business law Collin College -Business Law CH 1 correctly answered

What is the importance of a Business Law course in a business/management curriculum or a business person? - correct answer Legal concepts, principles, and rules provide the foundation for the conduct of business. The law determines who may conduct business, how it can be conducted, and what to do if the requirements are not met. Law controls the relationship between parties. The law also provides a way for the government to regulate business behavior. How can businesspeople use the law to a strategic advantage? - correct answer Knowledge of the law allows a business person to identify legal risks and effectively reduce or eliminate the liability that can come with those risks. The law creates an opportunity for intellectual property of a business to be licensed. The law also acknowledges processes, like a joint venture, where two firms can arrange to share assets for a project (increases competitive advantage) Law - correct answer a regime or structure that orders human activities and relations (set of rules), requires systematic application of force in its enforcement (law needs to be predictable and faithfully enforced) Law Merchant - correct answer Medieval legal system mainly in Europe that established practical rules of commerce and trade Substantive Law - correct answer Laws that regulate and control the rights and duties of persons and are used to resolve disputes Procedural Law - correct answer Laws that establish the process by which litigation is conducted Public Law - correct answer Law which affects the public at large 1. Constitutional law: rights, powers, and duties of federal and state governments 2. Administrative law: concerned with administrative agencies and their rule-making powers