1.1: Introduction to Law
Read this introductory section to Chapter 1. Note the shortcomings of self-regulation in business, and the impact that the legal issues surrounding business law had on the world economy during the financial crisis of 2008. Be sure to watch the short video explaining the credit crisis. Make a note of your overall goals of studying business law as part of an education in business administration.
1.1.1: What is Law?
Read Section 1, which addresses what laws are, and how laws are developed. This text will introduce you to jurisprudence, or the philosophy of law, and various theories related to it. Think about which theory or theories seem most true to you. Be sure to do the exercises at the end of the section.
- Watch this video for an overview of the history of law and the lawmaking process in the United States. What provides the framework for law in the United States? What is the role of each of the three branches of government in making the law?
1.1.2: The Role of Law in Business in the United States
Read this section. Focus on how the rule of law provides guidance in all areas of businesses. Consider how law establishes rights and obligations in business transactions. Be sure to do the exercises at the end of the section.
Read this section. It would be foolish to operate in the business world in any capacity without being familiar with the application of law. The law impacts every area of business, from accounting and finance to management and marketing. As a business professional, you will be particularly interested in private law, since it sets forth legal requirements that allow parties to determine how they want to assign legal rights, duties, and obligations in their business dealings. Be sure to do the exercises at the end of the section.