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The Legal and Regulatory Environment of Business
- Define law and explain how it differs from a legal system.
- Explain the concept of the rule of law and discuss the role of flexibility and fairness in a legal system governed by the rule of law.
- Discuss the primary functions of law in the United States.
- Distinguish between criminal law and civil law, and understand the roles of plaintiffs and defendants in both criminal and civil cases.
- Define a tort, explain tort law, and discuss an intentional tort.
- Define a negligence tort and discuss the elements of a negligence claim.
- Explain a contract and discuss the requirements of an enforceable contract.
- Explain the concepts of respondeat superior and scope of employment and discuss their roles in an employment contract.
- Define product liability and discuss the three grounds, or “theories of recovery,” for a claim of product liability.
- Discuss the three forms of manufacturer’s negligence that may be claimed in a product-liability case.
- Define strict liability and explain the doctrine of strict liability in tort.
- Define a warranty and distinguish between express warranties and implied warranties.
- Identify the primary goal of tort law and distinguish between compensatory damages and punitive damages.
- Explain the difference between private law and public law.
- Define statutory law and give examples of statutory laws at various governmental levels.
- Explain externalities and show why taxation is used as a means of addressing them.
- Discuss the idea of market failure and the principle of efficiency as a foundation of law.
- Define administrative law and discuss the role of federal administrative agencies in making and enforcing administrative laws.
- Define case law and explain the concepts of precedent and judicial review.