Part 1- Foundations of, Chapter 1: The Nature of Law, Doc 2 - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

416

Pages:

2
Author:

bratrochanter

This chapter explores the foundational elements of law, emphasizing its importance in business operations. Law can both limit and enhance business strategies, so understanding various legal principles helps managers navigate potential risks and benefits effectively. Key Learning Points: 1. Types of Law and Hierarchy: o Constitutions: Set government structures and limit government actions to protect individual rights. The U.S. Constitution is supreme, overriding all conflicting laws. o Statutes: Enacted by legislatures, these written laws apply to specific areas and often supersede common law in cases of conflict. o Common Law: Judge-made law based on precedents, emphasizing the doctrine of stare decisis (following precedents). Courts may adapt common law over time to address evolving societal needs. o Equity Law: Offers remedies (e.g., injunctions) for cases where traditional legal outcomes would be unfair. o Administrative Law: Created by agencies granted authority from legislatures, these regulations provide detailed rules in specialized areas. o Priority Rules: Federal law prevails over state law; constitutions supersede other laws in their jurisdiction, and statutes override conflicting common law or administrative regulations. 2. Classifications of Law: o Criminal vs. Civil Law: Criminal law addresses offenses against society, while civil law deals with disputes between private parties. o Substantive vs. Procedural Law: Substantive law defines rights and duties, while procedural law outlines processes for enforcing substantive law. o Public vs. Private Law: Public law governs relationships involving the state, such as constitutional and criminal law, whereas private law covers interactions between private entities (e.g., contracts). 3. Jurisprudence Schools: o Legal Positivism: Defines law as the commands of recognized authorities, separating legal validity from moral judgments. o Natural Law: Argues that valid laws align with universal moral principles, allowing some influence of morality in judicial interpretation. o American Legal Realism: Emphasizes the "law in action" over written law, asserting that judicial behavior and discretion shape outcomes more than statutes. o Sociological Jurisprudence: Examines law in its social context, viewing it as a reflection of societal values and advocating for adaptability based on social needs. 4. Case Examples: o Young v. Beck: Explores the family purpose doctrine in tort law, showing how common law adapts to uphold doctrines that support public policy, like compensating accident victims. o Trentadue v. Gorton: Illustrates statutory interpretation, where Michigan’s statutes of limitations were ruled as overriding a commonlaw rule, thus barring a delayed wrongful death claim.

Related Documents

Part 1- Foundations of, Chapter 1: The Nature of Law, Doc 2

Part 1- Foundations of, Chapter 1: The Nature of Law, Doc 2 - Page 1

Part 1- Foundations of, Chapter 1: The Nature of Law, Doc 2 - Page 2

of 2

Recommended Documents

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Appendix B: Uniform Commercial Code, Note 15

Part 11- Appendix B: Uniform Commercial Code, Note 15

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

New Documents from this Course

Chapter 4: Appendix P7

Chapter 4: Appendix P7

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Summary Cheat Sheet

Chapter 21: Summary Cheat Sheet

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 15: Quick Study

Chapter 15: Quick Study

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 2: Accrued Revenue

Chapter 2: Accrued Revenue

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Inventory Costing Illustration

Chapter 4: Inventory Costing Illustration

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 25: Future Value of an Annuity

Chapter 25: Future Value of an Annuity

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Appendix

Chapter 21: Appendix

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 24: Problem Set A

Chapter 24: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 23: Decisions and Information

Chapter 23: Decisions and Information

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 17: ABC for Service Providers

Chapter 17: ABC for Service Providers

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Appendix P6

Chapter 4: Appendix P6

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Problem Set A

Chapter 4: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary