Business Law and Strategy
2nd Edition
by Sean Melvin
Complete Chapter Solutions Manual
are included (Ch 1 to 50)
** Immediate Download
** Swift Response
** All Chapters included
** Problems and Cases
, Chapter 1
Legal Foundations and Thinking Strategically
CHAPTER OVERVIEW
This chapter discusses important touchstones for understanding the legal process and identifying
legal issues that arise in the business environment.
KEY LEARNING OUTCOMES
Outcome Accreditation
Categories
Articulate a working definition of law and explain its origins. Knowledge
Categorize various laws and articulate the functions of law and legal systems. Application
Explain the importance and benefits of legal awareness for business owners Application
and managers in creating strategy and adding value to a company and the role
of counsel in decision making.
Differentiate between and provide examples of primary and secondary Analytical
sources of American law. Thinking
Apply the legal doctrine of stare decisis in a business context. Application
Teaching Tip: Manageable Material
Students are often overwhelmed with their first introduction to law. It is important to cover the
material in manageable amounts and use lots of examples, both real and hypothetical.
I. INTRODUCTION TO LAW [p. 3]
Points to emphasize:
• Law is a body of rules of action or conduct prescribed by controlling authority and
having legal binding force. (Black’s Law Dictionary)
• Law may be set down in written code or take the form of judicial decisions and actions of
government agencies.
• The common characteristic of state law is that it creates duties, obligations, and rights
that reflect accepted views of a given society.
• Important to business, the law provides a mechanism to resolve disputes arising from
duties and rights and allows parties to enforce promises in a court of law.
II. CATEGORIES OF LAW [p. 3]
Points to emphasize:
• It is helpful to breakdown law into broad categories based on classifications to a
particular function or a right afforded by law.
1
, • Table 1.1 sets out the various categories of law and provides examples.
• These categories are not mutually exclusive. For example, a person who punches another
person in the face has committed both a criminal act (the crime of assault and battery)
and a civil wrong (the tort of assault and battery).
A. Language of the Law [p. 4]
Points to emphasize:
• It is vital that business students have a basic understanding of legal terminology that
might be used in a business context in their future careers.
• Black’s Law Dictionary is the authoritative source for legal terms.
B. Functions of Law [p. 4]
Points to emphasize:
• Law provides for a system of order that defines rules of conduct and levies punishment
for violation of those rules.
• One purpose of law is to ensure consistency and fairness and to promote equality and
justice in society.
• Another purpose of law is to create a system for resolving disputes by providing a basis
for deciding the legal interest and rights of the parties.
• In business, law serves as an important catalyst for commerce by promoting good faith
dealing amount merchants and consumers and giving some degree of reliability for
business planning and commercial transactions.
2
2nd Edition
by Sean Melvin
Complete Chapter Solutions Manual
are included (Ch 1 to 50)
** Immediate Download
** Swift Response
** All Chapters included
** Problems and Cases
, Chapter 1
Legal Foundations and Thinking Strategically
CHAPTER OVERVIEW
This chapter discusses important touchstones for understanding the legal process and identifying
legal issues that arise in the business environment.
KEY LEARNING OUTCOMES
Outcome Accreditation
Categories
Articulate a working definition of law and explain its origins. Knowledge
Categorize various laws and articulate the functions of law and legal systems. Application
Explain the importance and benefits of legal awareness for business owners Application
and managers in creating strategy and adding value to a company and the role
of counsel in decision making.
Differentiate between and provide examples of primary and secondary Analytical
sources of American law. Thinking
Apply the legal doctrine of stare decisis in a business context. Application
Teaching Tip: Manageable Material
Students are often overwhelmed with their first introduction to law. It is important to cover the
material in manageable amounts and use lots of examples, both real and hypothetical.
I. INTRODUCTION TO LAW [p. 3]
Points to emphasize:
• Law is a body of rules of action or conduct prescribed by controlling authority and
having legal binding force. (Black’s Law Dictionary)
• Law may be set down in written code or take the form of judicial decisions and actions of
government agencies.
• The common characteristic of state law is that it creates duties, obligations, and rights
that reflect accepted views of a given society.
• Important to business, the law provides a mechanism to resolve disputes arising from
duties and rights and allows parties to enforce promises in a court of law.
II. CATEGORIES OF LAW [p. 3]
Points to emphasize:
• It is helpful to breakdown law into broad categories based on classifications to a
particular function or a right afforded by law.
1
, • Table 1.1 sets out the various categories of law and provides examples.
• These categories are not mutually exclusive. For example, a person who punches another
person in the face has committed both a criminal act (the crime of assault and battery)
and a civil wrong (the tort of assault and battery).
A. Language of the Law [p. 4]
Points to emphasize:
• It is vital that business students have a basic understanding of legal terminology that
might be used in a business context in their future careers.
• Black’s Law Dictionary is the authoritative source for legal terms.
B. Functions of Law [p. 4]
Points to emphasize:
• Law provides for a system of order that defines rules of conduct and levies punishment
for violation of those rules.
• One purpose of law is to ensure consistency and fairness and to promote equality and
justice in society.
• Another purpose of law is to create a system for resolving disputes by providing a basis
for deciding the legal interest and rights of the parties.
• In business, law serves as an important catalyst for commerce by promoting good faith
dealing amount merchants and consumers and giving some degree of reliability for
business planning and commercial transactions.
2
