BSE- Legal Studies

Legal studies section of the BSE

Business Law

Business Law

What is and is not lawful behavior in a business setting

Primary Sources of Law

Federal and state constitutions, statutory (legislative) laws, case (judicial) laws, and administrative laws

Secondary Sources of Law

Assist people in understanding primary sources of law

Tort

An injury or interference with another person(‘s property).

2 types: Intentional and unintentional

Intentional Tort

Involve the intent to bring about the consequences of an act that causes injury to another.

Ex. battery, assault, defamation, trespass, intentional infliction of emotional distress, false imprisonment, etc.

Unintentional Tort

“Negligence,” Involves a person’s failure to take reasonable steps to avoid acting in a manner that would create an unreasonably great risk of injuring another person(‘s property).

Strict Liability

Torts that impose liability regardless of whether intent or fault can be shown.

Contract

A legally-binding agreement between 2+ parties to (refrain from) perform an act now or in the future.

Needs 4 elements to be valid (Agreement, consideration, capacity, and legality)

Agreement

A valid offer and valid acceptance. (Meeting, voluntary, written or verbal unless required by law (Statute of frauds))

Consideration

Bargained-for-exchange between parties; what the offeror sacrifices for something of value from the offeree

Capacity

The ability to enter into a contract (of age and not incapacitated)

Legality

When one party breaches contract, the other may take legal action

Compensatory Damages

Intend to place non-offending party in the same position they would be in had the offending party not broken contract

Employment Law

Deals with employer’s contracts with employees and independent contractors

Civil Rights Act of 1964

Protects against discrimination based on a person’s race, color, national origin, religion, or gender

Age Discrimination in Employment Act

Protects against adverse actions taken because of an employee’s age (40+ years of age)

Americans with Disabilities Act

Protects people based on physical or mental disability

Litigation

3 Steps

1. Pre-trial: Initiate lawsuit (file petition (state)/Complaint (federal)

2. Trial:

3. Post-trial:

Business Ethics

Formal system that determines what constitutes right and wrong behavior; justifies moral behavior

Formalism

Duty-based approach; Focusses on morality of various choices while being influenced by one’s religous and spiritual beliefs

Consequentialism

Focusses on the moral consequences of the decision