Chapter 1

Law

A body of rules of action or conduct prescribed by controlling authority, and having legal binding force.

Legislative Branch

Interprets law and applies them to individual cases. (Court decisions is an example of how their applies)

Contract Law

Governs agreements made by two parties

Employment Law

Regulates rights of employees

Jurisprudence

Science and philosophy of law.

School of thought

Used to describe various approaches to the appropriate function of law and how legal doctrines should be developed and applied

Function/Purpose of Law

Provides some system of order that defines rules of conduct and levies punishment for violation for those rules.

Good Faith dealing

an implied covenant in every contract requiring parties to act honestly, fairly, and in good faith, ensuring neither party destroys the others right to the agreement.

Counsels

Attorneys for business

In-house counsel

Attorneys that are apart of the companies executive teams

Associate counsel

Supervised by general counsel

Litigator

Trial Lawyer

What an attorney would advise a business on:

• formation

• Governance

• labor and employment laws

• regulatory agency compliance

• legal transactions (such as an acquisition)

• intellectual property (such as trademarks or patents)

• other legal issues important to business operations

Trade Secret

A type of property that is providing the company with its competitive advantage that is not generally known by the public.

Example of Trade secret

Recipe to coke sodas.

The design of a data base.

Enumerate powers

17 specific powers granted to the federal government under the U.S. Constitution

Federalism

Dividing powers between state and governments

Permanence

The extent