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Exploring Business © 2009 FlatWorld Knowledge 16-1 The Legal and Regulatory Environment of Business.

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Presentation on theme: "Exploring Business © 2009 FlatWorld Knowledge 16-1 The Legal and Regulatory Environment of Business."— Presentation transcript:

1 Exploring Business © 2009 FlatWorld Knowledge 16-1 The Legal and Regulatory Environment of Business

2 Exploring Business © 2009 FlatWorld Knowledge 16-2 Chapter Objectives 1.Law and the legal system 2.Criminal versus Civil Law 3.Negligence torts 4.Product liability 5.Some principles of public law

3 The Legal System “...the institutions and processes that actually enforce our rules and principles.”“...the institutions and processes that actually enforce our rules and principles.” Exploring Business © 2009 FlatWorld Knowledge 16-3

4 System of Rules and Principles FlexibilityFlexibility Exploring Business © 2009 FlatWorld Knowledge 16-4 Fairness

5 Functions of Law Keeping the peace Keeping the peace Shaping moral standards Shaping moral standards Promoting social justice Promoting social justice Maintaining the status quo Maintaining the status quo Facilitating orderly change Facilitating orderly change Facilitating planning Facilitating planning Providing a basis for compromise Providing a basis for compromise Maximize individual freedom Maximize individual freedom Exploring Business © 2009 FlatWorld Knowledge 16-5

6 Exploring Business © 2009 FlatWorld Knowledge 16-6 Areas of Law  Criminal Law  Civil Law

7 Legal Environment of Business “...the place where business interacts with the legal system.”“...the place where business interacts with the legal system.” Exploring Business © 2009 FlatWorld Knowledge 16-7

8 Adjudicated “...resolved in court.”“...resolved in court.” Exploring Business © 2009 FlatWorld Knowledge 16-8

9 Tort “...civil wrong- an injury to someone’s person or property.”“...civil wrong- an injury to someone’s person or property.” Exploring Business © 2009 FlatWorld Knowledge 16-9

10 Goals of Tort Law “...restoring victims to the conditions that they would have been in had their injuries never taken place.”“...restoring victims to the conditions that they would have been in had their injuries never taken place.” Exploring Business © 2009 FlatWorld Knowledge 16-10

11 Types of Torts  Intentional- an intentional act that poses harm to the plaintiff  Negligence- results from carelessness  Strict Liability- don’t have to prove negligence Exploring Business © 2009 FlatWorld Knowledge 16-11

12 Intentional Tort Against Property 1)Entering another’s land or placing object on it without permission 2)Interfering with another’s use or enjoyment of personal property 3)Permanently removing property from owner’s possession Exploring Business © 2009 FlatWorld Knowledge 16-12

13 Intentional Tort Against Economic Interests 1)Making false statement of material fact about product 2)Enticing someone to breach valid contract 3)Going into business for sole purpose of taking business from another Exploring Business © 2009 FlatWorld Knowledge 16-13

14 Personal Torts 1)Defamation Libel Libel Slander Slander 2)Intentional infliction of emotional distress Exploring Business © 2009 FlatWorld Knowledge 16-14

15 Elements of Negligence Claim 1.Defendant owed a duty to care to plaintiff 2.Defendant breached duty to care 3.Defendant’s breach caused injury to plaintiff or property 4.Defendant’s action caused injury in question Exploring Business © 2009 FlatWorld Knowledge 16-15

16 Exploring Business © 2009 FlatWorld Knowledge 14-16 Parties to Contract

17 Contract Requirements Agreement Agreement Consideration Consideration Contractual capacity Contractual capacity Lawful object Lawful object Exploring Business © 2009 FlatWorld Knowledge 16-17

18 Employment Contracts Respondeat SuperiorRespondeat Superior Exploring Business © 2009 FlatWorld Knowledge 16-18 Scope of Employment

19 Conditions of Scope of Employment 1)Actions performed in order to fulfill employer’s contractual duties 2)Employer is/could be in some control, directly or indirectly, over employee’s actions Exploring Business © 2009 FlatWorld Knowledge 16-19

20 Product Liability “Theories of Recovery” NegligenceNegligence Exploring Business © 2009 FlatWorld Knowledge 16-20 Strict Liability Breach of Warranty

21 Grounds of Negligence  Negligent failure to warn  Negligent design  Negligence per se Exploring Business © 2009 FlatWorld Knowledge 16-21

22 Grounds of Strict Liability 1)People at risk of injury no matter how much care is taken to prevent injury 2)Consumers have some means of seeking compensation if injured using products Exploring Business © 2009 FlatWorld Knowledge 16-22

23 Reasons for Strict Liability Manufacturer Can Protect Self A.By anticipating/preventing hazardous features B.By purchasing insurance and passing cost on to public in form of higher prices Exploring Business © 2009 FlatWorld Knowledge 16-23

24 Exploring Business © 2009 FlatWorld Knowledge 14-24 Negligence vs. Strict Liability

25 Exploring Business © 2009 FlatWorld Knowledge 14-25 Agency Relationship

26 Compensatory Damages “...monetary awards intended to meet the primary goal of legal action in tort action.”“...monetary awards intended to meet the primary goal of legal action in tort action.” Exploring Business © 2009 FlatWorld Knowledge 16-26

27 Punitive Damages “...are intended to deter similar injurious conduct in the future.”“...are intended to deter similar injurious conduct in the future.” Exploring Business © 2009 FlatWorld Knowledge 16-27

28 Goals of Contract Law  Compensatory damages  Punitive damages  Remedies for breach Exploring Business © 2009 FlatWorld Knowledge 16-28

29 Exploring Business © 2009 FlatWorld Knowledge 14-29 Remedies for Breach

30 Exploring Business © 2009 FlatWorld Knowledge 16-30 Sources of Public Law  Criminal  Constitutional  Administrative  Case Law- Judicial Review

31 Government Intervention in the Marketplace  Market Failure: Theory v. Reality  Law and Economic Decision Making  Efficiency and the Law  Ethics and the Law Exploring Business © 2009 FlatWorld Knowledge 16-31

32 Exploring Business © 2009 FlatWorld Knowledge 14-32 Contract Game

33 Exploring Business © 2009 FlatWorld Knowledge 14-33 Administrative Agencies

34 Exploring Business © 2009 FlatWorld Knowledge 16-34 Laws & Regulations Affecting Business Activities Areas Examples of Influences Human Resources Fair employee treatment Operations Workplace Safety Information Technology Information protection, access, control, privacy Marketing Truth in advertising, telemarketing, product labeling Sales Selling practices, distribution, & warranties AccountingForm/content of financial statements Finance Credit, securities

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