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Comtemporary Business Law (Part 1 of 2)

Updated on August 6, 2013
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I am writing this to help other students to understand what they will learn in a business law class. This is important class if a student is wanting to work in the business world. The class covers a great deal in a short amount of time and I hope to this summary will give insight to prepare current and future students.

Law

Law is a set a rules a person must follow. When these laws are broken there are legal consequences. From the time we were children we have learned that we have to follow rules are else. The famous line that most of us have heard is "While your living under my roof you will follow my rules." In the United Stated states there is eight primary functions of law and they are:

  1. Keeping the peace
  2. Shaping moral standards
  3. Promoting social justice
  4. Maintaining the Status Quo
  5. Facilitating orderly change
  6. Facilitating planning
  7. Providing a basis for compromise
  8. Maximizing individual freedom

The laws that help the United States function come from six different sources. These sources are:

  1. Constitutions
  2. Treaties
  3. Codified law: Statutes and ordinances
  4. Executive orders
  5. Regulations and orders of administrative agencies
  6. Judicial decisions


Torts

"Torts are civil wrongs recognized by law as grounds for a lawsuit. These wrongs result in an injury or harm constituting the basis for a claim by the injured party." ("Tort", n.d.). Types of torts are negligence, intentional misrepresentation (fraud), and strict liability.

Negligence-is an act that can cause a person harm. Take for example you a car seat from the store. while carrying your child out the handle breaks. After some investigation it is found that the car seat was missing some pieces. You can file a lawsuit against the company who made the car for negligence. It is up to company to make sure there product is made properly.

Intentional Misrepresentation (fraud)- Take for example if I sell my car with bad brakes and I don't forewarn the buyer. The buyer drives the car from my house is in an accident during the drive due to not being able to stop. The buyer could take me to court due to fraud.

Strict Liability-"A tort doctrine that makes manufacturers, distributors, wholesalers, retailers, and others in the chain of distribution of a defective product liable for the damages caused by the defect, irrespective of fault."(Cheeseman, 2013)


References:

Cheeseman, H. (2013). Business Law: Legal Environment, Online Commerce,
Business Ethics, and International Issues
(8th ed.). Upper Saddle River,
New Jersey: Pearson.


Tort. (n.d.). Retrieved from http://www.law.cornell.edu/wex/tort



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