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Intro chapter to Intro to Business Law
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Chapter 1 Law – the order or pattern of rules that society establishes to govern the conduct of individuals + the relationships among others (Keep society running smoothly) Right – legal capacity to require another person to perform or refrain from an action. Duty – an obligation of law imposed on a person to perform or refrain from performing a certain act. ** Duties and right coexist ** They are complimentary to one another
10 Uniform State Laws Representatives from every state draft statutes
14 Law vs. Equity Equity – body of law that provides justice when the law does not offer an adequate remedy or application of the law would be terribly unfair.