CHAPTER 1Today's Business EnvironmentDefinition of Law: a body of rules of action or conduct prescribed by controlling authority and having binding legal force…also, that which must be obeyed Formal Rules (law) vs. Informal Rules (custom, history, practice, ethics)Custom-size and condition of apples Look up 1-3 in book/should be the first sentence in the paragraph Four Functions of the Law:1.) influencing behavior 2.) conflict resolution 3.) social maintenance 4.) social change- acceptable behavior U.S. Greedy Six Sources of the Law1.) The U.S. Constitution- Most Important, limit Gov’t power hard to changeState Constitutions- easy to change, long and more detailed 2.) Statutory law (the legislature)- Veto overridden Legislature Judgesview + interact staredecis 3.) Administrative agencies- Judicial Branch 4.) The judiciary, common law, and precedent- England, Judges who decide disputes changes over time5.) The executive- Executive order 6.) International law- Trade agreements, Treaties (NO BRANCH IS TOO POWERFULTHEY CHECH EACH OTHER/CHECKS AND BALENCES)Three Classifications of Law1. Public vs. Private- Public- Relations between people and gov’tPrivate- relations between members of society; no gov’t 2. Civil vs. CriminalCivil- wrongs between society “Preponderance of the evidence”Criminal- act violation society society rules “Beyond a reasonable doubt” 3. Substantive vs. Procedural S-Establishes Legal rights and defines behavior P- How rights are enforced Ethics and the LawLamson- Whistle Blower, Contacting, Business, and Employees working in dangerous situations are liable Stanley- given LSD Pills, Army, Losses family, Sues gov’y, neither moral nor ethical The Case of the Curious Castaways- Murdered boy to eat him,
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