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Business Law (9 Pages - 2151 Words) Business Law Notes

Business law establishes rules governing commercial interactions and relationships between individuals, organizations, and the government. There are two main categories of law - substantive law, which determines rights and obligations, and procedural law, which governs how rights are determined. Public law deals with government-individual relationships while private law governs individual-individual relationships. Criminal law establishes duties whose violation is a wrong against the community, while civil law deals with violations of duties that constitute a wrong against an individual or entity. Sources of law include constitutional law, judicial precedent, statutes, administrative regulations, and common law developed by courts.

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31 views3 pages

Business Law (9 Pages - 2151 Words) Business Law Notes

Business law establishes rules governing commercial interactions and relationships between individuals, organizations, and the government. There are two main categories of law - substantive law, which determines rights and obligations, and procedural law, which governs how rights are determined. Public law deals with government-individual relationships while private law governs individual-individual relationships. Criminal law establishes duties whose violation is a wrong against the community, while civil law deals with violations of duties that constitute a wrong against an individual or entity. Sources of law include constitutional law, judicial precedent, statutes, administrative regulations, and common law developed by courts.

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tamirat
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Business Law (9 Pages | 2151 Words)

by Prof | May 13, 2015 | Uncategorized

Business Law Notes

Definition of Law

A rule of civil conduct prescribed by the supreme power in a state, commanding what is
right, and prohibiting what is wrong.
Nature of Law
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.
Law and Morals
* Are different but overlapping; law provides sanctions, while morals do not
Law ex:
You must drive on the right side the road.
Moral ex:
You should not silently stand by and watch a blind man walk off a cliff.
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.
Classification of Law
Substantive- law creating right and duties
Public Law-> Constitutional law, criminal law, administrative law,
Private Law-> Torts, Contracts, Sales, Commercial paper, Agency, Partnerships,
Corporations, Property
Procedural- rules for enforcing substantive law
Substantive law and procedural law are the two main categories within the law. Substantive
law refers to the body of rules that determine the rights and obligations of individuals and
collective bodies. Procedural law is the body of legal rules that govern the process for
determining the rights of parties.
Public and Private Law
Public law dealing with the relationship between government and individuals. Private
law governing the relationships among individuals and legal entities.
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 * Private party
* Individual sues
* Purpose: Compensation, deterrence
* Burden of Proof: preponderance of the evidence
* Outcome: liable/ Not liable
* Principle Sanctions: monetary damages/ equitable remedies * Two remedies- at law
money damages
* Decree
* Equitable relief- injunctions, specific performance
Criminal law establishing duties, which, if violated, constitute a wrong against the entire
community. * Government and people
* State or Federal
* Government prosecutes
* Purpose: Punishment, Deterrence, Rehabilitation, Preservation of peace * Burden of
Proof: beyond a reasonable doubt
* Outcome: Guilty/ Not guilty
* Principle Sanctions: Capital punishment, Imprisonment, Fines * Public law
Sources of Law
Constitutional Law- supreme court of the land
* Fundamental law of a government establishing its powers and limitations and its structure.
Judicial Law- The interpretation of the written law by the courts. Decisions are often based
on stare decisis, the doctrine that allows the court to follow the decision made in a previous
case in the same jurisdiction. A departure from the legal precedents is known as a landmark
decision.
* Common Law- body of law developed by the courts Judge made law. Dependent on
stare decisis following prior decisions
* Equity Law- body of law based upon principles distinct from common law and providing
remedies not available at law. Still Judge made Law and dependant on stare decisis
Legislative Law statutes adopted by legislative bodies; includes Treaties and Executive
Orders. Can be federal or state
Administrative Law rules, regulations, orders, and decisions made by administrative
agencies. Public Law
Hierarchy of Law
U.S constitution
Treaties or Federal Statutes
Federal Administrative Law
Federal Common Law
State Constitution
State Statutes
State Administrative Law
State Common Low
Legal Analysis
-Decisions in State trial courts are generally not reported or published. -Reports Decisions
of State courts of appeals are published in consecutively numbered volumes. Court
decisions are found in the official State reports of most States.

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