Business Environment&Synoptic Flashcards
What is Law?
The enforceable body of rules that govern any society
What are the two aspects of social control?
Formal control mechanisms&informal control mechanisms
What is a formal control mechanism?
Law; it provides a structure for dealing with and resolving disputes that may arise as well as providing some deterrent
What are informal control mechanisms?
These include ethical and moral guidance. These are the ‘norms’ or behavioural expectations that society has developed over time through culture
How does the English legal system distinguish different types of law
- common law and equity
- statute law
- private law and public law
- criminal law and civil law
What is common law?
The body of legal rules common to the whole county which is embodied in judicial decisions
What is equity?
A term which applies to a specific set of legal principles which were developed to supplement the common law. It is based on fair dealings between the parties
