Chap 1: principles of contract n corporate law in biz Flashcards
what is LAW?
5 main points
- device to regulate
- set of rules
- regulating ppl’s interaction
- standard of conducts
- enforceable through sanction, punishment
A law?
The law?
= a particular rule
= rules and principles enacted by GOV
are rules always law?
rules are not law
rules -> law when it is generally applied to everybody
what’s legal syste
legal system: same purposes of law
= procedure and process for interpreting n enforcing the law
Civil law legal system?
- written law
- is inquisitorial in form = judge involved in investigating the facts of the case
common law legal system?
- inherited from Eng
- derived from precedent —> unwritten law
- is adversarial in form = judge determine the truth not participate in investigating
- created through the reported decisions of judges
5 sources of law
- common law
- statute law
- equity
- delegated legislation
- international law
Statute law?
- made by state/federal parliaments
= legislation, acts of parliaments, enacted law
CmmL vs Statute LW
Statute: 1st important
overrules CmmL
Delegated legislation? (Del Legi)
Only Parliaments can make LW —> delegate power to authorities —> authorities make Del Leg
Del Leg comply w law made by Parliaments
Pub LW vs Priv LW?
Pub LW: gov vs ppl
Pri LW: ppl vs ppl
Pub LW contents?
5 LWs
- Administrative L
- Constitutional L
- Criminal L
- Industrial L
- Taxation
Pri LW contents?
( 8 LWs)
- Contract L
- Commercial L
- Torts L
- Property L
- Negotiable instruments
- Succession L
- Biz entities
- Trusts L
substantive LW?
- written statutory rules
- passed by legislature
- control how ppl behave
- define crime & set forth punishment
Procedural LW
control the ways n steps to process a case
