Part 1- Foundations of, Chapter 1: The Nature of Law, Doc 3 - Edubirdie

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

2024
Views:

156

Pages:

2
Author:

bratrochanter

This section explores additional schools of jurisprudence, the various functions of law, and methods of legal reasoning, specifically case law and statutory interpretation. Schools of Jurisprudence: 1. Law and Economics: Views law through the lens of economic principles, suggesting that legal rules should create incentives for efficient outcomes. 2. Critical Legal Studies (CLS): Argues that law often reflects and perpetuates political and class biases. CLS proponents critique existing laws and practices as products of power rather than justice, though their perspectives are uncommon in judicial or legislative settings. 3. Feminist and Gay Legal Studies: Examine laws and legal institutions from the perspectives of gender and sexual orientation, focusing on biases and advocating for reform that promotes equality. Functions of Law: 1. Peacekeeping: Criminal law maintains social order by deterring and punishing wrongful acts. 2. Checking Government Power and Promoting Freedom: Constitutional laws limit governmental authority and protect individual rights. 3. Facilitating Planning and Expectations: Contract law ensures that businesses can plan with confidence. 4. Promoting Economic Growth through Competition: Antitrust laws prevent monopolistic practices, encouraging a healthy market. 5. Promoting Social Justice: Laws address economic and social inequalities, such as employment laws promoting equal opportunity. 6. Protecting the Environment: Environmental statutes balance industrial growth with environmental conservation. Legal Reasoning: 1. Case Law Reasoning (Stare Decisis): Courts often rely on precedents (prior rulings) to decide cases similarly, promoting consistency. Judges may distinguish a case from precedent if it presents unique facts or policy concerns, allowing legal principles to adapt over time. For example, in Hagan v. Coca-Cola Bottling Co., the Florida Supreme Court modified the "impact rule," allowing emotional distress damages from consuming a contaminated beverage, despite the absence of physical injury. 2. Statutory Interpretation: Courts interpret statutes by examining their wording, legislative intent, and public policy goals. This interpretation ensures laws are applied accurately to real-world cases. Implications for Business Law: Legal theories and reasoning methods impact how laws are interpreted and enforced, creating both predictability and adaptability. Businesses must understand the dynamic nature of law, particularly how new interpretations or legal reforms might alter existing business practices.

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Part 1- Foundations of, Chapter 1: The Nature of Law, Doc 3

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