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United States Constitution & the United States Legal System

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In 700-800 words describe the role of the United States Constitution and the United States legal system in business regulation. Please include an example, which demonstrates how a Constitutional right affects a bank or credit card business and how the legal system is used with respect to recognizing or protecting that right.

Be sure to properly cite at least two references. If you use an electronic source, include the URL. If you use an additional printed source please attach a copy of the data to your response.

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ORIGINAL RESPONSE

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RESPONSE:

1. What is the role of the United States Constitution and the United States legal system in business regulation?

Since its beginning, the United States Constitution has been the foundation of laws and regulations regulating and governing businesses by the federal government. Ungoverned, the market would be controlled by a small number of large corporations and drive smaller corporations out of business. Instead, laws and regulation grounded in the U.S Constitution were initiated to preserve competition and the freedom for smaller companies to enter the market. This means that the U.S. Constitution gave the U.S. Congress the authority to regulate interstate commerce and that the United States Constitution provides the basis for the business regulations used by the federal government. The main role is to provide minimal protections for businesses and its consumers. On the other hand, the legal system legislates the laws and regulation for regulating business and interprets (see examples below) the Constitution as they apply to the business regulations that are brought before the courts. (5)

Example: (excerpt)

For example, in 1866, the Fourteenth Amendment secured citizens against the deprivation of property or equal protection of the law without due process. By the 1880s the fourteenth amendment was being interpreted by the Supreme Court to mean that property included the return on such intangible assets ...

Solution Summary

By example and discussion, this solution describes the role of the United States Constitution and the United States legal system in business regulation. Specifically, an example demonstrates how a Constitutional right affects a bank or credit card business and how the legal system is used with respect to recognizing or protecting that right. Supplementary articles, references and other links are also included.

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