Business law assignment Business Law Assignment Common law and stare decisis Common law is all that law that is made by judges. It is initiated by citizens when they file cases in courts. Stare decisis is a term used in the common law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in business, this is a principle that can assure a business person of the ruling of a case that is similar to
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Business Entities, Laws, and Regulations Paper Name BUS/415 Instructor Name July 5, 2010 Business Entities, Laws, and Regulations Paper There are two hypothetical businesses or scenarios which are selected for the following paper. This paper will comprise of contemplations regarding various issues which these businesses will have to face. These may include issues related to legal, liability, control, taxation, and risk and regulatory. Furthermore a hypothetical manager scenario will be
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dependency, people introduced business. “Business is defined as the exchange of goods, services or money for mutual benefit or profit.” (Skinner and Ivanncevich, 1992, p.8) The organizations that involve in profit making activities are called business organizations. Business may be trade, commerce or industry. To make business organized, it must be governed by some rules and regulations which we call business laws. Each country has independent business laws. Business organizations must operate within
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The Role of Law in Business The rule of law establishes rules that people and businesses must follow to avoid being punished. The rule of law not only allows people to understand what is expected of them personally, but also sets out rules for businesses so that they know what is expected of them in their dealings and transactions (Lau & Johnson, 2016). It also restrains government and others from infringing on property rights. Should disputes arise, the rule of law provides a peaceful
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Chapter One: The Legal Environment 1. Business activities and the legal environment 2. Sources of American law 1) Primary sources of law * Constitutional law (The U.S. Constitution, state constitutions) * Statutory law ( federal statutes, state statutes, ordinances; uniform laws) * Administrative law (administrative agencies: federal, state, local) * Case law 2) Secondary sources of law * Books , articles 3. The common law tradition 1) Stare decisis
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Offer Cases 1. Wrench (D) offered to sell his estate to Hyde for 1200 pounds and Hyde (P) declined. Wrench then made a final offer to sell the farm for 1000 pounds. Hyde in turn offered to purchase the property for 950 pounds and Wrench replied that he would consider the offer and give an answer within approximately two weeks. Wrench ultimately rejected the offer and the plaintiff immediately replied that he accepted Wrench’s earlier offer to sell the real estate for 1000 pounds. Wrench refused
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leave when Joy asks him to 6. Disparagement of property is another term for appropriation. Answer: False 7. An individual’s right to privacy includes the exclusive use of his or her likeness. Answer: True 8. The purpose of tort law is to provide remedies when legally protected interests have been invaded. Answer: True 9. Proximate cause exists when injuries sustained were too remotely connected to an incident to trigger liability. Answer: False 10. An unauthorized
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breach of that duty. Thirdly, there must be loss or damage to the plaintiff and finally, there must be a causal link between the breach of duty of care and the loss or damage suffered. Duty of Care Duty of care refers to the relationship which the law recognises as giving rise to a legal duty to take care. A duty of care is a responsibility to take such care and breach of this can lead to the defendant being liable to pay damages to a party who has suffered losses or injury as a result of their breach
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Termination right to perform Step 1: Identify the legal issue Step 2: Identify the principle of law The right to terminate performance on grounds of breach of contract is a remedy that originated in the common law courts. It consists of rejecting a defaulting party’s flawed performance and/or putting a stop to further performance of the contract. Termination right to perform consists of: -Termination of performance is only available as a remedy for relatively serious breaches of contract
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Chapter 10: Torts: Negligence and Strict Liability After covering intentional torts in the previous chapter, in this chapter we turn out attention to the remaining types of torts. Perhaps the most important of the three types of tort liability, negligence, receives extended treatment in this chapter. The purpose is to provide the student with an in-depth understanding of the elements of negligence, including duty of care, breach of the due care, the theory of the reasonable person (along
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