Chapter 1 Flashcards
Law
Enforceable rules governing individuals within a society.
Liability
Being responsible for something.
Areas of the law that can affect business decision making
- Contracts:
- Intellectual Property:
- Torts:
- Product Liability:
- Sales:
- Internet Law, Social Media, and Privacy:
- Environmental Law and Sustainability:
Sources of American Law
- Primary Sources
- Secondary Sources
Primary Sources
Sources that establish the law
Include
- US constitution, constitutions of the various states
- Statutory Law
- Regulations created by administrative agencies
- Case law and common law doctrines
Statutory Law
Laws passed by congress, state legislatures, local governing bodies
Secondary Sources
Clarify the primary sources of law
Include:
- Legal encyclopedias, treatises
Constitutional Laws
Law that is based on the US Constitution and constitution of various states.
Ordinances
A law passed by a local governing unit, such as a city or county.
Administrative Law
The rules, orders, and decisions of administrative agencies.
Case Law
The rules of law announced in court decisions.
Case Law interprets
- Statutes
- Regulations
- Constitutional Provisions
- Other Case Law
Classifications of Law
- Substantive Law
- Procedural Law
Substantive Law
Law that defines, describes, regulates, and creates legal rights and obligations.
Tells you what rights you have
Procedural Law
Law that established the methods of enforcing the rights established by substantive law.
Tells you how to enforce your rights
