Business Law

Chapter 2 Alternative Dispute Resolution  Negotiation=parties attempt to settle their dispute informally, with or without attorneys to represent them, usually involves the parties themselves and their attorneys  Mediation=neutral third-party acts as a mediator and works with both sides to facilitate a resolution, talks to them separately and joi

BLR | 235 | Business Law | Chapter 2 Alternative Dispute 

Chapter 1  Law=enforceable rules governing relationships among individuals and between individuals in society  Primary Sources of law: o US Constitution and constitution of states o Statutory law=laws passed by congress, state legislatures, and local governing bodies o Administrative Agencies like the Drug Administration o Case law=court decisi

BLR | 235 | Business Law | Chapter 1  Law=enforceable ru

Strict Liability  Liability without fault Product Liability  Legal liability of manufacturers, sellers, and lessors of goods for injuries or damage caused by the goods to consumers, users, or bystanders  Privity of contract=relationship between the promisor and promisee of a contract  Unreasonably dangerous products=product is damaged beyond th

BLR | 235 | Business Law | Strict Liability  Liability w

8Chapter 7  Ethics=study of what constitutes right or wrong behavior  Triple bottom line=corporation’s profits, its impacts on people, and its impact on the planet  Moral minimum=those who merely comply with the law are acting at the lowest ethical level society will tolerate Approaches to Ethical Reasoning  Ethical reasoning=application of morals

BLR | 235 | Business Law | 8Chapter 7  Ethics=study of w

Chapter 8 – Agreement and Consideration in Contracts  A contract is based on a promise (declaration by the promisor that binds the person to do or not to do a certain act), then the person to whom the promise is made (promise) has the right to expect/demand that something either will or will not happen Overview of Contract Law  Common law governs all contracts b

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