LAW 1101 Chapter 1: Textbook Outline

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6 Feb 2017

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Business Law 1101
Chapter One: The Legal Environment
I. Introduction
a. Law is important to us
b. Business has numerous laws and government regulations
i. Knowledge of it is beneficial and essential to a successful career
c. Law: enforceable rules governing relationships among individuals and between
individuals and their society
i. Written rules
ii. One thing in common: establish rights, duties, and privileges that are
consistent with the values and beliefs of a society or its ruling group
d. How do laws and environment affect businesses?
II. Business Activities and the Legal Environment
a. Businessperson must develop critical thinking and legal reasoning skills to
evaluate how laws can apply to a situation and the result
b. Under pressure to make ethical decisions and to consider the consequences on
their employees and stockholders
c. Many Different Laws May Affect a Single Business Transaction
i. Many factors to consider. What are your options? How will it be paid?
ii. If any dispute cannot be resolved, there will be a lawsuit
iii. Consult an expert or an attorney
iv. Breaches: breaks or fails to perform
d. Linking Business Law to the Six Functional Fields of Business
i. Corporate management
ii. Production and transportation
iii. Marketing
iv. Research and development
v. Accounting and finance
vi. Human resource management
e. The Role of the Law in a Small Business
i. Business organization
ii. Taxation
iii. Intellectual property
iv. Administrative law
v. Employment
vi. Contracts, Sales, and Leases
vii. Accounting
viii. Finance
III. Sources of American Law
a. Introduction
i. Primary sources of law: sources that establish the laws:
1. The U.S. Constitution + constitutions of other states
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