Chapter Review: Introduction to Law

What is the law?

Where does our law come from?

What is a rule of law?

How is the law relevant to business?

How does the study of the legal environment of business create a foundation for future business courses?

Remember to give specific examples in each of your answers.

Example of How to Answer the Questions

The answer below is an example of an answer submitted by a student for full credit. Do not submit an answer to the question below.

Question:

What is contract law? What is a valid contract? Give a specific example.

Student Answer For Full Credit:

Contract law deals with legally enforceable agreements. To be valid, a contract must include an offer, an acceptance of the offer, and an exchange of something of value. Also, the contract usually must be in writing. For example, imagine a landlord owns an apartment.  She could offer to rent the apartment for $1000/month.  A tenant could accept the offer by signing the lease.  Then, the tenant would pay the first month of rent and the landlord would give her the keys. This is an exchange of value.  Later, if the tenant failed to pay rent, the landlord could sue for the money owed because a lease is a legally enforceable agreement.  This is contract law.