LSB 3213 Legal and Regulatory Environment of Business Professor Jack Wroldsen Office 210 Spears Business Building jack wroldsen okstate edu 405 744 5418 Recap Legal arguments Not memorizing laws Universal morality vs practical outcomes Marijuana laws in Colorado Drifting in a lifeboat Syllabus Questions Schools of Legal Thought Natural Law Positive Law Historical Approach Legal Realism Tesla Ford s business model Laws mirror Ford s dealership model Tesla s business model direct sales Tesla s Lawyer Law cars may only be sold through a dealer not direct from the manufacturer Four legal arguments Natural law Positive law Historical approach Legal realism Hierarchy of Laws Constitution Statutes Regulations Admin Broad to narrow Intellectual property example How long Painters musicians software developers PTO Copyrights patents trademarks Hierarchy and Conflict of Laws Federal and state systems Clones Federal vs state laws Constitution vs statutes vs regulations Statute or reg violates your constitutional rights Courts Supreme court Appeals courts Trial courts Federal court system State court systems Court Awards Civil claims not criminal claims Damages money Equitable Remedies examples Specific Performance Injunction Common Law Common law vs civil law systems Judges interpret laws to resolve disputes Case law becomes binding precedent Overrule the legislature Legal Arguments stare decisis unless there s a compelling reason not to follow precedent Four schools of legal philosophy This semester s goal Learn legal reasoning for business decisions Compare and Contrast Four legal philosophies Terminology A Terminology B Judge made law Statutory law vs admin regulation Common law system Civil law system Civil law Criminal law Federal law State law Damages Equitable remedies Substantive law Procedural law Next Class Read chapter 4 constitutional law Thank you