Presentation on theme: "Business Law and the Regulation of Business Chapter 1: Introduction to Law By Richard A. Mann & Barry S. Roberts."— Presentation transcript:
Business Law and the Regulation of Business Chapter 1: Introduction to Law By Richard A. Mann & Barry S. Roberts
Topics Covered in this Chapter A.Nature of Law B.Classification of Law C.Sources of Law D.Legal Analysis
Nature of Law n Definition of Lawa rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong (Blackstone) n Functions of Law to maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change
Nature of Law (contd) n Legal Sanctions are means by which the law enforces the decisions of the courts n Law and Morals are different but overlapping; law provides sanctions, while morals do not n Law and Justice are separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common good
Law and Morals LAW You must drive on the right side of the road. MORALS You should not silently stand by and watch a blind man walk off a cliff. BOTH Thou shall not kill.
Classification of Law n Substantive and Procedural Law –Substantive law creating rights and duties –Procedural rules for enforcing substantive law n Public and Private Law –Public law dealing with the relationship between government and individuals –Private law governing the relationships among individuals and legal entities n Civil and Criminal Law –Civil law dealing with rights and duties the violation of which constitutes a wrong against an individual or other legal entity –Criminal law establishing duties which, if violated, constitute a wrong against the entire community
Classification of Law Substantive Law Public Law Constitutional Law Criminal Law Administrative Law Private Law Torts Contracts -- Sales Commercial Paper Agency Partnerships Corporations Property Methods of enforcement (courts) Procedural Law OR
Comparison of Civil & Criminal Law Civil LawCriminal Law Commencement of action Aggrieved individual (plaintiff) sues State or federal government prosecutes Purpose CompensationPunishment Deterrence Rehabilitation Preservation of peace Burden of proof Preponderance of the evidence Beyond a reasonable doubt Outcome Liable/Not liableGuilty/Not guilty Monetary damagesCapital punishment Equitable remediesImprisonment Fines Principal sanctions
Sources of Law n Constitutional Law -- fundamental law of a government establishing its powers and limitations n Judicial Law -- Common Law body of law developed by the courts and Equity based upon principles distinct from common law and providing remedies not available at law n Legislative Law -- statutes adopted by legislative bodies includes Treaties and Executive Orders n Legislative Law -- statutes adopted by legislative bodies includes Treaties and Executive Orders n Administrative Law -- rules, regulations, orders, and decisions made by administrative agencies¤
Hierarchy of Law U.S. Constitution TreatiesFederal Statutes Federal Administrative Law Federal Common Law State Constitution State Statutes State Administrative Law State Common Law
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