Business law ppt

Introduction to business law

           Unit 1




                               1
1: What is Law ?
• The law is a set of legal rules that governs the way
  members of a society act towards one another.

• Law is “ that portion of the established habit and thought
  of mankind which has gained distinct and formal
  recognition in the shape of uniform rules backed by the
  authority and power of the Government”.
• – Woodrow Wilson

• Laws are required in society to regulate the behaviour of
  the individual, to correspond with what is acceptable to the
  majority of individuals,


                                                               2
NEED FOR LAW

• Without law, life and business would become a matter of
  survival, not only of the fittest but also of the most
  ruthless.

• Laws are required in society to regulate the behaviour of
  the individual, to correspond with what is acceptable to the
  majority of individuals,


• Law is the potential tool of social change. In fact law and
  society are complementary. No society can exist without
  law. It is essential for up keeping of peace in the society.
                                                                 3
BRANCHES OF LAW
•   CONSTITUTIONAL LAW
•   ADMINISTRATIVE LAW
•   CRIMINAL LAW
•   CIVIL LAW,
•   COMMERCIAL LAW




                             4
CONSTITUTIONAL LAW
 Is the law which regulates the structure of the
 principal organs of the government and their
 relationships to one another and determines
 their principal functions.

 The rules consist both of legal rules and of
 usages, commonly called conventions, which
 without being enacted are accepted as binding
 by all concerned with the government


                                                    5
ADMINISTRATIVE LAW
• It is the law that governs the executive branch
  of the government.
• It is as old as the executive.




                                                    6
CRIMINAL LAWS
• Are the laws which wrong doers are punished.

• At the same time, civil laws are those laws
  with which the private rights of an individual
  are enforced




                                                   7
MERCANTILE LAWS
It deals with the rights and obligations of
 Commercial persons emerging from
 commercial transactions in respect of
 commercial property.




                                              8
SCOPE OF BUSINESS LAW
The scope of the business law has enormously widened
due to the increasing complexities of the modern
business world.

It usually covers topics of
contracts, bailment, Agency, sale of
goods, partnerships, companies, negotiable
instruments, insurance, pollution control etc.

These and other topics are covered by legislations
enacted by Central and State Governments.
                                                       9
SOURCES OF BUSINESS LAW
1.   Statutory law
2.   Case law
3.   Natural law
4.   English mercantile law
5.   Customs and usage




                                10
Legal Positivism
• Law is the supreme will of the State that
  applies only to the citizens of that nation at
  that time.

• Law, and therefore rights and ethics, are not
  universal. The morality of a law, or whether
  the law is “bad or good,” is irrelevant.


                                                   11
Legal Realism
Jurisprudence that holds law is not simply a
 result of the written law, but a product of the
 views of judicial decision makers, as well as
 social,economic, and contextual influences.




                                                   12
Stare Decisis
 Stare decisis is a Latin phrase meaning “to
stand on decided cases.”
– Makes the law stable and predictable.
– Increases judicial efficiency by relieving courts of
  having to reinvent legal principles for each case
  brought before them.




                                                         13
Stare Decisis and Precedent
• Stare decisis is “judge made law” based on
  precedent.

• Precedents are judicial decisions that give rise to
  legal principles that can be applied in future cases
  based upon similar facts.

• Precedents and other forms of positive law, such as
  statutes, constitutions, and regulations, are referred
  to as binding authority and must be followed.

                                                           14
Cases of “First Impression”
In cases of “first impression” where there is no
 precedent, the court may refer to
 – positive law,
 – public policy, and
 – widely held social values in order to craft the best
   new precedent.




                                                      15
Legal Reasoning
• Method used by judges to reach a decision.
• Many courts and attorneys frame decisions
  and briefs using the IRAC format:
  Issue, Rule, Application (Analysis), and
  Conclusion.




                                               16
Civil vs. Criminal
• Civil law defines the rights between
  individuals or individuals and governments.

• Criminal law defines an individual’s obligations
  to society as a whole.




                                                 17
Substantive vs. Procedural

• Substantive law defines or creates the rights
  and obligations of persons and
  governments.

• Procedural law provides the steps one must
  follow in order to avail oneself of one’s legal
  rights or enforce another’s legal obligations.

                                                    18
Reading &
         Understanding Case Law
Legal cases are identified by a “legal citation” (or
a “cite”) as the example below:


Federal Express Corp. v. Federal
Espresso, Inc., 201 F.3d 168 (2nd Cir. 2000).
              Title: First Party is Plaintiff, second party is
             Defendant. The parties are either italicized or
                               underlined.


                                                                 19
Reading &
        Understanding Case Law [2]
Legal cases are identified by a “legal citation” (or
a “cite”) as the example below:


Federal Express Corp. v. Federal
Espresso, Inc., 201 F.3d 168 (2nd Cir. 2000).
              Case is found in volume 201 of the 3rd
                 Federal Supplement, page 168.




                                                       20
Reading &
        Understanding Case Law [3]
Legal cases are identified by a “legal citation” (or
a “cite”) as the example below:


Federal Express Corp. v. Federal
Espresso, Inc., 201 F.3d 168 (2nd Cir. 2000).

               Case was decided by the United States
              Second Circuit Court of Appeals in 2000.



                                                         21
Business persons
              and the Law

• Laws regulate all areas of business.
• Factors business owners must consider:
  – Is contract enforceable?
  – Contract for goods vs. services?
  – What happens if someone breaches the
    contract?
  – Dispute Resolution?


