Nature of Law Business Law Class Goals 03 07 2012 Types of law that apply to business activities Sources of law Ways of evaluating law Role of courts and lawyers o Lawyers huge cost of doing business o No right answer in difficult case ambiguity Sources of Law Constitutions o Set up government so relationship between different branches and relationship between government and individuals o Federal system of government have a federal constitution each state has own constitution that sets up their government o Federal constitutional provision o State constitutional provision most states mimic federal constitution Treaties trade treaties Legislation made by legislature branch o Statutes made by state o Ordinances sub state level county city o Fed level congress o State calls them all different things Common law Executive orders Regulations decisions administrative agency Priority Rules Federal defeats state law o Federal beats state no matter what kind of law Constitutions defeat all other laws within their domain state or federal o Within their domain constitution wins over state or federal for same thing Treaties vs federal statutes on domestic matter later in time prevails Statutes defeat other laws that depend on a legislative delegation Statutes and laws derived from them by delegation defeat common law rules 03 07 2012 03 07 2012
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