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Nov 28

For example, subject to certain exceptions, the First Amendment to the Constitution prohibits the government from making a law that prohibits the freedom of speech. For example, contract law regulates agreements to exchange goods, services, or anything else of value, so it includes everything from buying a bus ticket to trading options on a derivatives market. Commercial law, a branch of civil law, comprises governance of commercial and business transactions in both the public and private realms. Property law defines people’s rights and duties toward tangible property, including real estate (i.e., real property, such as land or buildings,) and their other possessions (i.e., personal property, such as clothes, books, vehicles, and so forth), and intangible property, such as bank accounts and shares of stock. Property law defines people’s rights and duties toward tangible property, including real estate (i.e., real property, such as land or buildings,) and their other possessions (i.e., pers… If you’ve ever read Alice’s Adventures in Wonderland (or seen the movie), and you can recall the Queen of Hearts yelling, “Off with their heads!” at the slightest infraction or offense, you have some idea of what it would be like to live in a society that is not governed by the rule of law. Business laws exist to create reliable standards for companies to follow. Aren’t laws and rules the same thing? See our User Agreement and Privacy Policy. The same laws also prohibits turkey scrambles. In a society such as the United States, the law informs everyday life in a wide variety of ways and is reflected in numerous branches of law. Most people understand (and accept) laws prohibiting acts of murder, thievery, physical harm, and financial malfeasance, but there are plenty of other laws that might give us pause. In fact, Hammurabi’s reasoning for creating this code is not that far removed from the rationale for our current legal system. [6], The constitutions and statutes of the United States and its states provide for various liberties and rights. In a civil society, law is required to maintain order and to establish what personal behavior and business practices are right or wrong based on a society’s values and circumstances. Commercial Law. Business laws exist to create reliable standards for companies to follow. The rule of law system in the United States is established in the U.S. Constitution. Business Law . It is often considered to be a branch of civil law and deals with issues of both private law and public law. Wildlife management laws, for example, (such as West Virginia’s prohibition against using ferrets for hunting,) were first passed in an effort to conserve game that had nearly been hunted into extinction during the nineteenth century. The law is a guidepost for minimally acceptable behavior in society. Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. Some semblance of order is necessary in a civil society and is therefore reflected in law. At what point do we cross that fine line between legal and illegal, and on what basis is that line even drawn in the first place? Scribd will begin operating the SlideShare business on December 1, 2020 The concept, if not the phrase, was familiar to ancient philosophers such as Aristotle, who wrote, “Law should govern.”. These purposes are not separate but entwined. The establishment of a system of laws was not invented by the founding fathers of the United States. Tort law provides for compensation when someone or their property is harmed, whether in an automobile accident or by defamation of character. The U.S. Constitution itself became the law of the land well over two hundred years ago, and the tenets set forth in the document remain in full force today. Four principal ones are establishing standards, maintaining order, resolving disputes, and protecting liberties and rights. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Commercial law, also known as mercantile law or trade law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. For example, contract law regulates agreements to exchange goods, services, or anything else of value, so it includes everything from buying a bus ticket to trading options on a derivatives market. The idea of written laws goes back to ancient Mesopotamian culture that prospered long before the Bible was written or the civilizations of the Greeks or Romans flowered. See our Privacy Policy and User Agreement for details. Versione PDF del documento. If you wish to opt out, please close your SlideShare account. For example, under a typical state law, it is a crime to cause physical injury to another person without justification—doing so generally constitutes the crime of assault. [5], Disputes are unavoidable in a society comprised of persons with different needs, wants, values, and views. One function of the law is to protect these various liberties and rights from violations or unreasonable intrusions by persons, organizations, or government. If you haven’t heard of Hammurabi, you have certainly heard one of his laws: “An eye for an eye, and a tooth for a tooth.” Hammurabi’s Code, a collection of 282 laws inscribed on an upright stone pillar, contains many fundamental legal concepts we would recognize in today’s legal system. In medieval times the community of merchants was a very small but powerful community. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. Business law is called a body of law that draws business on a variety of legal disciplines.

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