Badm 300 Notes

BA 300 – Legal Environment of Business

University of Illinois

BA 300 – LEGAL ENVIRONMENT OF BUSINESS NOTES FOR EXAMINATION 1
CHAPTER 1 – LAWS AND COURTS
I. INTRODUCTION TO LAW AND BUSINESS LAW
A. “Law” Defined i. Rules and principals governing conduct enforceable through sanctions imposed by the government ii. Rules have a right side and a wrong side, creating sanctions for the citizens to follow iii. Law is publicly imposed from the government iv. We are interested in studying law as a discipline

B. Sanctions for Failure to Conform Conduct to Rule of Law Criminal 1. 2. 3. Fines Imprisonment Capital Punishment Purpose of Sanction All specifically designed to punish individuals Punishment of person violating a rule/sanction

! Criminal law consists of principals and rules that protect society as a whole by establishing certain minimum standards of acceptable conduct and punishing those who fail to meet those standards. ! Criminal law thus creates duties owed to the community or public at large and is penal in nature. Civil 1. Money Damages Purpose of Sanction Compensate a person for the violation of a rule of law. Money damages are a legal remedy of law. This is an equitable remedy of law. It is remedial and is designed to prevent future injury from an action.

2. Injunction

! Civil law concerns relations between individuals and is remedial in nature. Civil law is not enforced by the government, but rather the party who was injured by the violation. ! For money damages, a person must pay the party injured for the sanction violation. ! For injunctions, you are ordered by a court to do or not do an act. ! Much of civil law is private law, meaning rules and principals that involve persons as private individuals.

C. Legal System – An infrastructure to enforce the rules ! The institutions and processes created to develop, apply and enforce the law. ! The government creates the legal system. A constitution organizes a government. Our Constitution... [continues]

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