Five Main Sources of Law Business Law Chapter 1 Five Main Sources of Law

Why is Law Necessary? Ethics tell us what we ought to do. Law – system of rules of conduct established by the govt. of a society to maintain stability and justice. Law & Ethics do conflict

5 Main Sources of Law Federal and State Constitutions English Commom Law Statutes Court Decision Administrative Law

1. Federal and State Constitutions Supreme Law of the Land Most Fundamental 2. English Common Law Originated in England History All states rooted in this law except Louisiana

3. Statutes Statutes - laws specifically passed by a governing body that has been created for the purpose of making laws. Found in state and federal statutes, city ordinances, and town bylaws. The Supreme Court may declare any statute that goes against the Constitution unconstitutional, or invalid.

4. Court decisions Aka case law and judge-made law Precedent - judge is required to follow an earlier court decision when deciding a case with similar circumstances Stare decisis - let the decision stand

5. Administrative Law Established by regulatory agencies Administrative agencies have the power to - make, enforce, investigate violations, and decide guilt or innocence of those who violate their rules.

Vocabulary Morality-values that govern a society’s attitude toward right and wrong. Ethics-means of determining what society’s values ought to be Honesty-being open and truthful in dealing with others Justice-treating others equal and fair Compassion-sympathetic to the difficulties of others and wants to help alleviate their problems

Vocabulary (con’t) Integrity-willing to do the right thing regardless of personal consequences