Legal Environment of Business
BSAD 0220
Legal Environment of Business
Chapter 1
Introduction
1.Why Nations Are Economically Weak or Strong
(a) Identify several reasons put forth to explain why nations are prosperous or poor.
Dependency theory
Natural resources
Education and Technology
Climate
Private Market
Law and Legal System. (Reed Pg.5-6)
Law, the rule of Law, and Property
2. Law (a) Define law, Compare and contrast law and custom.
Law is the social forces that holds, and intended to tell members of society what they can and cannot do. “What is intended” (Reed P.6)?
The contrast between law and custom is law is rules set by the government and will be punishable by the government. Customs are social norms and are not against the law. It may result in being outcast or anger from citizens of different race, religion or moral compass.
3. The Rule of Law
(a) Define the rule of law. How does the rule of law differ from law as the commands of the state?
The Rule of law refers to the influence and authority of law within society, especially as a constraint upon behavior, including behavior of government officials. (Wikipedia; Rule of Law) The rule of law is generally and equally applicable. They apply to all or most members of society and they apply to various groups in the same way. (Reed Pg. 7)
4.Property (a) What is property? How does property differ from ‘resources”?
Property is a legal right that allows you to exclude others from your resources. It makes what is yours “yours”. (Reed Pg.8) Resources can be the property in which you have exclusive rights.
Classification of Law
8.Public and Private Law (b) Explain private law. Give three Examples
Private law covers those legal problems and issues that concern your private resource relationships with other people. (Reed Pg. 14)
Three examples are:
Property law- copyrights, trademarks and patents.
Contract law- real estate contracts.
Tort law- punitive damages are added to the
Legal Environment of Business
Chapter 1
Introduction
1.Why Nations Are Economically Weak or Strong
(a) Identify several reasons put forth to explain why nations are prosperous or poor.
Dependency theory
Natural resources
Education and Technology
Climate
Private Market
Law and Legal System. (Reed Pg.5-6)
Law, the rule of Law, and Property
2. Law (a) Define law, Compare and contrast law and custom.
Law is the social forces that holds, and intended to tell members of society what they can and cannot do. “What is intended” (Reed P.6)?
The contrast between law and custom is law is rules set by the government and will be punishable by the government. Customs are social norms and are not against the law. It may result in being outcast or anger from citizens of different race, religion or moral compass.
3. The Rule of Law
(a) Define the rule of law. How does the rule of law differ from law as the commands of the state?
The Rule of law refers to the influence and authority of law within society, especially as a constraint upon behavior, including behavior of government officials. (Wikipedia; Rule of Law) The rule of law is generally and equally applicable. They apply to all or most members of society and they apply to various groups in the same way. (Reed Pg. 7)
4.Property (a) What is property? How does property differ from ‘resources”?
Property is a legal right that allows you to exclude others from your resources. It makes what is yours “yours”. (Reed Pg.8) Resources can be the property in which you have exclusive rights.
Classification of Law
8.Public and Private Law (b) Explain private law. Give three Examples
Private law covers those legal problems and issues that concern your private resource relationships with other people. (Reed Pg. 14)
Three examples are:
Property law- copyrights, trademarks and patents.
Contract law- real estate contracts.
Tort law- punitive damages are added to the