Whether you plan to start your own business, work for an organization, or go into law, it’s essential to understand more complex legal requirements that impact business operations and decisions. This is especially true as companies grow and expand domestically and internationally. Explore the differences between criminal and civil law. Examine how state and federal regulations work to protect consumer and employees’ rights, protect society and the environment, and understand how business contracts can work to protect everyone.
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In this unit, we’ll start with the sources of laws and the differences between civil and criminal law. What makes a crime a crime? Then we’ll move on to an overview of the court system because you need to know how the courts work if you ever want to sue someone, or if you get sued, or if you or your business is accused of a crime. We’ll talk about the alternatives to taking a case to court. Finally, we’ll discuss the life cycle of a law firm. (Hint: It’s pretty similar to other service business, but it has special records-management problems.) Ready to begin?
What will you learn in this unit?
So you’ve set up a new business and grown large enough to hire employees. You’re pretty busy, obviously, and you’re probably not thrilled that you have to understand a whole new batch of state and federal regulations that protect your employees. In this unit, you’ll learn what those regulations are and why they’re important.
What will you learn in this unit?
The federal government oversees the public’s general welfare by regulating how companies treat employees, but its oversight doesn’t end there. The government also regulates how businesses treat the environment, even if it means corporations and investors don’t earn their full potential profits. In this unit, we explore environmental and securities regulations, both of which provide protection for society as a whole.
What will you learn in this unit?
Running a business requires making deals. When a store sells a video game to you at an agreed-upon price, the store makes money, and you get a new game. That’s a pretty simple deal, but some deals require a more complex oral or written agreement between the parties—called a contract.
In this unit, we’ll explore the laws that regulate contracts, as well as specific types of contracts, who enforces them and how, and what remedies are available if a party breaks the contract. We’ll also cover the Uniform Commercial Code, which is a collection of state laws that govern commercial transactions and sales of goods.
What will you learn in this unit?
“Caveat emptor” is an English proverb that means “buyer beware.” It warns consumers to protect themselves from shady sellers. Fortunately, as buyers of products and services, we’re not in it alone—we have state and federal laws to protect us from unfair business practices. Those laws require fair dealing by both parties to commercial transactions. In this unit, we explore how the law protects consumers and how consumers can protect themselves.
What will you learn in this unit?
When bad things happen to good people, shouldn’t someone have to pay? The law helps victims of wrongdoing achieve justice in the form of criminal punishment or civil liability—the responsible party pays for the harm they’ve caused. In this unit, we explore the elements of criminal and tort law, the most common business crimes and torts, and the consequences the legal system imposes on wrongdoers. We’ll also follow the judicial procedure of a criminal case from arrest to appeal.
What will you learn in this unit?
We now have so much information about other cultures available to us on social media and the internet that it motivates us to explore new markets for goods and services. Could that artisanal candlemaker find a supplier of glass vessels in Mexico to replace the ones no longer available from China? Can that perfume maker find a cheaper, better variety of lavender buds in the Canary Islands? Business owners are in a nonstop race to decrease costs and increase sales, so a broader global market is good for business.
But the benefits of globalization don’t end with corporate profits. Globalization gives developing nations more opportunities to grow their economies. It gives developed countries more access to ideas that help them innovate and improve technology. In fact, a global economy challenges individuals, companies, and governments to make decisions that impact lives around the world.
What will you learn in this unit?
You probably know of several companies that have been in business for decades or even centuries: McDonald’s has been serving hamburgers since the mid-1950s, Macy’s department stores opened in 1843, and Baker’s Chocolate started selling its sweet confections in 1765. But for every successful long-running company, there are three that failed. The US Bureau of Labor Statistics reports that nearly 20 percent of all businesses close their doors within the first two years, and only 25 percent of all new businesses make it to the 15-year mark.
Not all businesses close because they fail to make a profit. Sometimes, owners decide running a business isn’t worth the time and energy it takes to make it successful. Similarly, they may have a change of heart and want to try their hand at something new. Or the owners retire, and they don’t have someone interested in taking over the reins.
Regardless of the reasons, business owners don’t simply hang a “Closed” sign in the window and lock the front door when they decide to shut down. In this unit, we’ll examine the process of dissolving a business and what happens if the business goes bankrupt.
What will you learn in this unit?
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