MGMT 209 SWIM EXAM 1|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

Dispute resolution and Regulation the two major roles that law play in business Enforcement leads to: predictability, stability, and hopefully uniformity Law the collection of rules and regulations that determines how the government will treat its citizens and how the citizens will treat the government as well as other citizens and the enforcement thereof Constitutional Law supreme law of the land, most important source of law Statutory law also called legislative law, US congress passes laws as per the constitution, president can sign or veto the law, congress can override veto with a 2/3 vote of both houses, written law state govs can also pass laws Executive order law by president to control the policies of the executive branch, 11,246 Affirmative action, controls executive branch agencies and appoints leaders to them and also appoints judges Judiciary Courts interpret law, determine facts stare decisis doctrine part of the common law system, following previously decided cases until there is a good, legal reason to change, sets precedent which leads to predictability and uniformity Common law also called judge made law Marbury v Madison during this case the supreme court assumed the power of judicial review Judicial Review the power of the courts to declare an act of congress or the president unconstitutional Administrative law law created by regulatory agencies, state law handles vast majority of litigation, power to regulate business 10th Amendment gives power to the states to place restraints on personal freedoms and property rights of persons for the protection of public safety, health and morals or general prosperity (police powers) majority rule majority of states choose to follow that rule of law minority rule only a few states choose to follow that rule of law criminal law exclusively statutory or legislative law, purpose is to punish individuals, must be beyond reasonable doubt to convict, civil law focuses more on reimbursement, gives business an incentive to play by the rules Substantive Law meat of the law or the heart of the law, defines rights and duties Procedural law defines the process of the law Equitable Remedy only available if legal remedies are not sufficient, usually a court order to do or not to do something, Ex Injunction (usually a court order to do or not to do something) Common Law- legal remedies monetary damages, more common than equitable damages constitution establishes federal system, the three branches, divides power between the national and state governments 10th amendment reserves non national powers to states and individual, often called the reserved powers clause fundamental law each original colony had its own __________________ ________ that that rejected the British traditions of - feudalism - rigid class system - absolute authority of the king - tithing to church sugar act taxed sugar coffee and wine in the colonies stamp act taxed all paper goods in the colonies stamp act congress 9 of the 13 original states met in New York City to draft a list of violations by the British gov, British responded with heavier taxes townshend acts harsher taxes, included taxing tea committees of correspondence created to keep colonists informed about the activities of the British, molded colonists mind against the British coercive acts King George's response to the Boston tea party, called the intolerable acts by the colonists, included a naval blockade on boston Shay's Rebellion led by daniel shay, 1500 men raided a federal arsenal in springfield Massachusetts, they were finally stopped by a privately paid force