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Essentials of the Legal Environment of Business

v3.0 Don Mayer, Daniel Warner, George Siedel, and Jethro K. Lieberman

Chapter 1 Introduction to Law and the Legal Process

Chapter Learning Objectives

After reading this chapter, you should be able to:

  1. Distinguish different philosophies of law—schools of legal thought—and explain their relevance.

  2. Identify the various aims that a functioning legal system can serve.

  3. Explain how politics, law, and business are related.

  4. Identify the sources of law and which laws have priority over other laws.

  5. Understand some basic differences between the U.S. legal system and other legal systems.

Philosophers have long considered issues of justice and law, and several different “schools of thought” about the nature of law have emerged. In this chapter, we will see how those different perspectives can impact our society. We will look at the concept of “the rule of law,” and how the rule of law can create a positive, stable environment for business activities. We will also look at typical sources of law in the United States, how some of those sources have priority over others, and describe some basic differences between the U.S. legal system and other legal systems.