Chapter 1 Flashcards
Why do we need law: What three things does the law protect?
People, property, and society.
Why do we need law: Who does the law give power to, and for what?
The gov’t; act for benefit of society.
Why do we need law: What does the law regulate? Give an example.
Interactions and relationships between individuals. Enables us to make legally binding agreements enforceable in court.
Most laws naturally evolve from…
Basic moral principles most people agree with..
Rule of law:
Legal principles under which everyone is treated equally, and which the gov’t must also abide by.
Public law:
law regulating government conduct and rs. between government and private individuals
Private law:
law regulating rs. between private entities
Compare natural law and legal positivism.
Natural law: unspoken rules (religious or moral) vs legal positivism (a law is a law once it is codified, and thus should be followed).
Criminal liability:
Responsibility from offence against gov’t or society.
Quasi-criminal or regulatory liability (also who enforced them and what are the consequences):
Responsibility from breach of less serious public law offences. Usually enforced through special tribunals , and offenders are often fined.
Civil liability (enforced through?):
Responsibility from breach of private law; enforced through a lawsuit.
What two characteristics of law are critical to know the “rules of the game?”
Predictability (consistency) and reliability.
What is black-letter law?
A set of universally applied rules that are applied mechanically and are rarely subject to debate.
Legal risk:
Any actions by a business that expose it to liability.
Legal risk management plan:
A plan to identify, prevent, and eliminate any legal risks in a company.