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After reviewing this week’s chapter, prepare a 500-word synopsis of the legal, ethical, and social concepts and issues discussed in the chapter. Post this synopsis to the discussion forum by Thursday at 11:59pm.

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Marianne M. Jennings BUSINESS Its Legal, Ethical, and Global Environment 11th Ed. Chapter 1 Introduction to 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. 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. 1-1 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. 1-2 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. 1-3 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. 1-4 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. 1-5 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. 1-6 Purposes of Law • • • • • Keeping Order Influencing Conduct Honoring Expectations Promoting Equality Law as the Great Compromiser ©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. 1-7 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. 1-8 Characteristics of Law • Pervasiveness – Example: laws covering formation, operation and dissolution of corporations do not unduly interfere with management flexibility ©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. 1-9 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. 1-10 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. 1-11 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. 1-12 Sources of Law • Constitutional Law – Exists at federal and state level • Establishes government structure • Establishes individual 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. 1-13 Sources of Law • 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) ©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. 1-14 Sources of Law • 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 ©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. 1-15 Sources of Law • Private Laws – Contracts – Leases – Employer regulations • Court Decisions – Language in statute unclear – Court provides interpretation or clarification 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. 1-16 International Law • 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 ©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. 1-17 International Law • Private Law or Party Autonomy • International Organizations (U.N.) • Act of State Doctrine – Expropriation – Confiscation or nationalization: taking of private property by a government ©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. 1-18 International Law • 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) ©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. 1-19 International Law • 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 ©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. 1-20
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Introduction
Synopsis of chapter
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Running Head: CHAPTER SYNOPSIS

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Chapter synopsis
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CHAPTER SYNOPSIS

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In any case, it is first important to understand what is meant by a certain concept. The
chapter is categorical on that everything that revolves around it is more concerned of the
understanding the concept of law. In the first place, it starts by laying out a clear definition of the
concept together with discussing several meanings right from the renowned philosophic
understanding. This chapter on introduction to law starts by defining law as according to
Aristotle as well as according to Holmes and the Blackstone view on the meani...


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Very useful material for studying!

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