Legal and Ethical Environment of Business Essay

LEGAL AND ETHICAL ENVIRONMENT OF BUSINESS August 13th, 2012 LAW / ECONOMIC / ETHICAL WHERE THE LAW COMES FROM? - Legal and Ethical Environment of Business Essay introduction?? •Maintain your property LAW •Rules related to the allocation of scarce resources WHAT DO WE WANT? •Earth at night •Predictability – Certainty – commerce loves certainty oStable governments equal strong economy oBank accounts, brokerage accounts, land titles oProperty the governmentally supported right to exclude oPredictable sanctions for wrongful acts oDemocracy – best – why are you so? oDo not think about “right” think about best for you Law is a competitive tool LEGAL SYSTEM OF THE WORLD •Civil law oGap filler •Common Law •Muslim Law oRole of religion and US 1st amendment •Customary Law •Hybrid and Mixed systems ENGLISH COMMON LAW TRADITION •1066 – William oKings Court •Power top down •Decisions tend to go certain ways •Common Law oCommon to all •Remedy sought determines the court •Distinction blurred today – equitable – rare •Law remedies US •Merged the law and equity courts •Juries now very prevalent oAble to handle complex business issues •Power from the people US Constitution – we the people – bedrock beliefs •Federal Law – State Law oNo Federal commercial law •Statutes – States UCC oExplain uniform laws •Common law •Public law oCrimes •Private law oContracts oTorts JURISPRUDENCE •Stare Decisis – predictability4 ojudge made oPrecedent ?Mandatory ?Persuasive ?Dual court systems ?Departures from precedent •Public hospitals •Plessey – Dred Scott oWhat goes into a court? s decision ?Public policy? ?Economic theory ?Precedent? ?Pressure DECISION MAKING •Using cases as looking at others? errors •IRAC oIssue oRule oApplication oConclusion

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