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Ch 1 Outline (got 93% on the test)

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Business Law
BLAW 3201
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Chapter 1 Introduction to Law and Legal ReasoningLaw a body of enforceable rules governing relationships among individuals and between individuals and their society may consist of written laws and court decisions they establish rights duties and privileges that are consistent with the values and beliefs of the societyISchools of Jurisprudential ThoughtA judges function is NOT to make the lawsthat is the function of the legislative branchbut to INTERPRET and APPLY the lawThe laws enacted by the legislative bodies are expressed in general terms thus Judges have some flexibility in interpreting and applying the law AThe Natural Law School universalA system of moral and ethical principles that are inherent in human nature and that people can discover through the use of their natural intelligence or reasonOne of the oldest and dates back to Aristotle natural law applies universally to all humankindBThe Positivist School nationalOr national law the written law of a given society at a particular point of time applies ONLY to the citizens of that nation or societyBelief that there can be NO higher law that a nations positive law laws created by the government No such thing as natural rights because human rights exist solely because of lawsLaw is the LawCThe Historical SchoolLooks to the past to discover what the principals of contemporary law should beAdherents of this school are more likely than other schools to strictly follow decisions made in past caseDThe Legal RealismBased on the idea that law is just one of many institutions in society and that it is shaped by social forces and needs the law is a human enterprise and judges should take social and economic realities into account when deciding casesoSociological school views law as a tool for promoting justice in societyIIBusiness Activities and the Legal EnvironmentLaws and government regulations affect virtually ALL business activitiesTo make good business decisions a basic knowledge of the laws and regulations governing these activities is beneficial if not essentialIf any dispute cannot be resolved amicably then the laws and the rules concerning courts and court procedures spell out the steps of a lawsuitAEthics and Business Decision MakingEthics is generally defined as the study of what constitutes right or wrong behavior
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