Corporate Law Flashcards
What is Law?
It is the body of rules and regulations that govern the activities
of persons, businesses within a country.
What is a doctrine of precedent?
Judges of lower courts must apply the legal rules set down by higher courts (or courts of the same status) in earlier cases where the facts are similar.
Private Law consists of…
- Civil Law
- Contract Law
- Law of Torts
- Property Law
What are the two types of law?
- Common Law
2. Civil Law
Characteristics of Common Law.
-Has adopted the historic English legal system
-It tends to be case-centred
-Judge-led
-Permits scope for discretion, adhoc, pragmatic
approach to particular problems
Characteristics of Civil Law.
- Involving relationships between individuals
- Has adopted the European continental system of law derived from ancient Roman legal tradition
- Focused on providing remedies rather than punishment
- Here the claimant must prove he has greater right than the defendant
Characteristics of Criminal Law.
- Deals with conducts the state disapproves of
- Focused on compliance and enforcement
Common Law refers to…
A substantive law and procedures created by the judiciary through decision making in cases heard.
Statute Law refers to…
A law created by Parliament often called legislation
Standard of proof
An allegation made by a person, in the prosecution of a criminal case or a claimant in civil case to prove the facts of a case.
Burden of proof
This may be legal or evidential which in practice indicates the degree of evidence they have to prove in order to meet the burden they are under.
Two types of legislation
- Primary Legislation
2. Delegated Legislation
Primary Legislation
Acts of Parliament also called statutes.
Made by Parliament (House of Commons, House of
Lords)
Delegated Legislation
Made by bodies other than Parliament
Parliament Law making process
- A bill is introduced for First Reading- here it is just a notice that a Bill is being proposed
- MPs are given time to prepare and discuss it
- Then comes the Second Reading- where the principles are considered on the floor and examined in detail
- The third Reading– where the Bill is debated and voted upon – if the Government has a majority votes, then it is sent to the House of Lords
- If approved by the House of Lord, it is sent to the Queen for Her approval
- Once Royal Assent is given, it becomes an Act of parliament. It is now the Law of the Land