Lecture 1 LEB 320F 1st Edition Outline of Current Lecture II A Firm s license to operate A Economic B Social C Regulatory III We want predictability certainty stable IV Law as a competitive tool V Legal system of the world VI Public v Private law VII Different Governments VIII Certainty IX Flexibility th X 13 Amendment Current Lecture Business Law A frm s License to Operate Note from Prof Meakin Exams will be largely focused on the text pay close attention to cases discussed in lecture Firm operates at the center of Economic Social and Regulatory licenses o For example BP Toyota Social License problems What do we want o Predictability certainty commerce loves certainty o Stable governments equal strong economy o Bank accounts brokerage accounts land titles o Property the governmentally supported right to exclude o Predicable sanctions for wrongful acts o Democracy is best why are you so o Do not think about right think about what s best for you Law is a competitive tool Legal system of the world o We have a common law system series of decisions o Most of world has civil law system Decision making o Using cases as looking at others errors o IRAC Issue Rule Application Conclusion Very important Public law o Crimes societal norms codifed o Fair v just o Legal v ethical difference in punishment Private law your agreement o Contracts torts o The punishment for violation of ethics is banishment English common law tradition o 1066 William o power top down o decisions tend to go certain ways Governments o How many government entities control you o Federal o State o County o City o School boards o Taxing authorities o Who gets to decide o We the People we have the power Certainty flow of commerce Flexibility o Effect of technology Example Roe v Wade can a 3 trimester fetus live outside the womb o Search and seizure o Discovering more logic More rights More justice o Shifting politics march from status to contract to status to contract Example Americans with Disabilities Act 1990 wheel chair access at the Texas Supreme Court th 13 Amendment o Knowledge o Reasonableness Prohibition o Civil Law
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