Legal Environment of Business

Pages: 7 (1464 words) Published: August 28, 2013
BSAD 0220
Legal Environment of Business

Chapter 1
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
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)

(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 civil suit.

9.Civil Law and Criminal Law
(a) What is the difference between civil law and criminal law?

Civil law involves money and damages. Criminal law involves prosecution by the government and punishment as a result.

10.Substaine Law and Procedural Law
(a) Define substantive law and procedural law.

Substantive law defines the legal relationship of people with other people or between them and the state. Thus, the rules of law governing the creation or enforcement of a contractual promise are substantive in nature. (Reed Pg. 15)

Procedural law deals with the method and means by which substantive law is made and administered. (Reed Pg. 15)

Sources of Law

11.Federal Law

(a) Explain what it means to say that constitutions are the “highest laws of the nations.”

The U.S Constitution, which is Supreme law of the Nation. Any law federal or state that conflicts with the Constitution is said to be void and has no legal effect. (Reed Pg. .15)

13.Judicial Decisions or Case Law

(b) Alex was on a coast-to-coast trip by automobile. While passing through Ohio, Alex has a flat tire. It was fixed by Sam’s Turnpike Service Station, and later, while Alex was driving in Indiana, the tire came off and Alex was injured. Alex was hospitalized in Indiana for the injuries. What rules of substantive law will the Indiana court use to determine if Sam is at fault? Explain.

The court will have to provide proof that Sam failed to use reasonable care while fixing Alex’s tire in order to establish the tort of negligence.

Chapter 2

Contemporary Business Ethics
1. Ethics and Society

Describe the reasons for the rising concern over business ethics.

Because of our diverse society, formed by many ethical backgrounds, races, and religions have resulted in few shared ethical values to guide behavior.

Public Education and Family Structure- the decline in public education and the family structure as sources for ethical teaching....
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