Business Law Chapter 1

A body of enforceable rules governing relationships among individuals and between individuals and society

Provide stability, predictability and continuity so people can be sure of how to order their affairs
People need to know what the rules and consequences are in order to conduct business
But at the same time, permit change

Law regulates many different areas of business
Study of business law also involves a knowledge of ethics in decision-making
Many different laws may affect a single business transaction

U.S. and State Constitutions
Statutory Law—federal, state and local
Administrative regulations and decisions
Case Law and Common Law Doctrines

Constitution

Statues (Legislatuve Branch)

Regulations (Executive Branch)

Case Law (Judicial Branch: Interprets and applies the constitution, statues and regulations)

The Constitution and the Laws of the United States shall be the supreme Law of the Land

The powers not delegated to the United States by the Constitution are reserved for the States

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11 and then there is DC and U.S Court of Appeals

Based largely on English Common law which was based largely on traditions, social customs, rules, and cases devloped over hundreds of years.

Courts of Law: (monetary relief)

Courts of Equity: (non-monetary relief) based on "notions of justice and fair dealing"

(also called king's courts because judges were appointed by the king)

remedies limited to those provided at law: land, chattel, money, etc.

Judges resolved disputes by application of rules of law to the facts of the case before the court.

(also called courts of chancery)

Courts where equitable relief was sometimes availabile in instances where a strict application of the law to the facts of the case compelled a result that was legal but unjust.

Equitable Maxims

Specific performance, injunction, and rescission of a contractual obligation

Money or items of value, such as land