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Unit 1- Business Law
Terms in this set (114)
Why we need the law or useful aspects of having a legal system
a. Law provides us with rules by which we can judge our conduct.
b. Law provides for a system to resolve civil disputes (disputes between
private parties) and criminal wrongs.
What are the underlying policies that the law seeks to promote? That is why do
we have the law in the first place.
i) Life—the most basic or elementary. We have laws against
murder because the law seeks to protect the lives of citizens
ii) Liberty—this society greatly values "freedom." It is said that we
are a "free" country.
iii) Pursuit of Happiness—the above first two were "life, liberty...."
iv) Property—property rights are greatly valued in this society. The
law protects property rights. If someone takes your property,
they commit the crime of "larceny" or "theft" and as we will
learn later on in this course a whole host of other crimes can be
committed that are similar to "theft." In addition, as we will
learn, tort law also greatly protects property rights.
v) Equality. That original historical document written by Thomas
Jefferson that said something about "life, liberty, and the
pursuit of happiness" also said, "All men are created equal."
Thus, the law is supposed to promote "equality" among its
vi) Promotion of Commerce—the law wants to make it as easy and
"smooth" as possible for parties to buy and sell goods and services. And
the law doesn't want to place too many barriers to entrepreneurship.
vii) Order and Stability—we want an orderly society where the streets are
clean and the trains and busses run on time, etc.
Systems of Equality
a. The "classical" system of equality as our Founders understood it was
equality of process—meaning the law must treat all citizens according to
the same set of rules regardless of rank (under the "old" system of
"aristocracy" people inherited titles of nobility and entirely different sets
of legal rules applied to different folks).
b. The "modern" notion of equality says that we should have equal
outcomes among citizens. For instance, this would require that Bill
Gates and all of us have the same "outcomes" in our lives in terms of
property and wealth. We obviously don't have such a system. This was
at the heart of "communism" and that system failed.
rules made by state and federal administrative agencies
law that includes principles that are expressed for the first time in court decisions
a man who was sentenced to house arrest left his house but still wanted to count the time as part of his sentence, a court decision held that you must actually be in the house to have the time count
a law that defines the rights of one person against another; carries damage remedies for the wronged individual
if you run a red light and strike a pedestrian, you will also have committed a civil wrong of injury to another through your carelessness
the body of unwritten principles originally based upon the usages and customs of the community that were recognized and enforced by the courts
most law that we still follow today in determining real property rights developed in England, beginning in 1066
a body of principles that establishes the structure of a government and the relationship of the government to the people who are governed
the law that defines wrongs against society; violations carry fines and imprisonment as penalties
if you run a red light, you have committed a crime and you will be punished with a fine and points on your license
an obligation of law imposed on a person to perform or refrain from performing a certain act
the body of principles that originally developed because of the inadequacy of the rules then applied by the common law courts of England
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