BALW20150 Chapter 1: Chapter 1 Summary

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Chapter 1: law and legal reasoning p. 2-21. Many different laws may affect a single business decision. Ethics and business decision making: know the areas of law that may affect a business decision and take ethics into account. Uniform law a model law created by the national. Laws and/or the american law institute for the states to consider adopting. Becomes statutory law in that state if the state adopts it. Each state has the choice of adopting or rejecting all or part of the uniform law: the uniform commercial code. Uniform act created through nccusl and the. Issues in 1952 and adopted by all 50 states. Facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transitions. Administrative law: administrative law consists of the rules, orders, and decisions of administrative agencies, administrative agency a federal state, or local government agency established to perform a specific function, federal agencies.

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