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Solution Manual For The Legal and Regulatory Environment of Business, 19th Edition By Marisa Pagnattaro, Daniel Cahoy, Julie Manning Magid, Peter Shedd

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Solution Manual For The Legal and Regulatory Environment of Business, 19th Edition By Marisa Pagnattaro, Daniel Cahoy, Julie Manning Magid, Peter Shedd-A. Why Law and Regulations Are Fundamental Found ... ations for Business (LO 1-1) Emphasize:  That by studying the legal and regulatory environment of business, students will gain an understanding of basic legal vocabulary and gain the ability to identify problematic situations that could result in liability.  That because of the positive role lawyers can play, they are increasingly being asked to join corporate boards.  Sidebar 1.1 titled ‗Sustainability and Integrity: Cautionary Tales of Legal Liability.‘ II. Law, the Rule of Law, and Property A. Law Emphasize:  The simple definition of law. It can be elaborated by observing that law is a rule-based, state-enforced formal ordering system with moral elements.  That adequate law and legal institutes promote the certainty and trust necessary for complex, long-term business arrangements. In an economic sense, they lower the costs of transacting business. Additional Matters for Discussion:  Discuss that law formalizes values and traditions and that law is more needed in a large, heterogeneous modern nation than in a smaller, homogeneous nation. Compare the U.S. and Japan.  It is not too early in this chapter to ask students whether or not lack of law and strict regulation facilitated the economic crash and recession that began in 2008.  Ask students to comment on how mistrust of law and lawmakers precipitated the ―Occupy Wall Street‖ and other ―Occupy…‖ movements that arose in 2011.  Discuss how the law impacts the COVID 19 restrictions on businesses opening in 2020. B. The Rule of Law Emphasize:  That under a rule of law, laws are generally and equally applicable.  That lack of the rule of law internationally has produced hundreds of calls for it in the last several years by business and political leaders. Get students to search for rule-oflaw references in computer databases.  That the complete rule of law is an ideal rather than a fact in even the most democratic societies. Additional Matters for Discussion:  Get students to discuss why the managing director of J.P. Morgan and Co. called the rule of law ―a cornerstone of free trade.‖  Ask students why the rule of law tends to produce rules that benefit everyone. Answer: Because laws apply generally and equally to everyone, the only way lawmakers can benefit themselves is by benefitting everyone. This answer is theoretical, of course. Lawmakers are often benefited individually for making laws that favor special interests.  Ask students to imagine how society would be with no laws. What if the governor of one‘s state announced that tomorrow would be no-law day and that nothing would be penalized or enforced, no police would be present and no penalties would result from anyone‘s actions. What would the students do? One is likely to find that after a few fleeting and whimsical thoughts, they would agree that they would primarily act to protect their real and personal property. [Show More]

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