MKT 303 — MKT303 Legal Aspects of Marketing: Lecture Note

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This is the complete lecture note for MKT 303 MKT303 Legal Aspects of Marketing. You can read it online below, open it in the full viewer, or download the PDF for offline study. It pairs with the course's video lectures, so you can read and watch together.

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LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS Series 1: Foundations and Sources of Law in Business Series Outline • Part 1.1 Concept and Definition of Law • 1.1.1 Meaning and nature of law • 1.1.2 Kinds of law • 1.1.3 Main divisions and branches of law • Part 1.2 Sources of Law • 1.2.1 Common law • 1.2.2 Equity • 1.2.3 Legislation or statute law • 1.2.4 Customs and opinions of textbook writers • 1.2.5 Judicial precedent • 1.2.6 International obligations • Part 1.3 Law and Society • 1.3.1 Role of law in society • 1.3.2 Legal environment of business • 1.3.3 Government taxation and regulation • Part 1.4 Law in Business Operations • 1.4.1 Negotiable instruments • 1.4.2 Insurance • 1.4.3 Competition and labour management relations • Part 1.5 Property and Business Relations • 1.5.1 Concept of property • 1.5.2 Property creation and transfer • 1.5.3 Importance of property in business society Introduction In every society, rules and regulations shape the way people interact, resolve disputes, and conduct business. Imagine a marketplace where buyers and sellers exchange goods without any agreed standards or legal framework. Conflicts would arise, trust would diminish, and commerce would struggle to thrive. This is why law is fundamental to business, providing the structure and certainty needed for marketing activities to flourish. In this Series, you will be introduced to the foundations and sources of law, which form the bedrock of the legal aspects of marketing. The aim of this Series is to equip you with a clear understanding of what law is, where it originates, and how it influences business and society. By the end of this Series, you should be able to connect the principles of law with the realities of business operations. We shall commence this Series by examining the concept and definition of law, including its kinds, divisions, and branches. Next, we will explore the sources of law such as common law, equity, legislation, customs, judicial precedent, and international obligations. Following that, we will consider the role of law in society and the legal environment in which businesses operate, with emphasis on taxation and regulation. Moving on, we will study how law applies to business

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS operations through negotiable instruments, insurance, competition, and labour relations. Finally, we will wrap up by analysing the concept of property, its creation and transfer, and its importance to business society. Series Learning Outcomes Upon completing this Series, you should be able to: • 1.1 define the concept and nature of law, • 1.2 classify the kinds, divisions, and branches of law, • 1.3 explain the major sources of law including common law, equity, legislation, customs, judicial precedent, and international obligations, • 1.4 analyse the role of law in society and evaluate its impact on the business environment, • 1.5 apply legal principles to business operations such as negotiable instruments, insurance, competition, and labour relations, and • 1.6 describe the concept of property, demonstrate how property is created and transferred, and assess its significance in business society. 1.1 Concept And Definition Of Law 1.1.1 Meaning and nature of law The term law refers to a system of rules recognised by a society to regulate the conduct of individuals and institutions. These rules are enforced by the authority of the state and are designed to maintain order, protect rights, and resolve disputes. Law is not static, it evolves with society to reflect changing values, norms, and circumstances. Law can be seen both as a command backed by sanctions and as a framework that guides acceptable behaviour. It provides predictability, ensuring that individuals and businesses can anticipate the consequences of their actions. Without law, marketing and business transactions would lack certainty and fairness. Fill in the blank: Law is a system of rules recognised by a ______ to regulate conduct.

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.1.2 Kinds of law There are different kinds of law, each serving a specific purpose in society. Public law governs the relationship between individuals and the state, including constitutional and criminal law. Private law regulates relationships between individuals, such as contracts and property. Civil law deals with disputes between individuals, while criminal law addresses offences against the state. Another distinction is between substantive law, which defines rights and duties, and procedural law, which outlines the processes for enforcing those rights. These categories help us understand how law operates in different contexts. Fill in the blank: Criminal law addresses offences against the ______.

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.1.3 Main divisions and branches of law The main divisions of law provide a broad classification of legal systems. These include civil law systems, common law systems, and religious or customary law systems. Each division reflects the historical and cultural background of a society. Within these divisions, there are branches of law that deal with specific areas. For example, contract law governs agreements between parties, property law regulates ownership and transfer of assets, and labour law addresses the relationship between employers and employees. These branches are particularly relevant to marketing and business, as they directly influence transactions and organisational practices. Fill in the blank: Contract law governs ______ between parties.

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS Pilot questions 1.1 1. Which definition best describes law as recognised by society? 2. What is the difference between public law and private law? 3. Which kind of law deals with disputes between individuals? 4. What is the role of procedural law? 5. Which branch of law governs agreements between parties? 1.2 Sources Of Law

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.2.1 Common law Common law refers to a body of rules developed through judicial decisions rather than legislation. It originated in England and has influenced many legal systems worldwide, including Nigeria. Common law relies heavily on past judgments, which serve as guidance for future cases. This makes it flexible, as judges can adapt principles to new circumstances. Fill in the blank: Common law is developed through ______ decisions rather than legislation. 1.2.2 Equity

LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS Equity is a system of law that supplements common law by providing fairness where strict rules may cause injustice. It developed to address situations where common law remedies were inadequate. For example, equity introduced remedies such as injunctions and specific performance. Equity ensures that justice is not only legal but also moral. Fill in the blank: Equity provides remedies where ______ law may be inadequate. 1.2.3 Legislation or statute law Legislation or statute law refers to laws enacted by a legislative body such as parliament. These laws are written, codified, and binding on all citizens. Legislation provides clarity and

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