ACCT 324 1st Edition Lecture 2Outline of Last Lecture I. The last lecture will refer students to the study guide. There was no material given on Day 1 aka Lecture 1Outline of Current Lecture I. Defining Business Law II. Classifications of LawIII. Sources of Business LawCurrent LectureI. Defining Business LawBusiness Law – The enforceable rules of conduct that govern commercial relationshipsWhy is knowing Business Law important?Ex. Jay’s Bar and Grill: Sued for 1 million because of a violation of business law… how arethey 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 wholeIII. 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 onSchool 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