Business Law Flashcards
Define law
A set of rules and regulations that have been established to govern individuals and organizations within a country
Define morality in law
A set of principles and standards of conduct that are derived from a sense of what is objectively right and wrong
Characteristics of law
Fixed
Recognises a legal issue/problem
Enforced by the government
Sources of law are known
Consistency in the application
Stability and predictability
Characteristics of morality
Flexible
Defines good and wrong
The society observes and enforces it
Has a strong religious/traditional background
Influences the law
Involves reasoning and consideration
Evolving
Define public law
Described as the branch of law which regulates relationships between citizens and the state and regulates operations of the various organs of the state
Public law embraces
Constitutional law
Administrative law
Criminal law
Private law
Is the branch of law that embraces the law of contract law of torts law of succession law of agency law of insurance
Substantive law
Are legal rules which define or specify what is lawful or unlawful to do
Example of substantive law
In marriage only a man or woman can get married and should not be related and should be of age
Procedural law
Is the body of rules which define the steps to be taken or the procedure to be followed by people who intend to do lawful acts
When substantive law changes which law changes with it
Procedural law
International law
A set of rules and principles that govern the relationship between nations
International law is a branch of public law and has two branches which are
Public and private
Define public international law
Regulates relationships between various nations
Define private international law
Determines the national law that is to be applied by courts in a case involving two different nationalities