Business Law Notes

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Business Law Notes- July, 10, 2008

Review from previous class session July 3, 2008

The Rules of Law regulate relations
Public Law: Relations between state and individuals
Exercise of power for state authority
Based on the Roman-German Tradition
Associated with the meaning of ‘Res Publica,’ (which means State & Society collectively) •Great Importance placed on Public Law-according to the European Continental Tradition

Anglo-Saxon Law: Based on Common Law
Case Law (law arrived through court decisions :Is the American term for Anglo-Saxon Common Law •The American Law is a continuity of English Law

European Continental law: Based on the Legal Theory and Legal Codes

Statutes: Come from parliaments of the state

Acts: Come from Congress

Ordinances: Come from Municipal/Local Government

Notes from New Material

Ethical Issues and the World of Business

Relationship between Ethics and Law-
What is ethical is not always included in the law
What is permitted by the law is not always ethical

Unethical Acts can be considered legal
Ethical considerations can be transferred to law because a moral obligation today can become a law tomorrow There is a connection but no identification between law and ethics because any sensation of the law has to do with some ethical ideas (something is wrong or something is right)

Adam Smith – Founder of Political economy

Believed in the Theory of the Invisible Hand, which is close to the individualism of the Anglo-Saxon Law •The theory covers all individual actions that lead to the benefit of the whole society •

Ethics: Identified with the Principle of Autonomy
Ethics deals with what is right and what is wrong

Law: Identified with the Principle of Heteronomy
Law has much more practical considerations about reactions between organizations, states, and citizens

Autonomy: Deals with someone’s moral conscience
Justinian Codes: Includes all Roman Law in writing

There are 3 Principles in law

1.) Justice = Is the Fast procedure in a Court and refers to the right timing 2.) Safety = Provisions of safety are not identified always with provisions of justice-sometimes it’s a coincidence. •In other words, principles that achieve safety independently of whether or not they are justified (Fair or Not Fair) •For example, you can only file a lawsuit after a certain number of years-After 5 years you loose your right to file a lawsuit for violation of contract because of safety •Safety is for citizens, state authority, or entire society

Sometimes we have just law or unjust law
Some laws (provisions) fall under safety but are not necessarily just Practical Safety of individuals, state, and society as whole should be taken into account by governors

3.) Equity = Is against strict law and considers weaknesses of human nature •The Christian religion contributed to the promotion of equity, specifically in the Roman Empire, there was influence from the Stoic philosophers •Equity exercised much more in Penal Cases

Mitigating Factor: Factors the judge takes into consideration to reduce the sentence or lessen the punishment for violators of the law. •Used especially for provocating behavior

Victimology = is a branch in Penal and criminal law that deals with research on why individuals turn out to be victims. •For example, if the victim makes something very attractive for the actor, the actor has a mitigating factor. •For example, if a poor friend(the actor) takes the wallet of a rich friend (the victim)then the behavior of the victim is provocating because he shows the poor friend how much money he has, showing off his car etc.) Primitive Law is Strict

In the World of Business there are Ethical Issues
Managers have 3 great negative issues to deal with
(Good managers should try to avoid them)
Moral Issues-
a.) Some ethical rules, gradually can become law
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