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

SolutionManual
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DynamicBusinessLaw,6thEdition
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ByNancyKubasek
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,Chapter1- An Introduction to Dynamic Business Law
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CHAPTER OVERVIEW b




Chapter One lays the foundation for the textbook. Make sure you look on the publisher‘s
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bweb site for information about how business law intersects with the six functional areas of business.
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The authors encourage students to ―connect to the core,‖ and remember the ways in which law
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intersects with other areas of study, including corporate management, production and
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btransportation, marketing, research and development, accounting and finance, and human b b b b b b b b b




resource management.
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This manual supports the ―connecting to the core‖ theme by giving ideas for assignments that
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bencourage students to integrate their business law knowledge with knowledge they are
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bacquiring from their other business classes. The manual also encourages professors to improve
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their teaching skills. Finally, the manual suggests teaching ideas for both beginning and experienced
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teachers.
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LEARNING OBJECTIVES b




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




1-2 Relate the functional areas of business to the relevant areas of business
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law1- 3 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 news b b b b b b b b b b b




items 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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bnews 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 Putting b b b b b b b b b b




Stronger 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 b b b b b b b b




banning smoking?
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―College OfficerDealingsWith 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?b b b b b b b b b b




1-1 Define b Business law consists of the enforceable rules of conduct that
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bbusiness law. b govern 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
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• Corporate management b




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




• Accounting and finance b b




• Human resource management b b




1-3 Recall the
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• Providing order b




bpurposes of b • Serving as an alternative to fighting b b b b b




law.
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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bamong types of b b
Private law involves disputes between private individuals or groups.
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law.
b
Public law involves disputes between private individuals or groups
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and their government.
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A second way to classify law:
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Civil law involves the rights and responsibilities involved in
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relationshipsbetween persons and between persons and their government.
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Criminal law involves incidents in which someone commits an act against
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the public as a unit.
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Teaching tip: Ask students to give an example of a fact situation that
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led to 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
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1. Constitutions
of the law.
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Constitutional law refers to the general limits and powers of b b b b b b b b b




governments as 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
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made by judges.
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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
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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 b b b b b b b b




bmade by administrative agencies.
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5. Treaties
A treaty is a binding agreement between two states or
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binternational organizations. b




6. Executive orders
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An executive order is a directive that comes from the president or
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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
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• Natural law—certain ethical laws and principles are morally right b b b b b b b b



of
b
and b



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




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




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




looking out 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 b b b b b




ratio of benefits to costs.
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Teaching tip: Consider using ―The Case of the Speluncean
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Global and b At
b
this point
Explorers in theto make
(link below)
b textbook, students
the schools
b should merely
of jurisprudence
b
have an
come alive. b
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b
b
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b
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Comparative
b bawareness that globalization has affected the scope of business law.b b b b b b b b b




Law
b Consequently, we highlight the definitions to the following key terms that
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will come up later in the book:
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•
Trade, i.e. the exchange of goods or services, on a global scale b b b b b b b b b b b




has ledto the creation of trade agreements that serve as de facto
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rules governingthe global business environment.
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• Comparative law—the field of law that studies and compares laws b b b b b b b b b




in different countries.
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Appendix on b Critical thinking includes the application of evaluative standards to
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Critical Thinking
b b bassess the quality or the reasoning being offered to support the
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and Business
b b conclusion. Critical thinkers will follow this pattern of careful thinking when
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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