This unit will ask a series of broad questions about the law. How does a law come into being? Legislators pass laws, of course, but how do regulating bodies and judicial precedent contribute to the process? In a broader sense, why do we have laws at all? Is it possible for us to govern ourselves?
We will explore the historical events that have shaped business law in the United States. We will also review U.S. court systems, discussing the roles they play in shaping the business law of the country and learning how they enforce those laws. As a business professional, it is important that you understand and appreciate how laws serve to regulate the legal environment of business.
Completing this unit should take you approximately 7 hours.
Read this introductory section to Chapter 1. Note the shortcomings of self-regulation in business, and the impact that the legal issues surrounding business law had on the world economy during the financial crisis of 2008. Be sure to watch the short video explaining the credit crisis. Make a note of your overall goals of studying business law as part of an education in business administration.
Read Section 1, which addresses what laws are, and how laws are developed. This text will introduce you to jurisprudence, or the philosophy of law, and various theories related to it. Think about which theory or theories seem most true to you. Be sure to do the exercises at the end of the section.
Read this section. Focus on how the rule of law provides guidance in all areas of businesses. Consider how law establishes rights and obligations in business transactions. Be sure to do the exercises at the end of the section.
Read this section. It would be foolish to operate in the business world in any capacity without being familiar with the application of law. The law impacts every area of business, from accounting and finance to management and marketing. As a business professional, you will be particularly interested in private law, since it sets forth legal requirements that allow parties to determine how they want to assign legal rights, duties, and obligations in their business dealings. Be sure to do the exercises at the end of the section.
Read this section, which focuses on several critical questions: What are the differences between social norms, customs, and law? What law is public and what law is private? How can you distinguish between substantive law and procedural law? Be sure to do the exercises at the end of the section.
Watch this video to get a sense of the legislative process and how a bill makes it through Congress to become law. Note the important role played by the executive in making law in the United States.
Read this introduction to Chapter 2, which illustrates why it is important for business professionals to understand the court system.
Read this section, which discusses how the judicial branch fits into the United States' system of government. What authority does the court system have in the United States? Are the courts completely independent? How can the other branches of the government limit the judicial branch? Be sure to do the exercises at the end of the section.
Read this section, which discusses the jurisdiction of various courts in the United States. The judicial system of the United States involves complex webs of jurisdiction. For example, some courts can hold trials, while other courts only hear appeals from trial court decisions. In some situations, a case must be brought in a state court, and in others it can be brought in a federal court. Some courts have broad jurisdiction, and some courts are given only limited jurisdiction. This section covers these issues in more detail.
Take this assessment to see how well you understood this unit.