Ch.1 Law as a Foundation for Business Outline
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School
University Of Georgia**We aren't endorsed by this school
Course
LEGL 2700
Subject
Law
Date
Jan 8, 2025
Pages
4
Uploaded by AdmiralRain15787
Ch. 1: Law as a Foundation for BusinessI.Lady Justicea.b.c.d.II.Why Teach Law to Business Studentsa.b.c.d.General Notes:III.What is needed to have an efficient market?a.b.c.IV.What is the Definition of Law?a.Definition:b.General Notes: V.Rule of Lawa.Concept that ______________________________b.Idea that the law ____________________________c.Rule of Law video takeaways: d.Why is it important?i.ii.e.Almost all ___________________________ embrace the _____________f.What are the consequences of not having it? g.Principles that define the rule of law according to the World Justice Projecti.ii.iii.iv.h.General Notes:VI.Propertya.A ____________ that allows you to _______________ from your __________ (__________________________________________________).b.__________________ of property provides a basis for the ____________ and __________________.i.VII.Classifications of Law:a.Common Law vs. Civil Law
i.Common Law:1.Emphasizes the _____________ in determining the ______________________ and _______________. 2.The _______________ follows the Common Law. a.Exception of 1 State:__________________3.Pros:a.Laws can be ____________b.i.Definition: ii.Judges follow _____________ whenever possibleiii.Ensures ____________, ____________, and _______________ in the law4.Cons:a.b.____________ precedentsc.Distinction between the _________and __________i.Increases the _________ of determining the precedent d.Rejection of precedent/Bad precedent (belief cases were __________________ or _______________)5.Video Takeaway: ii.Civil Law: 1.Relies more on _______________ than __________________ to determine what the _______ is. 2.Civil Law Courts (__________) do NOT make ______ and DON’T feel _________ to follow _________________.b.Public Law vs. Private Lawi.Public Law:1.2.3.ii.Private Law: 1.2.c.Civil Law vs. Criminal i.Civil Law:1.2.3.ii.Criminal Law:1.Government brings suit to prove a ________________________2.Sanctions: 3.Examples:
d.Substantive Law vs. Procedural Law i.Substantive Law:1.2.ii.Procedural Law: 1.Deals with the ________________ by which substantive law is ______ and ____________2.3.Examples: iii.Class Example: VIII.Sources of Law:a.Federal Lawi.1.Any ___________, _____________ or ___________ that ________ with the _____________ is said to be _______ and has no legal effectii.iii.b.State Lawi.ii.iii.iv.c.Judicial Decisions or Case Lawi.Decisions of _________ AKA _________ii.Opinions: iii.Precedent: iv.Citations: The reference identifying how to find a case. 1.So a case opinion cited as 675 F.3d 23 (2014) can be located on __________ of _______________ of the _______________, ___________, a case __________ in ________.IX.Reading Case Citationsa.Brown vs. Board of Education, 347 U.S. 483 (1954)i.ii.iii.iv.v.X.Sources of Law Hierarchy a.b.c.d.
e.f.g.h.XI.Property & Corporate Governance:a.Most Business in the U.S. is transacted through large _______________.b.Corporations: i.Businesses _____________ to do business as ______________ii.Owned by __________ who have __________ in the companyiii.Shareholders ____________________ who legally _____ the businessiv.Board of Directors _________________ to be in charge of the _____________ business operationsXII.Specific Sense of Corporate Governance a.Because of the separation of ____________and ____________, _________is important. b.Corporate governance: c.________ of corporations will be destroyed when managers ________________________ for _________ benefitsd.What is an example of abuse of control by managers?XIII.General Sense of Corporate Governance a.In a ______________, Corporate governance applies to _________________ that businesses have with ___________, with their ____________, and with __________b.Lack of ____________________________ allowed ____________ that led to the ____________ in the late 2000s.i.