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(LAW 322) The Legal Environment Of Business

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Sandra Watson
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Summary The Legal Environment Of Business – Ch 1-16

CH 1-16

  • UniversityClemson University
  • CourseLegal Env Of Bus (LAW 322)

 Law and the Key Functions of the Legal System
o Law refers to the rules, standards and principles that define the behavioral
boundaries for business activities
o No Generally Accepted Definition of Law
o Laws in different jurisdictions may reflect social norms
o Law is viewed as a collection of rules or principles intended to limit and direct
human behavior.
o Improving Social Stability by Influencing Behavior
 Legal system helps define acceptable social behavior
 Varies from state to state and country to country
 Marijuana
o Conflict Resolution
 Courts are one mechanism for resolving disputes
 Businesses turning to formal private settlement techniques –
alternative dispute resolution systems outside the court
o Social Stability and Change: Reflect the social values and customs of a society,
which over time may change
 Ex: the changing status of same-sex marriages & controversies
involved
 Effective way to change what is “acceptable” behavior
 Ex: Laws reflect social changes about discrimination in the workplace
o Maintain important social values
o Provide a method for assisting social change
 Sources of Law in the United States
o Constitutions
 The fundamental law of a nation
 Established the limits the power of the government
 US Constitution
 Oldest written document
 Establishes Legislative, Executive and Judicial Branches of
government
 Separation of powers
 State Constitutions
 Like U.S. Constitution, create Legislative, Judicial and Executive
Branches of state governments
 Often very long and detailed
 Amending a state constitution is often much easier than
amending the U.S. Constitution
o Legislates and Statues
 Legislatures create statutory law
 Federal Laws
 State Laws
 Municipal Laws
 Congress and state legislatures are the sources of statutory law

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(LAW 322) The Legal Environment Of Business

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