1. Law for Business Mr. Bernstein Our Laws and Legal System, pp 5-8 September 8-10, 2014

2. Law for Business Mr. Bernstein What is Law? 2

3. Law for Business Mr. Bernstein What is Law? Enforceable rules of conduct in a society that reflect the culture and circumstances that create them Provide protections from conduct of others Much the same conduct as outlined in Code of Hammurabi 4,000 years ago! Support status quo of those in power?? 3

4. Law for Business Mr. Bernstein Stages in the Growth of Law Individuals take revenge for wrongs done to them Awards of money or goods are substituted for revenge Court systems are formed A central authority figure intervenes to prevent and punish wrongs 4

5. Law for Business Mr. Bernstein Cultural Diversity in Law State laws in Louisiana Others? 5

6. Law for Business Mr. Bernstein English Common Law Originally, barons were judges within their territories, leading to inconsistent laws (Positive law) By 1150, judges were appointed to “ride circuit” and make judgments to remedy wrongs Juries were formed in each locality to insure compliance with local customs Local rulings could be appealed to appellate judges who used precedent to provide a single, uniform law 6

7. Law for Business Mr. Bernstein Common Law and Equity English 2-layer common law system provides both uniformity and adaptability to changes in society But common law is rigidly based on following precedents, and only offers money as compensation for wrongs In addition to ruling on compensation, some courts can rule on injunctions or actions (Equity,or fairness) US courts generally merge common law and equity 7