ADMS 3960 Final: ADMS 3960 Final Notes.docx

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Ch. 3 the political and legal environments facing business. Defition of legal system: the mechanism for creating, interpreting, and enforcing the laws in a specified jurisdiction. Modern legal systems exhibit elements of constitutional law, criminal law, and civil and commercial laws. Constitutional law: sets the framework for the system of government and defines the authority and procedure of political bodies to establish laws and regulations. Criminal law: safeguards society by specifying what conduct is criminal and prescribing punishment to those who breach these standards. Civil and commercial laws: ensures fairness and efficiency in business transactions. For example, the us & uk have a common law system. Includes institutions and procedures to: ensure law & order, resolve disputes, protect property (including intellectual property, tax economic output. Types: common law: is a legal system of jurisprudence based on judicial precedents. Also, it is based on tradition, judge-made precedent, and usage: civil law: is a legal system of jurisprudence based on statutory laws.