LEGL 2700 Lecture 4: All Legal 2700 Notes

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Legal Test 1 Notes
January 13, 2016
Chapter 1
Law and Regulations are Fundamental Foundations for Business
Companies in the U.S. must:
o Be aware of the legal and regulatory landscape
o Take steps to ensure full compliance with them law to avoid
civil and criminal liability
Lawyers play a positive role in sitting on corporate boards and are
increasingly being asked to sit on boards
o Having a lawyer on the board increased a firm value by 9.5%
o Helps manage risk
Three Concepts for Functioning Market
Law:
o Rules typically established by the government backed up by
enforcement and that enforcement must be adequate.
Think of curfew- If they keep coming in after curfew and
nothing happens then the enforcement is not adequate
and therefore there is no point for the law
o Most significant and social force
Law is a formal social force meaning that they come
from the state and are usually written down and
accessible so those who need to understand obey them
can.
o Who enforces and makes sure the force is adequate?
Police/ law enforcement personnel
Court
Rule of Law
o Rule of law: Laws are generally and equally applicable to
everyone meaning they apply to all or most members of
society and they apply to various groups in the same way.
o All laws apply to lawmakers as well so they have some kind of
incentive to make laws that benefit everyone.
Unfortunately this is more of an ideal than reality
because special interest groups and such can influence
lawmakers.
o We as citizens have the power to make sure that the law
actually is equal
o Judges
Help maintain the rule of law because they rule on the
basis of the law not their own personal opinion
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o Almost all wealthy nations support the rule of law
Property
o Property: has two common meanings: (1) something that is
owned, and (2) ownership.
“Property” means that you have the right to turn to
public authorities like the police or the courts to help you
keep others from interfering with what you own.
o The legal right to exclude others from something you have
o In a broad sense it’s our right to exclude the government from
interfering with
o Property is a “legal fence” that keeps others out without your
permission
Public: parks, fire station, Lincoln memorial, etc.
Private: car, pen, etc.
Common: owned by more than one individual;
neighborhood pool (HOA),
o Provides a basis for the private market and modern business
because it works as motivation to companies/individuals
Rental car vs. your own car. You’re going to take much
better care of your own car because it’s going to be
yours long term
o It is through the Law of property that individuals and
business organizations can possess, use, and transfer their
private resources
Contract law: enables an owner to exchange
resources. Determines how resources, including labor,
are exchanged between owners.
Tort law: Protects and compensates owners through
private civil lawsuits when their resources, including
those they have in themselves, are wrongfully harmed
by the actions of others.
Constitutional Law: Established the frame work of the
state whose purpose is to protect property in its
broadest sense
Criminal law: Provides public protection for private
resources and punished those who harm them.
Law of Corporate Governance and Business
Organizations: Identifies how individuals can own and
use resources in groups.
o Protects the owners of a business organization
from the managers who run it for them.
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o Also refers to any law regulating and limiting
private owners’ productive resources and their
use.
Administrative and Regulatory Law: Concerns public
law that protect, tax, regulate, or redistribute an
owner’s resources
o Regulatory law: both protects ownership and
sets limits on private resource use
o Antitrust laws: forbids owners from
monopolizing classes of resources and sets rules
for how businesses can compete to acquire
ownership in new resources
o Securities laws: regulate the transfer of
ownership in certain profit-making opportunities
o Environmental law: controls how owners can
use their resources when creating pollution
o Labor laws and antidiscrimination laws:
involve property in the sense that they protect
the employees’ right to exclude employers from
interfering with certain self-ownership interests of
the employees
Jurisprudence
Jurisprudence is the general body of law created by judges as
opposed to the statues created by the legislatures
o Aka- what do the judges in that area say. Can a legal license
obtained in Atlanta stand for a marriage ceremony in
Charlotte?
Philosophies (of the law not the actual law) that explain origin of law
and its jurisdiction and can overlap:
o Natural Law
If it does not come from nature it is not natural
o Positive Law
Believes that law is simply the commands of the state
backed up by force and punishments
o Historical School
Law should focus on legal principles that have withstood
the test of time in a nation.
Believes law reflects the cultural traditions of a people
and recognizes that different nations may have different
traditions and consequently different laws
o Sociological Jurisprudence
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