Legal environment of busniess

Kathleen Reagan December 11, at 9:

Legal environment of busniess

The role law plays in the world of business and its implications to the business professional, as well as, the major sources of law and their intent to either control, regulate, or assist current business practices.

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The Legal Environment of Business Overview The legal environment of business refers to the code of conduct that defines the legal boundaries for business activity. To understand these boundaries, it is essential to first have a basic understanding of the law and how it affects businesses and business practices.

The nature of business spans over a number of legal realms, all of which are continuously influenced by the needs and demands of the business community, consumers, and the government. Each has a distinct stake and voice in this vibrant legal environment. Nature of Law The study of the legal environment of business encompasses numerous approaches and philosophical theories.

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The exploration of what law is and how it is defined has been examined by numerous legal philosophers. The traditionalist approach is steeped in the belief that the basic constructs of right and wrong are fixated even though society is continuously changing its beliefs.

Environmental Approach The environmental approach views law as an arm of societal control that must continuously reflect the current society's moral constructs through the enforcement of rules, regulations, and laws.

This approach is much Legal environment of busniess in scope, since the law is an institution that reflects the societal need for social order. Sociological Jurisprudence Theorists Sociological jurisprudence theorists profess that society ultimately shapes and molds the law and the mechanisms for its enforcement.

This school of thought views the legal system and the law as a means of providing an orderly, predictable system of social order, change, and legal reform.

These theories lead to similar conclusions; the primary function of law is to maintain social, political, and economic stability, while simultaneously balancing the need and ability to implement change. To accomplish this successfully, laws have been categorically classified.

Classifications of Law To make sense out of huge body of information, laws are placed into various categories. Although a number of classifications are possible, the most useful categories utilized are: Substantive and Procedural Civil and Criminal Basic to the understanding of these classifications are the terms right and duty.

A right is the ability of a person with the help of the law, to demand someone else to perform or to cease engaging in a certain activity. A duty on the other hand, is a commitment placed upon a person to engage in or desist engaging in a certain activity. These two concepts are correlatives, meaning that no right can rest upon one person without a corresponding duty resting upon some other person.

Substantive Law Substantive Law Substantive law includes all those laws that define, regulate, and create legal rights and obligations. A rule stating that promises are enforced only where each party receives something of value from the other party is part substantive law.

An example of this would be business contracts and contract obligations. Procedural Law Procedural law, on the other hand, establishes the methods for enforcing the rights that are established by substantive law. For example, questions about how a lawsuit should begin, what papers need to be filed, which court the suit should go to, which witnesses can be called, and so on are all questions of procedural law.

Essentially, substantive law relays our rights and entitlements under the law, while procedural law delineates our legal obligations and duties that need to be undertaken to obtain the benefits of those rights.

Civil Law Civil Law Civil law refers to the laws that define the duties existing between individuals or legal entities meaning corporations.

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This body of law better known as torts deals with the infringement of one person or legal entity on the legally recognized rights of another. Civil law violations appear in business in numerous ways.

It is the basis of employment violations, breaches of contracts, product liability and copyright infringement. Criminal Law Criminal law differs from civil law in that it is an act prohibited by law for the protection of the public at large.

Criminal violations in business occur when individuals, in a position of authority, commit criminal actions either against individuals, the company, or the consumer.

These types of criminal acts are often referred to as white collar crimes. This catch-all phrase was originally coined by Edwin Sutherland in Sutherland defined it as "a crime committed by a person of respectability and high social status in the course of his occupation.

Sources of Law With a basic understanding of the classifications of law, the next question that comes to mind is what are the sources of law and where are laws found?

Legal environment of busniess

Laws derive from federal and state constitutions, federal treaties, interstate compacts, federal and state statutes and executive orders, ordinances of municipal governments, the rules and regulations of federal and state administrative agencies, and federal and state court decisions.

Constitution adoptedratified is considered the "supreme law.THE LEGAL ENVIRONMENT OF BUSINESS provides a practical introduction to the structure and function of the legal system from the perspective of the professional nonlawyer.

While noting our legal heritage, there is a strong emphasis on the nuts and bolts of 4/5(71). THE LEGAL ENVIRONMENT OF BUSINESS. The Legal Environment of Business. There are various laws that are used to ensure that the business works in the right way.

These laws are put in place to regulate the way the business is done and are meant to curb unethical business activities. It’s trendy to rage against the top 1% nowadays, even though the economy has recovered handsomely since the lows.

We’re now at record highs in the stock market, the real estate market, and the bond market. We’re in an everything bubble in and I hope many of you have invested along the way.

It was not until , in _____ that the first unified day-night police force was created. legal authority to require the defendant to stand trial, pay judgements, etc appeals courts generally accept the facts given to them by trial courts and review the . legal environment of business, try to set aside any fixed ideas that you have already formulated about law and the legal system.

Many students who are new to .

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