Business Law, Text And Cases

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What is Law?

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Law consists of enforceable rules governing relationships among individuals and between individuals and their society.

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What do all laws have in common?

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They establish rights, duties, and privileges that are consistent with the values and beliefs of their society or its ruling group.

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What may the laws consist of?

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These “enforceable rules” may consist of unwritten principles of behavior established by a nomadic tribe. They may be set forth in a law code, such as the Code of Hammurabi in ancient Babylon (c. 1780 b .c.e.) or the law code of one of today’s European nations. They may consist of written laws and court decisions created by modern legislative and judicial bodies, as in US.

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What kind of business activities do laws affect?

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Laws and government regulations affect almost all business activities—from hiring and firing decisions to workplace safety, the manufacturing and marketing of products, business financing, and more.

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What can we do to avoid business disputes?

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A key to avoiding business disputes is to think ahead when starting or running a business or entering a contract. Learn what you can about the laws pertaining to that specific enterprise or transaction. Have some idea of the legal ramifications of your business decisions and seek the advice of counsel when in doubt.

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What is the importance of ethics in business?

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Today, business decision makers also need to consider whether a decision is ethical. Often disputes arise in business because one party feels that it has been treated unfairly. Thus, the underlying reason for bringing some lawsuits is a breach of ethical duties.

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What is meant by primary sources of law? What are the most important primary sources of law?

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Primary sources of law are sources that establish the law, which include federal and state statutes, the U.S. Constitution and state constitutions, regulations issued by administrative agencies, and court cases.

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What are the secondary sources of law?

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Secondary sources of law are books and articles that summarize and clarify the primary sources of law such as legal encyclopedias, treatises and articles in law reviews. Courts often refer to secondary sources of law for guidance in interpreting and applying the primary sources of law.

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What is meant by Constitutional law?

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The federal government and the states have separate written constitutions that set forth the general organization, powers, and limits of their respective governments. constitutional law is the law as expressed in these constitutions.

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What are statutory laws?

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Laws enacted by legislative bodies at any level of government, such as statutes passed by Congress or by state legislatures, make up the body of law known as statutory law. When a legislature passes a statute, that statute ultimately is included in the federal code of laws or the relevant state code of laws.

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What are local ordinances?

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local ordinances are statutes passed by municipal or county governing units to govern matters not covered by federal or state law. Ordinances commonly have to do with city or county land use, building and safety codes, and other matters affecting the local community.

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Why was the National Conference of Commissioners on Uniform State Laws established?

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To counter the problems, related to conducting trade and commerce among states, that businesses had to face because of the differences among state laws, a group of legal scholars and lawyers formed the NCCUSL in 1892 to draft uniform laws (model statutes) for the states to consider adopting. The NCCUSL still exists today and continues to issue uniform laws and has created more than 200 laws.

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In which situation does a uniform law become part of a statutory law of a state?

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Each state has the option of adopting or rejecting a uniform law. Only if a state legislature adopts a uniform law does that law become part of the statutory law of that state. A state legislature may adopt all or part of a uniform law as it is written, or it may rewrite the law however the legislature wishes.

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What is the purpose of the Uniform Commercial Code?

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The UCC facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transactions. From time to time, the NCCUSL revises the articles contained in the UCC and submits the revised versions to the states for adoption.

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How was the Uniform Commercial Code created?

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The UCC, One of the most important uniform acts, was created through the joint efforts of the NCCUSL and the American Law Institute. The UCC was first issued in 1952 and has been adopted in all fifty states, the District of Columbia, and the Virgin Islands.

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What are administrative laws and administrative agencies?

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Administrative laws may consist of orders, and decisions of administrative agencies. An administrative agency is a federal, state, or local government agency established to perform a specific function.

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What business aspects do administrative laws affect?

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These regulations govern many business aspects including a business’s capital structure and financing, its hiring and firing procedures, its relations with employees and unions, and the way it manufactures and markets its products. Regulations enacted to protect the environment also often play a significant role in business operations.