                                           22
Civil                    Criminal
Person               Plaintiff                Government
commencing the
action:

Outcomes:              Damages                  Imprisonment
                       Specific performance     Fines
                       Injunction               Good behaviour
                                                bonds
                                                Community service
                                                order


Standard of proof:   On the balance of        Beyond a reasonable
                     probabilities            doubt


Burden of proof:     Plaintiff                Prosecutor

                                                                    23
1 von 23

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Business law ppt

  • 2. 1: What is Law ? • The law is a set of legal rules that governs the way members of a society act towards one another. • Law is “ that portion of the established habit and thought of mankind which has gained distinct and formal recognition in the shape of uniform rules backed by the authority and power of the Government”. • – Woodrow Wilson • Laws are required in society to regulate the behaviour of the individual, to correspond with what is acceptable to the majority of individuals, 2
  • 3. NEED FOR LAW • Without law, life and business would become a matter of survival, not only of the fittest but also of the most ruthless. • Laws are required in society to regulate the behaviour of the individual, to correspond with what is acceptable to the majority of individuals, • Law is the potential tool of social change. In fact law and society are complementary. No society can exist without law. It is essential for up keeping of peace in the society. 3
  • 4. BRANCHES OF LAW • CONSTITUTIONAL LAW • ADMINISTRATIVE LAW • CRIMINAL LAW • CIVIL LAW, • COMMERCIAL LAW 4
  • 5. CONSTITUTIONAL LAW  Is the law which regulates the structure of the principal organs of the government and their relationships to one another and determines their principal functions.  The rules consist both of legal rules and of usages, commonly called conventions, which without being enacted are accepted as binding by all concerned with the government 5
  • 6. ADMINISTRATIVE LAW • It is the law that governs the executive branch of the government. • It is as old as the executive. 6
  • 7. CRIMINAL LAWS • Are the laws which wrong doers are punished. • At the same time, civil laws are those laws with which the private rights of an individual are enforced 7
  • 8. MERCANTILE LAWS It deals with the rights and obligations of Commercial persons emerging from commercial transactions in respect of commercial property. 8
  • 9. SCOPE OF BUSINESS LAW The scope of the business law has enormously widened due to the increasing complexities of the modern business world. It usually covers topics of contracts, bailment, Agency, sale of goods, partnerships, companies, negotiable instruments, insurance, pollution control etc. These and other topics are covered by legislations enacted by Central and State Governments. 9
  • 10. SOURCES OF BUSINESS LAW 1. Statutory law 2. Case law 3. Natural law 4. English mercantile law 5. Customs and usage 10
  • 11. Legal Positivism • Law is the supreme will of the State that applies only to the citizens of that nation at that time. • Law, and therefore rights and ethics, are not universal. The morality of a law, or whether the law is “bad or good,” is irrelevant. 11
  • 12. Legal Realism Jurisprudence that holds law is not simply a result of the written law, but a product of the views of judicial decision makers, as well as social,economic, and contextual influences. 12
  • 13. Stare Decisis Stare decisis is a Latin phrase meaning “to stand on decided cases.” – Makes the law stable and predictable. – Increases judicial efficiency by relieving courts of having to reinvent legal principles for each case brought before them. 13
  • 14. Stare Decisis and Precedent • Stare decisis is “judge made law” based on precedent. • Precedents are judicial decisions that give rise to legal principles that can be applied in future cases based upon similar facts. • Precedents and other forms of positive law, such as statutes, constitutions, and regulations, are referred to as binding authority and must be followed. 14
  • 15. Cases of “First Impression” In cases of “first impression” where there is no precedent, the court may refer to – positive law, – public policy, and – widely held social values in order to craft the best new precedent. 15
  • 16. Legal Reasoning • Method used by judges to reach a decision. • Many courts and attorneys frame decisions and briefs using the IRAC format: Issue, Rule, Application (Analysis), and Conclusion. 16
  • 17. Civil vs. Criminal • Civil law defines the rights between individuals or individuals and governments. • Criminal law defines an individual’s obligations to society as a whole. 17
  • 18. Substantive vs. Procedural • Substantive law defines or creates the rights and obligations of persons and governments. • Procedural law provides the steps one must follow in order to avail oneself of one’s legal rights or enforce another’s legal obligations. 18
  • 19. Reading & Understanding Case Law Legal cases are identified by a “legal citation” (or a “cite”) as the example below: Federal Express Corp. v. Federal Espresso, Inc., 201 F.3d 168 (2nd Cir. 2000). Title: First Party is Plaintiff, second party is Defendant. The parties are either italicized or underlined. 19
  • 20. Reading & Understanding Case Law [2] Legal cases are identified by a “legal citation” (or a “cite”) as the example below: Federal Express Corp. v. Federal Espresso, Inc., 201 F.3d 168 (2nd Cir. 2000). Case is found in volume 201 of the 3rd Federal Supplement, page 168. 20
  • 21. Reading & Understanding Case Law [3] Legal cases are identified by a “legal citation” (or a “cite”) as the example below: Federal Express Corp. v. Federal Espresso, Inc., 201 F.3d 168 (2nd Cir. 2000). Case was decided by the United States Second Circuit Court of Appeals in 2000. 21
  • 22. Business persons and the Law • Laws regulate all areas of business. • Factors business owners must consider: – Is contract enforceable? – Contract for goods vs. services? – What happens if someone breaches the contract? – Dispute Resolution? 22
  • 23. Civil Criminal Person Plaintiff Government commencing the action: Outcomes: Damages Imprisonment Specific performance Fines Injunction Good behaviour bonds Community service order Standard of proof: On the balance of Beyond a reasonable probabilities doubt Burden of proof: Plaintiff Prosecutor 23