BUL 4421 Lecture Notes - Lecture 1: Private Law, Public Law, Substantive Law

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9 Jun 2016
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8-22-15
Business Law ch 1
Introduction to dynamic business law
What is law?
Is a body of enforceable rules governing relationships among individuals and between
individuals and their society.
Provides stability and predictability so that people know how to order their affairs
Citizens must be able to know what is legally right and wrong and the consequences and
or sanctions of those acts.
Business and law
Business in order to function efficiently it ,just have stability and predictability
Laws and regulations affect virtually all business activities
Contracts, product and premise liability, credit collections, etc.
Definition: enforceable rules of conduct that govern commercial relationships
Many singles laws can affect a single business
Functional areas of business affected by business law
Corporate management
Production and transportation
Marketing
Research and development
Accounting and finance
Human resource
Classification of law
Private law: regulates disputes between private individuals or groups. Example
tenant/lessee is late paying rent to his landlord.
Public law: controls disputes between private individuals or fours and their government.
Ex: manufacture dropping waste on a public River
Civil law: involves the rights and responsibilities involved in relationships between
persons and their government. Ex: someone is suing someone else. People are topically
looking for money, even though money is not the only legal remedy. Equitable remedies
are remedies that don't involve money. Difference between legal and equitable
damages (monetary and non monetary). They look for civil liability sought not finding of
guilt.
Criminal law: involves incidents in which someone commits an act against the public as a
whole.
oPunishes offenders
oDeters criminal behavior
oCase filed by state or federal government, not victims
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oBeyond a reasonable doubt is burden of proof
oState and federal criminal statues (laws)
Substantive law
Defines rights and obligations of all,legal (persons, business and government
Procedural law
Provides spots one must follow to avail oneself legal rights or enforce others legal
obligation. Rules of the court for the governance of judicial proceedings.
Cyberlaw
Not really a classification of law
Informal term used to describe news law as and modifications of existing laws to
address online environment
Based primarily on existing laws
Sources of business law
Federal constitution
Statues
Cases
Administrative law: environmental protection
Treaties
Executive orders
Common law tradition
American law is based largely on English common law
Developed by judges through court decisions
Legal opinion is called precedent
Constitution
Fundamental rights of the people living within the United States
Describes and empowers various branches of government
Limits government powers
Per article 6 of constitution supreme law land
Any law I. Conflict with constitution, if challenged, will be declared unconstitutional
10th amendment reserves states all powers not granted to federal government.
Statues
Created by legislative bodies
Federal statues contained in the united state code (internal revenue code is title 28)
States have state statues
Federal statues apply to all states
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