Ch 1 - Law as a Foundation for Business

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What is Law?

Back

Rules established by the state and backed by enforcement. Keeps order in society.

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What is the Rule of Law?

Back

Laws are generally and equally applicable to everyone, including leaders and businesses.

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What is Property in law?

Back

The legal right to exclude others from resources. Types: Public, Private, Common.

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Why is Property important?

Back

It motivates people to create wealth and provides foundation for markets.

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What are the main philosophies of law (jurisprudence)?

Back

Natural Law, Positive Law, Historical School, Sociological, Legal Realism.

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Difference between Common law & Civil law?

Back

Common law: judges interpret & set precedents. Civil law: relies on legislation.

Front

Public vs. Private Law?

Back

Public: govt. regulation (constitutional, criminal, admin). Private: disputes between people (property, contracts, torts).

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Civil vs. Criminal cases?

Back

Civil: disputes, damages $$. Criminal: wrong against society, punishment (jail/fines).

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Substantive vs. Procedural Law?

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Substantive defines rights & duties. Procedural = how law is enforced.

Front

Hierarchy of Sources of Law?

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1. Constitution 2. Statutes 3. Fed Regulations 4. State Laws 5. Local Ordinances 6. Case law.