10 December 2007
Business 100 Syllabus Law Outline
Lex Rex
Law, a system of rules enforced by the power of the state.
Sources of Law
1. US Constitution, Our constitution is a system for governance; a written document that gives us the constraints for creating laws.
2. Statutory Law, formal written laws enacted by legislature. The Uniform Commercial Code exists to provide a seamless platform for sales across the 50 state lines. Applies to transactions of personal property (movable property), not real property (immovable property) or services.
3. Common Law, laws created by the courts and judges by using precedence, stare decisis.
Public Law
Governs the relationship between the state and individuals.
Private Law
Governs the relationship between individuals.
Constitutional Law
Administrative Law
Criminal Law
Product Liability, This law governs manufacturers, distributors, suppliers, retailers, who make products and can be held responsible for the injuries those products cause.
Contract Law, A contract is a legally binding exchange of promises or agreement between parties that the law will enforce.
Elements for a valid contract:
Offer, Acceptance, Consideration.
Breach of Contract, is a where a bargained-for exchange is not honored.
Sales Law, Warranties: is an obligation that an article or service sold is as factually stated or legally implied by the seller, and that often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the warranty.
Property Law, Real Property: real estate — it includes many legal relationships between owners of immovable property (real estate) that are purely conceptual such as the easement, where the owner of one property may have some right on a neighbouring property, right-of-way, or the right to pass over a property.
Personal property
Tangible assets are referred to as PPE (property, plant, and equipment), or tangible assets, these are purchased for continued and long-term use in earning profit in a business. This group includes land, buildings, machinery, furniture, tools, and certain wasting resources e.g., timberland and minerals.
Intangible assets are defined as those non-monetary assets that cannot be seen, touched or physically measured and which are created through time and/or effort. There are two primary forms of intangibles – legal intangibles (such as trade secrets (e.g., customer lists), copyrights, patents, trademarks, and goodwill) and competitive intangibles (such as knowledge activities (know-how, knowledge)
Agency Law is an area of commercial law dealing with a contractual or quasi-contractual tripartite set of relationships when an Agent is authorized to act on behalf of another (called the Principal) to create a legal relationship with a Third Party.
source: Wikipedia and Managers and the Legal Environment, Strategies for the 21st Century, second edition, Constance E. Bagley.
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