Chapter 1- An Introduction to Business Law

Why are laws required within business?

Laws are required to establish rules and regulations between businesses and their consequences with the government.

What major factors are often regulated by business law?

Employee decisions and employment processes, such as maximum weekly hours allowed to work and safety requirements.

How do laws serve consumers in the business context?

Laws reassure consumers that their purchases are regulated for their safety and well-being by governmental oversight.

What are the three branches of government involved in business law?

Executive, legislative, and judicial branch.

What is a source of business law that is a type of legal framework regulation?

Statutes are a source of business law, passed by Congress.

What are common law sources of business law?

Common laws are judicial precedents that have been established by court decisions.

What role do regulations play in business law?

Regulations help enforce compliance with laws and ensure business practices prioritize consumer safety.

What does the judicial branch do in relation to business law?

The judicial branch interprets and applies the law within the justice system.