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Business Law

Business law is the field of law that governs how businesses are organized and the rules regarding commercial transactions. It is also the field of law that looks at how laws and regulations impact capital markets, corporate governance, bankruptcy and restructuring, deal-making, taxation, and labor and employee relations. 

Commercial law has its roots in both common law as well as from state and federal government statutes (statutory law). In the United States, state laws make up the bulk of commercial law. However, in many important areas, federal laws are applicable. For example, businesses must adhere to federal securities regulation, environmental regulation, food and drug regulation, national and international intellectual property laws, anti-trust law and labor law.

Common law governs all commercial law that lies outside of government statute. 
For example, contract law is governed by common law, but sales contracts specifically are regulated by the Uniform Commercial Code, which has been generally adopted by all 50 states, the District of Columbia, and the U.S. territories.

When the government implements a new statute, these new laws trump existing common law. For example, following increased concerns over corporate fraud and the 2008 financial crisis, there have been a number of new government regulations that impact commercial law. These developments include:

(1) Sarbanes Oxley Act (SOX): This 2002 act implemented large changes to the requirements for reporting publically traded corporations as well as the penalties for fraudulent financial activity. Significant attention has been paid to section 404 of the SOX, which requires management to certify the effectiveness of their company's internal controls

(2) Dodd-Frank Wall Street Reform and Consumer Protection Act: This 2010 law implemented significant changes to the regulation of the financial industry in the United States, following in the footsteps of the Glass-Steagall Act (a reform act that followed the Wall Street crash of 1929).

(3) Digital Millennium Copyright Act (DMCA): This 1998 law looks to bring US copyright law in line with law set out by the World Intellectual Property Organization (WIPO) Treaties.

(4) The Patient Protection and Affordable Care Act (2010): Often called Obamacare, the Affordable Care Act creates a transparent exchange for insurance plans and provides a number of mechanisms for employers to help comply with the new law, which aims to increase health insurance coverage.

(5) Foreign Corrupt Practices Act: This 1977 law introduced changes to accounting transparency in relation to the Securities and Exchange Act of 1934, as well as introduced rules regarding the bribery of foreign officials.

These laws look to protect investors, consumers and the American public in the face of an increasingly complex business environment, asymmetrical information, moral hazard and agency costs. However, by adding a new layer of complexity, many critique these laws as increasing compliance costs and hurting business

Classification of Bargaining

Read Case Study 6-2, "Classification of a Bargaining Subject," on page 285 in your textbook, and answer the questions provided. Please be sure to cite your sources and support your work with course concepts. Give your detailed answers and use course concepts to explain why you have provided your chosen answer. You will be graded

Contracts Analysis Case Study Memorandum

Contracts Analysis Case Study Marshall Petersen and his wife, Gloria, began visiting the Sunday school class you teach in Huntsville, Alabama, about six months ago. Marshall is not a Christian, but with the encouragement of his wife, who is a believer, he says he is beginning to explore the faith. After his first visit to the

Business and spiritual obligations

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Using library or Internet resources provide a full citation for each of the following items: State is Georgia and county is Rockdale. 1.Your state's statute that defines what is considered to be a public record that must be made available to the public upon request. 2. The pre-World War I opinion by the U.S. Supreme Court h

Constitutional and Administrative Law

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Negligent tort, relates to consumer safety and baby monitors

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Professional Responsibility and Attorney-Client Privilege

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In military equipment design cases dealing with Government furnished specifications, a contractor that has been sued for products liability may raise what is called the "Government Contractor Defense". This defense is quite broad in application as per the U.S. Supreme Court decision in Boyle v. United Technologies (1988), it bar

Business Operations, CPA Advice, Contacts, Liability, & More

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State Consumer Protection Law

State Consumer Protection Most states have enacted their own consumer protection laws. These laws vary tremendously from state to state. Identify a consumer protection law in your state and address the following: Analyze the law, its purpose, and what it is aimed to accomplish; Describe the industry that the law a

Consumer, Environmental, and Antitrust Law

Provide an example, with details, of deceptive advertising and explain why this example is deceptive. Additionally, provide an example of advertising that appears to be unreasonable or unethical but in fact is not considered deceptive. How has food and product labelling affected the health and safety of the American consu

Ethical Consideration of Creditors' Rights and Bankruptcy

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Negotiability Instrument Examples

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Contract of Sales

Prepare a Sales Contract Your client, Widgets, Inc., has a factory in Detroit where they produce widgets for sale. They have recently received a large order from Machines, Inc. in Austin, Texas for 2,000 widgets at $100 per widget. The client has not specified any additional terms of the purchase. Prepare a contract for th

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Five forms of Business

Explain the legal and financial characteristics of each of the five main form of business entities described. Discuss the implications of applicable laws and regulations, for each type of business entity, on how the business is organized, governed, and operated. For each type of business entity, explain the following characteris

Sample Start Up Budget

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