Dynamic Business Law, 6th Edition TEST BANK By Nancy Kubasek, ISBN: 9781260733976, All 52 Chapters Covered, Verified Latest Edition

,Chapter 1 - An Introduction to Dynamic Business Law FL FL FL FL FL FL FL FL




CHAPTER OVERVIEW FL




Chapter One lays the foundation for the textbook. Make sure you look on the publisher‘s web site for info
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rmation about how business law intersects with the six functional areas of business. The authors encourage
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students to ―connect to the core,‖ and remember the ways in which law intersects with other areas of stud
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y, including corporate management, production and transportation, marketing, research and development, a
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ccounting and finance, and human resource management.
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This manual supports the ―connecting to the core‖ theme by giving ideas for assignments that encourage
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students to integrate their business law knowledge with knowledge they are acquiring from their other busi
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ness classes. The manual also encourages professors to improve their teaching skills. Finally, the manual su
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ggests teaching ideas for both beginning and experienced teachers.
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LEARNING OBJECTIVES FL




After reading this chapter, students will be able to:
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1-1 Define business law. FL FL



1-2 Relate the functional areas of business to the relevant areas of business law
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1-3 Recall the purposes of law.
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1-4 Distinguish among types of law. FL FL FL FL



1-5 Differentiate between sources of the law. FL FL FL FL FL



1-6 Identify the various schools of jurisprudence. FL FL FL FL FL




LECTURE NOTES WITH DEFINITIONS FL FL FL




In the news…
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tems to material from the chapter.
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In addition to ideas students come up with on their own, consider weaving i
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nnews stories provided by the McGraw Hill.
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For Chapter One, McGraw Hill offers the following stories:
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―Smoking Ban: Tobacco Tyrants: Gone Too Far? Many States Are PuttingStrong
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er Restrictions on Where You Can Smoke‖
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 Have states gone too far in banning smoking? FL FL FL FL FL FL FL

,  Whose interests are state legislatures looking out for in banningsm
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oking?

―College Officer Dealings With Lenders Scrutinized.‖ FL FL FL FL FL




 Should regulators take a more careful look at college officers? FL FL FL FL FL FL FL FL FL




 Why created changes in the ways college officers interact with lenders? FL FL FL FL FL FL FL FL FL FL



1- Business law consists of the enforceable rules of conduct that governco F L F L F L F L F L F L F L F L F L F L L
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1 Define businesslaw. mmercial relationships.
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1- Business law applies to the six functional areas of business: FL FL FL FL FL FL FL FL FL



2 Relate the functi
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 Corporate management
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onal areas ofbusin
 Production and transportation
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ess to the relevant
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areas of business l
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 Marketing
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aw.  Research and development FL FL




 Accounting and finance FL FL




 Human resource management FL FL



1-  Providing order FL



3 Recall the pur
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 Serving as an alternative to fighting
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poses of law.
 Facilitating a sense that change is possible
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 Encouraging social justice FL FL




 Guaranteeing personal freedoms FL FL




 Serving as a moral guide FL FL FL FL



1- One way to classify law: FL FL FL FL


4 Distinguish amon
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Private law involves disputes between private individuals or groups.
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g types of law.
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Public law involves disputes between private individuals or groups and thei
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rgovernment. L
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A second way to classify law:
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Civil law involves the rights and responsibilities involved in relationshipsbetween
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persons and between persons and their government.
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Criminal law involves incidents in which someone commits an act against thep
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ublic as a unit. FL FL FL




Teaching tip: Ask students to give an example of a fact situation that led
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toboth criminal and civil lawsuits, e.g., the O.J. Simpson trials.
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1- Sources of business law are: FL FL FL FL


5 Differentiate bet
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1. Constitutions
ween sources ofthe FL FL L
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Constitutional law refers to the general limits and powers of governments a
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law.
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sstated in their written constitutions.
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2. Statutes or legislative actions FL FL FL



3. Cases
Case law (or common law) is the collection of legal interpretations made
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byjudges. L
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Stare decisis means courts are relying on precedent.
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Teaching tip: The first time your students encounter an appellate case in t
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he

, readings, show them what stare decisis looks like in the context of a real case.
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4. Administrative law FL



Administrative law is the collection of rules and decisions made byad
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ministrative agencies. FL



5. Treaties
A treaty is a binding agreement between two states or internationalor
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ganizations.
6. Executive orders
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An executive order is a directive that comes from the president or stategovern
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or.
1- Schools of jurisprudence are common guides to legal interpretation.
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6 Identify the vari
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 Natural law—certain ethical laws and principles are morally right and
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ous schools ofjuri
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―above‖ the laws devised by humans. FL FL FL FL FL

sprudence.
 Legal Positivism— F L


assumes the legitimate political authority deservesour obedience when
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it issues a rule.
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 Identification with the Vulnerable— FL FL FL


emphasis on fairness and lookingout for those with the least power.
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 Historical School/Tradition—emphasis on the use of stare decisis. FL FL FL FL FL FL FL




 Legal Realism—judges consider social and economic conditions.
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 Cost-benefit Analysis— FL


make calculations to maximize the ratio ofbenefits to costs.
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Teaching tip: Consider using ―The Case of the Speluncean Explorers (link b
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elow) to make the schools of jurisprudence come alive.
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Global and Comp
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arative LawFL balization has affected the scope of business law. Consequently, we highlight th
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e definitions to the following key terms that will come up later in the book:
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 Trade, i.e. the exchange of goods or services, on a global scale has le
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dto the creation of trade agreements that serve as de facto rules governin
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gthe global business environment.
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 Comparative law— FL


the field of law that studies and compares laws in different countries.
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Appendix on Critical
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F Critical thinking includes the application of evaluative standards to assess the qua
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Thinking and Busine
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ss ll follow this pattern of careful thinking when they read an argument:
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1. Find the facts. FL FL



2. Look for the issue. FL FL FL



3. Identify the judge‘s reasons and conclusion.FL FL FL FL FL



4. Locate in the decision the rules of law that govern the judge‘s reasoning.
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5. Apply critical thinking to the reasoning. Evaluate the reasoning.
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 Look for potential ambiguity. FL FL FL




 Consider the strength of analogies. FL FL FL FL