Chapter1-IntroductiontoLaw..pptxChapter 1 Introduction to Law
Its Legal, Ethical, and Global Environment
Marianne M. Jennings
Business
11th Ed.
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Definition of Law
Aristotle
Law is reason unaffected by desire
Holmes
Law embodies the story of a nation’s development through many centuries
Blackstone
That rule of action which is prescribed by some superior and which the inferior is bound to obey
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Definition of Law
Black’s Law Dictionary
A body of rules of action or conduct prescribed by the controlling authority, and having legal binding force
Rules Enacted By a Government Authority That Govern Individuals and Relationships in Society
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Classifications of Law
Public Law
Enacted by some authorized government body. Example: federal securities laws
Private Law
Enacted by private individuals
Example: the terms of a lease agreement
Example: employment agreement
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Classifications of Law
Criminal versus Civil Laws
Criminal laws are wrongs against society
Civil laws are wrongs against individuals
Substantive versus Procedural Laws
Substantive: Gives rights and responsibilities
Procedural: Means or procedures for enforcing substantive rights
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Classifications of Law
Common Law
Began in England in 1066 and continues today
Non-statutory law
Exists in court decisions
Following case precedent, or stare decisis, “let the decision stand”
Statutory Law
Passed by governmental body
Also known as Codified Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Classifications of Law
Law versus Equity
In common law England, remedies were separated into legal and equitable remedies
Legal = money
Equitable = injunctions, specific performance
Remedies were separated so that courts of chancery could give remedies when courts of law could not
Today all courts are authorized to award legal or equitable remedies
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Purposes of Law
Keeping Order
Influencing Conduct
Honoring Expectations
Promoting Equality
Law as the Great Compromiser
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Characteristics of Law
Flexibility
Examples: the Internet has required the courts to revisit when a contract acceptance occurs
Consistency
Example: allows businesses to rely on law for planning
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Pervasiveness
Example: laws covering formation, operation and dissolution of corporations do not unduly interfere with management flexibility
Characteristics of Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Case
Case 1.1 Yates v. U.S. (2015)
Statutory interpretation: Does a statute that prohibits destruction of documents and tangible objects cover fish?
Consider 1.2 U.S. v. Katakis (2015)
Statutory interpretation: Is it obstruction if you have a program on your computer that clears out your e-mail?
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Theory of Law: Jurisprudence
Incorporation of Theories or Values Into Definition of Law
Natural Law: Inviolate principles, regardless of laws – human rights
Holmes: “The life of the law … has been experience”
The Social Contract: Law reflects the desires of society for interaction
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Sources of Law
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Constitutional Law
Exists at federal and state level
Establishes government structure
Establishes individual rights
Sources of Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Statutory Law at the Federal Level
Enactments of Congress
United States Code. Citation = (e.g., 15 U.S.C. § 77)
Executive orders
Presidential orders
Administrative agency regulations
Code of Federal Regulations. Cite or citation = C.F.R. (e.g., 12 C.F.R. § 226)
Sources of Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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State Laws
Enactments of state legislatures
State Codes
Cite = Nevada Revised Statutes – N.R.S.
State administrative agency regulations
Local Laws
Ordinances
County or city statutes
Sources of Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Private Laws
Contracts
Leases
Employer regulations
Court Decisions
Language in statute unclear
Court provides interpretation or clarification of law
Sources of Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Sources
Custom (Country-by-Country)
Treaties
Bilateral − between two nations
Multilateral − among three or more nations
Geneva Convention − prisoners of war
Vienna Convention − diplomatic relations
Warsaw Convention − air travel
International Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Private Law or Party Autonomy
International Organizations (U.N.)
Act of State Doctrine
Expropriation
Confiscation or nationalization: taking of private property by a government
International Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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Trade Laws and Policies
Tariffs
Treaties, e.g., GATT, NAFTA
Uniform International Laws
Contracts for the International Sale of Goods (CISG)
Similar to Article 2 of the Uniform Commercial Code (UCC)
International Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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The European Union (EU)
Group of countries in continental Europe
Aiming for barrier-free trade; uniform laws; ease in transaction negotiations and execution
Uniformity in currency, job safety, immigration, customs, licensing, and taxation
International Law
©2017 Cengage Learning®. May not be scanned, copied or duplicated or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use.
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