislation than judicial decisions to determine what the law isprecedentsprior judicial decisions 8 Public and Private Law a Public Law matters that involve the regulations of society as opposed to individual interaction Constitutional Lawinvolves the interpretation and applicator of either the federal or state constitutions Administrative Law Which covers the legal principles that apply to government agencies bureaus boards or commissions Criminal Law Which specifies various offenses against the proper order of the state H H H iquot H H b Private Law Covers those legal problems and issues that concern your private resources relationship with other people i Property LawWhich involves the recognition of exclusive right in both tangible physically touchableand intangible resourcesland goods copyrights trademarks Contract Law Which covers the rules of how owners transfer resources by exchanging them Contracts often involve enforceable promises to exchange resource in the future Tort Law when an owner39s legal boundaries are wrongfully crossed by another Tort law often but not always requires actual injury to the owner39s resources 9 Civil Law and Criminal Law a Civil cases include suits for breach of contract or tort cases such as suits for personal injuriestypically involve a request for damages or relief that does not involve punishment but civil lawsuit is different from civil legal system b Criminal cases representative of government attempting to prove the wrong committed against society and seeking to have the wrongdoer punished by the court systempunishment 10 Substantive Law and Procedural Lawsub rights and duties procmachinery for enforcing those rights and duties a Substantive law de nes the legal relationship of people with other people or between them and the staterules of law governing the creation or enforcement of a contractual promise are substantive in nature Procedural lawdeals with the method and means by which substantive law are made and administrated i Iudicial procedural involve the conduct of law suit and appeals and the enforcement of judgments example civil trails you may crossexamination but in criminal case defendant may not be required to testify H H 1139 E7 11 Constitutions US and State The US const is supreme law of nation and overrides all other sources oflaw 12 Legislation formal written lawmost significant source of law Legislation adopted by congress or state legislature is usually referred to as a statute or act Laws passed by local government are called 0rdinances compilations of legislation at all levels of government called codes a Uniformity of Legislation2 methods of how to achieve uniformity i Congress can enact a single law that preemptsoverrides state laws ii State legislator can all adopt a single uniform law in a particular area iii Latter method national conference of commissioner on uniform state law b Uniform Commercial codeUCC uniform law for businessdeals with all the phase which may ordinarily arise in the handling of commercial transactions from start to nish applies to only personal property like goods purchases and sales Legal and Regulatory Environment of Business LEGL 2700 Fall 201 1 Professor Alex Reed 298B Brooks Hall areedugaedu Class 10 10 am 1100 am MWF Caldwell 204 Call 74570 1115 am 1205 pm MWF Caldwell 204 Call 04569 Office Hours 1 00 pm 230 pm MW or by appointment Professor Reed 3 30 pm 530 pm Tuesday Jennifer Nix in 288B Brooks Hall 200 pm 400 pm Friday Jennifer Nix in 288B Brooks Hall Textbook The Legal and Regulatory Environment of Business 15th Ed by Reed Shedd Morehead and Pagnattaro Website http elcugaedu Course Description and Objectives The legal and regulatory environment of business emphasizing why legal duties are placed on the business community and how managers should appropriately respond to them Covers legal institutions constitutional law common law and public law The goals of this course are for students to Gain basic knowledge about law and the legal system Learn to apply legal principles to the business environment Exercise critical thinking skills and Develop decisionmaking and analytical skills bP N Testing amp Grading There will be three exams in this course two midterms and one final The exams are weighted as follows First Midterm 30 Second Midterm 30 Final Exam 40 Exam questions will come from two sources in class lecturediscussion and the assigned reading Consequently it is imperative that you come to class regularly pay attention and participate in class discussion take good notes and stay current on the assigned reading All exams will be closed bookclosed notes There will be M makeup exams There will be M early exams You must take exams in the section in which you are enrolled Midterms If you are unable to attend class on the day a midterm is given you must obtain an excused absence Otherwise you will receive a zero on the midterm If your absence is excused the percentage weight of the final exam will be increased by the weight of the missed midterm For example if you miss the first midterm due to an excused absence but take the second midterm the final exam will count for 70 of your grade If you miss both the first and second midterms due to excused absences the final exam will count for 100 of your grade Final There will be excused absences for the final According to the Fall 2011 Final Exam Schedule the final for this course will be administered on 1010 Class Wednesday December 14 from 8 11 am 1115 Class Monday December 12 from 12 3 pm If you have a final examination schedule con ict as defined by the University you may be eligible to have the final rescheduled Information regarding the University s final exam con ict policy is available at the following websites www curriculumsystems uga eduFinalExamCon ictsFinalExamC on icts html and wwwbulletinugaedu If you have a con ict please bring me a completed Request for Examination Change no later than Friday December 2 Grading Scale Unless stated otherwise the grading scale for this course will be 93 100A 90 92A 87 89B 83 86B 80 82B 77 79C 73 76C 70 72C 62 69D 61 and below F I reserve the right to increase a student s final grade by up to 1 point for meaningful contributions to class discussion Students wishing to be considered for the extra point must upload a photo of themselves to their ELC account by Friday September 2 QuestionsConcerns If you have a question or concern regarding your performance on an exam or in the course generally you must come by my office during office hours as I will n0t discuss grades Via email or telephone Academic Honesty As a University of Georgia student you have agreed to abide by the University s academic honesty policy A Culture of Honesty and the Student Honor Code All academic work must meet the standards described in A Culture of Honesty found at wwwugaeduhonesty Lack of knowledge of the academic honesty policy is not a reasonable explanation for a Violation Questions related to course assignments and the academic honesty policy should be directed to the instructor Students shall n0t retain copies of any exam administered in this course Once you have finished taking an exam you must return the exam to the instructor Students shall n0t use any electronic devices including but not limited to laptops cell phones PDAs iPods lP3 players etc during an exam If you are caught 1 using any such device 2 stealing copying or transcribing an exam or 3 cheating in any other way you will be reported to all appropriate University authorities Use of Electronic Devices Electronic devices such as cell phones PDAs iPods lVlPS players etc shall n0t be used during class These devices are distracting to the user and disruptive of the class generally Tentative Class Schedule The tentative class schedule is as follows August 15 Syllabus Intro to Course 17 Chapter 1 Law as the Foundation of Business l9Chapterl 22 Chapter 3 The Court System 24Chapter3 26Chapter3 29 Chapter 4 Litigation 31Chapter4 September 2 Chapter 4 5 Labor Day Holiday No Class 7 Chapter 6 The Constitution amp Regulation of Business 9Chapter6 12Chapter6 14 Chapter 7 The PropertyBased Legal System 16Chapter7 19 Catchup Review l MIDTERMEXAM 23 Chapter 11 Intellectual Property 26Chapter11 28Chapter11 30 Chapter 8 Introduction to Contracts October 3Chapter8 5 Chapter 9 Contractual Issues 7Chapter 9 10 Chapter 10 Torts in the Business Environment 12 Chapter 10 14 Chapter 10 17 Chapter 10 19 Chapter 10 21 Chapter 12 Criminal Law amp Business 24 Chapter 12 26 Chapter 12 28 Fall Break No Class 31 CatchupReView November 2 239 l MIDTERM EXAM 4 Chapter 14 Business Organizations 7 Chapter 15 Securities Regulation 9Chapter 15 11Chapter 15 14 Chapter 15 16 Chapter 15 18 Chapter 19 Agency amp Employment Law 21 ThanksgiVing Holiday No Class 23 ThanksgiVing Holiday No Class 25 ThanksgiVing Holiday No Class 28 Chapter 19
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