Business Law
sources of law
1. constitutions
primary functions of law
1. keeping the peace
primary functions of law
2. shaping moral standards
sources of law
2. treaties
sources of law
3. codified law
primary functions of law
3. promoting social justice
primary functions of law
4. Maintaining the status quo
sources of law
4. executive orders
primary functions of law
5. Facilitating orderly change
sources of law
5. regulations and orders of administrative agencies
primary functions of law
6. Facilitating planning
sources of law
6. judicial decisions
primary functions of law
7. Providing basis for compromise
primary functions of law
8. Maximizing individual freedom
Characteristics of the U.S legal system 1
Fairness (most comprehensive, fair, and democratic systems of law) example: Standefer vs. United States the Supreme Court of the U.S let stand the criminal conviction of a Gulf Oil Corporation executive for aiding and abetting the bribery of an Internal Revenue Service agent
Characteristics of the U.S legal system 2
Flexibility of the Law example: Brown v. Board of Education (1954) demonstrated that a Supreme Court can overrule prior Supreme Court decisions to promote justice
Sociological
Law is a means of achieving and advancing certain sociological goals
Command
Law is a set of rules developed, communicated, and enforced by the ruling party
Historical
Law is an aggregate of social traditions and customs
Analytical
Law is shaped by logic
Natural Law
Law that is based on what is correct Moral theory of law: Law should be based on morality and ethics
Critical legal studies
Legal rules are unnecessary Disputes should be solved by applying arbitrary rules based on fairness
Schools of Jurisprudential Thought
Natural law Historical Analytical Sociological Command Critical legal studies Law and economics
Jurisprudence
Philosophy or science of law example: range from classical natural theory to modern theories
Law and economics
Promoting market efficiency should be the central concern of legal decision making
providing a basis for compromise
allowing for the settlement of cases prior to trial. Around 90 percent of all lawsuits are settled in this manner
Facilitating orderly change
laws enacted only after considerable study, debate, and public input
shaping moral standards
laws that discourage drug and alcohol abuse
keeping the peace
laws that make certain activities crimes
maintaining the status quo
laws that prevent the forceful overthrow of the government
promoting social justice
laws that prohibit discrimination in employment
Maximizing individual freedom
the rights of freedom of speech, religion, and association granted by the First Amendment to the U.S. Constitution
Facilitating planning
well-designed commercial laws that allow businesses to plan their activities, allocate their productive resources, and assess the risks they take
