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