ACCT 324 1st Edition Lecture 2 Outline of Last Lecture I The last lecture will refer students to the study guide There was no material given on Day 1 aka Lecture 1 Outline of Current Lecture I Defining Business Law II Classifications of Law III Sources of Business Law Current Lecture I Defining Business Law Business Law The enforceable rules of conduct that govern commercial relationships Why is knowing Business Law important Ex Jay s Bar and Grill Sued for 1 million because of a violation of business law how are they going to pay that 1 million out and still be a profitable business II Classifications of Law Private law involves disputes between private individuals or groups Public law involves disputes between private individuals and their government Civil law rights and responsibilities Criminal law incidents in which someone commits an act against the public as a whole III Sources of Business Law Constitutions general laws written in our constitutions Statutes Set by congress and state legislatures Cases common law legal interpretations made by judges Administrative law laws made by administrative agencies Treaties between 2 states or nations Executive Orders Order authorized through sub agencies mayor These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Each classification is higher than the next Constitutions higher the statutes statutes higher than cases and so on School of Jurisprudence Determine how the law should be applied to the communities This definition is merely meant to go along with the power point slide outlining the Schools of Jurisprudence