Chapter 1 Business and Legal Environment A. Function of Law a. Provide stability, predictability, and continuity b.

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

B.
C.

What is law/Influence of Development of Law Philosophies of Law a. Natural b. Positive c. Historical d. Legal Realities Common Law a. Common Law-

D.

1.
2.

1066- William the conqueror began the process of unifying the country under their rule the Kings Court. Curiae Regis Kings Court sought to establish a uniform set of customs for the country as a whole Common Law- a body of general rules that applied throughout the entire English realm

3. b. c. d.
Legal i. ii.

Remedies the legal means to enforce a right or redress a wrong Courts of Law- the court that awarded the compensation of land, items of value, or money Remedies at law- the three remedies

Equity- branch of law founded on what might be described as notions of justice and fair dealing that seeks to supply a remedy when no adequate remedy at law is available

i.
ii.

Courts of Equity Remedies at law- remedies granted by the equity courts

1.
2.

Injunction- ordering a party to cease engaging in a specific activity or to undo some wrong or injury Reformation Recession- the cancellation of a contract obligation

e.

Specific Performance ordering a party to perform an agreement as promised 5. Account Case Laws- Common Law i. Case Laws-

3. 4. 1.

The doctrines and principles announced in cases, covers all laws not covered by the statutory law or administrative law

E.

F.

Stare Decisis- to stand on decided cases a. Efficiency b. Uniformity c. Consistency d. Stability e. Predictability Sources of American Law a. Constitution i. Law as expressed in these constitutions ii. US Constitution is the supreme law of the land iii. State has all powers not granted to the Federal Government 1. Unless it goes against the US Constitution 2. State has supreme law within the states border b. Statutory

i.
c. d. Ordinances

Law enacted by legislative bodies at any level of government

Laws, rules, or orders passed by municipal or county governing units to govern matters not covered by federal or state law. Uniform Laws Model laws for the states to consider adopting ii. Each state has the option of adopting or rejecting a uniform law Administrative Laws i. Consists of the rules, orders, and decision of administrative agencies 1. And administrative agency- a federal, state, or local government agency established to perform a specific function

i. i.

e.

G.

f. Classification of Law a. Substantive b. Procedural c. Civil

d.

Criminal