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Manegment

In: Business and Management

Submitted By hadool
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MGT201
MODULE 1: LEGAL ENVIRONMENT OF BUSINESS
MEANING AND DEFINATION OF TREMS:
Legal: Permitted by law.
Legal Force: Power and limitations that arise by legislation and interpretation of laws.
Interference: Handle something without permission.
Statute: Written Law.
Keeping the peace: Example: stopping from making certain activities such as crimes.
Shaping moral standards: Example: Law that discourages drug and alcohol abuse.
Promoting social justice: Example: Prohibit discrimination in employment.
Maintaining the status quo: Maintaining the existing situation.
Facilitating orderly change: Example: Passing statutes only after considerable study, debate and public input.
Maximizing individual freedom: Example: The rights of freedom of speech, religion etc.
Trade: Buying and selling of goods and services.
Economic: The state of a country or region in terms of production and consumption of goods and services.
Private law: Defines legal rights and relationships between two or more parties. Example: Contract between landlord and tenant.
Public law: Regulate structure and administration of the government, the conduct of the government in its relation with citizen. Secured transactions: Is a loan or a credit transaction in which the lender acquires a security. Negotiable instruments: Transferable document containing unconditional promise or order to pay specified money. Example: Bank note, cheque or draft. Nations: Different countries. Legislative: Making or having the power to make laws. Legislative branch: The branch of the federal and state government empowered to make the laws that are then enforced by the executive branch and interpreted (giving meaning of spoken words from one language to another) by the judicial branch. Executive branch: The branch of federal and state government that is broadly responsible for implementing, supporting...

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