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CH 5] Business 101 5-1

“The fundamental basis of this
nation's law was given to Moses on
the Mount. The fundamental basis
of our Bill of Rights comes from
the teaching we get from Exodus
and St. Matthew, from Isaiah and
St. Paul. I don't think we emphasize Chapter 5
that enough these days. If we don't
have the proper fundamental moral
background, we will finally end up
with a totalitarian government
which does not believe in the right
for anybody except the state.”

President Harry S. Truman.

Law, Business & Government

Objectives 5
Master the material in this chapter and you will be able to:

1. Identify the sources of law and its meaning.

2. Discuss the importance business law.

3. Define the major components of business law.

4. Outline the judicial system in the United States.

5. Discuss how government regulates business to encourage
competition.

6. Describe how business is influenced by deregulation.

7. Explain the importance of bankruptcy law.

8. Define trademarks, patents, and copyrights.

9. Define the types of taxes and their effect on business.

At the conclusion of the Constitutional
Convention, Benjamin Franklin was
asked, “What have you wrought?”
He answered,
“ . . . a Republic, if you can keep it.”

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