Chapter 1, an introduction to dynamic business law. After reading this chapter, you will be able to answer the following questions: What is business law? How does business law relate to business education? What are the purposes of law? What are alternative ways to classify the law? What are the sources of the law? What are the various schools of jurisprudence? | Chapter 1 An Introduction to Dynamic Business Law Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 1: An Introduction to Dynamic Business Law Business Law Definition: Enforceable rules of conduct that govern commercial relationships 1- Business law consists of enforceable rules of conduct that govern commercial relationships. 1- Functional Areas of Business Affected By Business Law Corporate Management Production and Transportation Marketing Research and Development Accounting and Finance Human Resource Management The “functional” areas of business affected by business law include corporate management, production and transportation, marketing, research and development, accounting and finance, and human resource management. 1- Purposes of the Law Providing order Serving as an alternative to altercation Facilitating a sense that change is possible Encouraging social justice Guaranteeing personal freedoms Serving as a moral guide There are several purposes served in having law. Law provides order, serves as an alternative to altercation, facilitates a sense that change is possible, encourages social justice, guarantees personal freedoms, and serves as a moral guide. 1- Classification of Law Private Law: Involves disputes between private individuals or groups Public Law: Involves disputes between private individuals or groups and their government Law can be classified as either “public” or “private.” Private law involves disputes between private individuals or groups, while public law involves disputes between private individuals or groups and their government. 1- Classification of Law Civil Law: Involves the rights and responsibilities involved in relationships between persons and between persons and their government Criminal Law: Involves incidents in which someone commits an act against the public as a whole Law | Chapter 1 An Introduction to Dynamic Business Law Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 1: An Introduction to Dynamic Business Law Business Law Definition: Enforceable rules of conduct that govern commercial relationships 1- Business law consists of enforceable rules of conduct that govern commercial relationships. 1- Functional Areas of Business Affected By Business Law Corporate Management Production and Transportation Marketing Research and Development Accounting and Finance Human Resource Management The “functional” areas of business affected by business law include corporate management, production and transportation, marketing, research and development, accounting and finance, and human resource management. 1- Purposes of the Law Providing order Serving as an alternative to altercation Facilitating a sense that change is possible .
