Solution Manual Dynamic Business Law, 6th Edition By Nancy Kubasek

Solution Manual
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Dynamic Business Law, 6th Edition
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By Nancy Kubasek
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,Chapter 1- An Introduction to Dynamic Business Law b b b b b b b b




CHAPTER OVERVIEW b




Chapter One lays the foundation for the textbook. Make sure you look on the publisher‘s web site for information
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about how business law intersects with the six functional areas of business. The authors encourage students to
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―connect to the core,‖ and remember the ways in which law intersects with other areas of study, including
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corporate management, production and transportation, marketing, research and development, accounting and
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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 business
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classes. The manual also encourages professors to improve their teaching skills. Finally, the manual suggests
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teaching ideas for both beginning and experienced teachers.
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LEARNING OBJECTIVES b




After reading this chapter, students will be able to:
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1-1 Definebusiness law. b b




1-2 Relate the functional areas of business to the relevant areas of business law1-3
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Recall the purposes of law.
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1-4 Distinguish among types of law. b b b b




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




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




LECTURE NOTES WITH DEFINITIONS b b b




In the news…
b b Teaching tip: For each chapter, consider asking students to relate current newsitems
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to material from the chapter.
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In addition to ideas students come up with on their own, consider weaving in
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news 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 PuttingStronger
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Restrictions on Where You Can Smoke‖
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• Have states gone too far in banning smoking? b b b b b b b

, • Whose interests are state legislatures looking out for in banning
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smoking?
b




―CollegeOfficer Dealings With Lenders Scrutinized.‖ b b b b b




• Should regulators take a more careful look at college officers? b b b b b b b b b




• Why created changes in the ways college officers interact with lenders?
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1-1 Define business
b b Business law consists of the enforceable rules of conduct that govern
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law.
b commercial relationships.
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1-2 Relate the
b b Business law applies to the six functional areas of business:
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functional areas of
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• Corporate management b



business to the
• Production and transportation
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relevant areas of
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business law.
b b
• Marketing
• Research and development b b




• Accounting and finance b b




• Human resource management b b




1-3 Recall the
b b • Providing order b




purposes of law.
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• Serving as an alternative to fighting b b b b b




• Facilitating a sense that change is possible b b b b b b




• Encouraging social justice b b




• Guaranteeing personal freedoms b b




• Serving as a moral guide b b b b




1-4 Distinguish
b One way to classify law:
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among types of law.
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Private law involves disputes between private individuals or groups.
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Public law involves disputes between private individuals or groups and their
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government.
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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 thepublic
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as a unit.
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Teaching tip: Ask students to give an example of a fact situation that led to
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both criminal and civil lawsuits, e.g., the O.J. Simpson trials.
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1-5 Differentiate
b Sources of business law are: b b b b




between sources of
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1. Constitutions
the law.
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Constitutional law refers to the general limits and powers of governments as b b b b b b b b b b b




stated in their written constitutions.
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2. Statutes or legislative actions b b b




3. Cases
Case law (or common law) is the collection of legal interpretations made by
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judges.
b




Stare decisis means courts are relying on precedent.
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Teaching tip: The first time your students encounter an appellate case in the
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, readings, show them what stare decisis looks like in the context of a real case.
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4. Administrative law b




Administrative law is the collection of rules and decisions made by b b b b b b b b b b




administrative agencies.
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5. Treaties
A treaty is a binding agreement between two states or international
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organizations.
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6. Executive orders
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An executive order is a directive that comes from the president or stategovernor.
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1-6 Identify the
b b Schools of jurisprudence are common guides to legal interpretation.
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various schools of
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• Natural law—certain ethical laws and principles are morally right and b b b b b b b b b



jurisprudence.
b

―above‖ the laws devised by humans. b b b b b




• Legal Positivism—assumes the legitimate political authority deserves b b b b b b




our obedience when it issues a rule.
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• Identification with the Vulnerable—emphasis on fairness and lookingout b b b b b b b b




for those with the least power.
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• Historical School/Tradition—emphasis on the use of stare decisis. b b b b b b b




• Legal Realism—judges consider social and economic conditions. b b b b b b




• Cost-benefit Analysis—make calculations to maximize the ratio ofbenefits b b b b b b b b




to costs. b b




Teaching tip: Consider using ―The Case of the Speluncean Explorers (link below) to
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make the schools of jurisprudence come alive.
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Global and
b At this point in the textbook, students should merely have an awareness that
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ComparativeLaw
b b globalization has affected the scope of business law. Consequently, we highlight the
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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 led to
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the creation of trade agreements that serve as de facto rules governing the
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global business environment.
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• Comparative law—the field of law that studies and compares laws in different b b b b b b b b b b b




countries.
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Appendix on Criticalb b Critical thinking includes the application of evaluative standards to assess the quality
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Thinking and
b b or the reasoning being offered to support the conclusion. Critical thinkers will follow
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Business
b this pattern of careful thinking when they read an argument:
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1. Find the facts. b b




2. Look for the issue. b b b




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




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. b b b




• Consider the strength of analogies. b b b b