BMGT 380 Chapter Notes - Chapter 1: Precedent, Federal Common Law, Contract

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: William Mc Clenahan

Document Summary

Chapter 1 the nature of law: constitutional law federal, 50 state constitution; two general functions, set up the structure of government for the political unit they control (a state or federal government) separation of powers, to prevent other units of government from taking certain actions or passing certain laws, statutes aka law (interchangeable) created by elected representatives in u. s. congress (federal) or a state legislature, model laws typically drafted by law professors or famous lawyers. Presented to state legislators or congress to see if they want to adopt it: uniform commercial code started out as model statutes then become statutes, common law aka case law if no law, judge creates a law, federal common law, 50 state common law, precedent if judge gets case with no law or statute law, should look at earlier cases to derive to same decision.