Ch 1

What is business law

  • enforceable rules of conduct that govern actions of buyers and sellers, and certain third parties in market exchanges

Functional Areas of business affected by business law

  • corp mang

  • production and transportation

  • marketing

  • research and development

  • accounting and finance

  • Human resource mang

Purpose

  • order

  • serving as an alternative to conflict

  • facilitating a sense that change is possible

  • Social Justice

  • personal freedom

  • moral ethic guide

Classification of Law: Pub vs Pri

  •     Pri

    • regulates disputes between pri and indivduals/groups

  • Pub

    • regulates disputes between pri indivdual groups and gov

Civil and Criminal Classification

  • Civil

    • govern rights and responsibilities in relationships among persons and gov

  • Criminal

    • Class of laws involving rights and responsibilities an individual has with respect to the public as a whole individuals

Sources of Business Law

  • Consistutions

  • Statutes

  • Cases(common law)

  • Admin Law

  • Treaties

  • Excutive orders

  • Schools of jurisprudence

  • Usual and Customary practice

Major Federal Admin Agencies (Independent)

  • Commodity Futures Trading Commission

  • Consumer Product Safety Commission

  • Equal Employment Opportunity Commission

  • Federal Trade Commission

  • Federal Communications Commission

  • National Labor Relations Board

  • National Transportation Safety Board

  • Nuclear Regulatory Commission

  • Securities and Exchange Commission

Major Federal Administrative Agencies (Executive) Examples

  • Federal Deposit Insurance Corporation.

  • Occupational Safety and Health Administration.

  • General Services Administration.

  • National Aeronautics and Space Administration.

  • Small Business Administration.

  • US Agency for International Development.

  • National Science Foundation.

  • Veterans Administration.

  • Office of Personnel Management.

Schools

  • Natural Law

  • legal Positivism

  • Identification with Vulnerable

  • Historical School Tradition Legal Realism

  • Cost-benefit analysis

Global And Comparative Law

  • Compartive

    • studies and compares laws in different countries

  • Business

    • Basic rules of business

  • Constitutional Law

    • General limits and powers of gov stated in the Constitution