Business Law with UCC Applications,13e Sources of the Law Chapter 2 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

2-2 Learning Objectives 1.List the objectives of the law. 2.Clarify the duality of the law 3.Outline the content of the U.S. Constitution. 4.Explain several central constitutional principles and powers 5.Explain the role of statutory law in the legal system.

2-3 Learning Objectives 6.Defend the need to set up a system of uniform state laws. 7.State the role of common law in the legal system. 8.Describe how the principle of stare decisis provides stability within the law. 9.Differentiate between statutory interpretation and judicial review. 10.Account for the legislature’s need to establish administrative agencies.

2-4 Sources of the Law The Purpose and Operation of the Law –The Law as a Balancing Act –The Dualities within the Law

2-5 Sources of the Law The Dualities within the Law –The Spirit and Letter of the Law –Words versus Interpretation –The Abstract and the Concrete –The Uncertainty Principle

2-6 Sources of the Law Constitutional Law –The Articles of Confederation –The Principles of the United States Constitution –The Structure of the United States Constitution –State Rights, Democracy, and the Amendment Process

2-7 Sources of the Law Constitutional Law (cont.) –State Constitutions –The Principle of Supremacy –The Principle of Preemption –The Doctrine of Devolution –The Commerce Clause –The First Amendment

2-8 Sources of the Law The Structure of the United States Constitution –The Articles –The Amendments

2-9 Sources of the Law Statutory Law –Codes and Titles –Uniform Laws –The Uniform Commercial Code –Electronic Statutes

2-10 Sources of the Law Court Decisions –Common Law –Statutory Interpretation –Judicial Review

2-11 Sources of the Law Administrative Regulations –Administrative Agencies –Administrative Procedures Act –The Federal Register and the Code of Federal Regulations