MGMT 108 Chapter Notes - Chapter 1: Legal Realism, Uniform Commercial Code, Specific Performance
Document Summary
Section 1: business activities and the legal environment. The study of business law always involves an ethical dimension. Primary sources of law establish the law: the us constitution and state constitutions. The us constitution is the supreme law of the land. State constitutions are supreme within state borders as long as they do not violate federal law: statutory law: laws passed by congress, state legislatures, or local governing bodies. Statutory law also includes local ordinances (statutes passed by municipal or county governing units) A federal statute applies to all states. In 1892, a group of legal scholars and lawyers drafted uniform laws (model statutes) for the states to consider adopting. One of the most important uniform acts is the uniform. Commercial code (ucc) which facilitates commerce among states by providing a uniform, yet flexible, set of rules governing commercial transactions: regulations created by administrative agencies. These include the rules, orders, and decisions of federal, state, and local gov agencies.
