Instructional Area: Business Law (BL)
Discuss the nature of law and sources of law in the US
1) Law is a body of rules prescribed by a controlling authority (government) with binding legal force
2) The law consists of rules that regulate the conduct of individuals, business, and other organizations within society
3) The law is intended to protect people against unwanted interference from others
Sources of Law: constitutional law, statutory law, treaties, administrative regulations, and the common law, which were originally largely derived from the common law system of English law (which was in force at the time of the Revolutionary War.)
Describe the US’ judicial system
The US legal system has 2 different sets of courts: state and federal (both have 3 levels.) Federal has District Courts, Appellate Courts, and the US Supreme Court. No state court systems are exactly the same.
Describe methods used to protect intellectual property
1) A patent applies to a specific product design
2) A trademark applies to a name, phrase or symbol
3) A copyright applies to a written document
Describe legal issues affecting business
Regulations are stricter today than they were 100 years ago. Minimum wages, taxes, OSHA, and employment protection laws are part of business law.
Identify the basic torts related to business enterprises
A tort is a wrongful act which results in injury of another party. Businesses who commit a tort can be sued in court.
Describe the nature of legally binding contracts
A contract is an agreement between 2 or more parties to do, or refrain from doing, some action. Failure to do so may result in legal consequences. Contracts must also have an acceptance, consideration, and additional components.
Describe the nature of legal procedure
Legal procedure is an important part of the law and a topic that is not common knowledge. It involves the methods and mechanics of the legal process. The purpose is to make certain that every case is treated justly and consistently. Substantive law defines the rights and duties of the people, but procedural law lays down the rules with the help of which they are enforced (the set of rules that govern the proceedings of the court in criminal lawsuits as well as civil and administrative proceedings.)
Discuss the nature of debtor-creditor relationships
A creditor is an entity to whom money is owed and a debtor is an entity that owes money to a creditor or lender. At every level, goods and services are provided in exchange for a promise, explicit or implicit, to pay for those goods and services.
Voluntary: loans of all types, credit lines and the use of credit cards.
Involuntary: if the employee of a small business is at fault in a traffic accident and injures someone, the business can be required to compensate the injured person.
Explain the nature of agency relationships
The nature of agency relationships exists when one person employs another to do his or her work, sell his goods, acquire property on his behalf or perform some other specific task. This is a business relationship where a principal gives legal authority to an agent to act on the principal’s behalf when dealing with a third party. the principle is the boss and the agent is whoever is employed to do the work.
Discuss the nature of environmental law
Environmental law encompasses the body of rules, regulations, orders, and statutes concerned with the maintenance and protection of the natural environment of a country and regulates the impact of human activities on the environment.
Discuss the role of administrative law
Administrative law is the body of rules, regulations, and orders formulated by a governmental body responsible for carrying out laws. It governs the activities of administrative agencies of government.
Explain types of business ownership
A business is a legally recognized organization designed to provide goods and services to consumers. Among other types of businesses…
Partnerships: a business endeavor in which two or more people start a business to obtain profit.
Corporation: a separate legal entity from those who own it. This has a number of advantages: limited liability, perpetual existence after owners leave, unlimited growth potential through the sale of stock, no limit on the number of shareholders.
Explain the nature of import/export law
Export: to send goods or services to another country for sale.
Exports now account for over 15% of global GNP
Import: to bring merchandise into a country from another country to sell.
Describe the nature of customs regulations