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Chapter 1: Business and Its Legal Environment

Chapter 1: Business and Its Legal Environment. §1: Schools of Jurisprudential Thought. At a minimum, law consists of enforceable rules governing relationships among persons and between persons and society. There are several different “schools” of law: Natural Law. Positivist view.

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Chapter 1: Business and Its Legal Environment

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  1. Chapter 1: Business andIts Legal Environment

  2. §1: Schools of Jurisprudential Thought • At a minimum, law consists of enforceable rules governing relationships among persons and between persons and society. • There are several different “schools” of law: • Natural Law. • Positivist view. • Historical view. • Legal Realism view.

  3. The Natural Law School • Assumes that law, rights and ethics are based on universal moral principals inherent in nature discoverable through the human reason. • The oldest view of jurisprudence dating back to Aristotle. • The Declaration of Independence assumes “the Laws of Nature.”

  4. Natural Law: Rev. Martin Luther King, Jr. Letter from the Birmingham Jail, April 16, 1963 “[T]here are two types of laws: just and unjust laws. . . . A just law is a man-made code that squares with the moral law . . . . An unjust law is a code that is out of harmony with the moral law. . . . An unjust law is a human law that is not rooted in eternal and natural law.”

  5. The Positivist School • Law is the supreme will of the State that applies only to the citizens of that nation at that time. • Law, and therefore rights and ethics, are not universal. The morality of a law, or whether the law is “bad or good”, is irrelevant.

  6. The Historical School • Emphasizes the evolutionary process of law. • Concentrates on the origin and history of the legal system. • Law derives its legitimacy from the principles and standards that have proved historically workable.

  7. Legal Realism • Jurisprudence that holds law is not simply a result of the written law, but a product of the views of judicial decision makers, as well as social, economic, and contextual influences. • Law is a tool to promote social justice.

  8. § 2: Business Activities and the Legal Environment • Law regulates many different areas of business. • Study of business law also involves a knowledge of ethics in decision-making. • Many different laws may affect a single business transaction. 

  9. Areas of Law that May Affect Business Decision-Making

  10. §3: Sources of American Law • U.S. and State Constitutions. • Statutory Law--federal and state statutes. • Uniform Commercial Code. • Restatements of the Law. • Administrative Law. • Case Law and Common Law Doctrines.

  11. § 4: The Common Law Tradition • American law is based largely on English Common Law originating in medieval England. • The common law was based largely on traditions, social customs, rules and cases developed over hundreds of years after the Norman conquest in 1066.

  12. Early English Courts • At common law, there were two separate court systems with two different types of remedies: • COURTS OF LAW (monetary relief). • COURTS OF EQUITY (non-monetary relief), based on “notions of justice and fair dealing.”

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