Introduction & IAD

Question 1

What are the sources of law?

Answer 1

• Treaties: international agreements between two or more states
• EU Law: regulation, directive, decision
• Written law: Constitution, Act of Parliament, Order in council, Provincial regulations, etc.
• Unwritten law: general principles of law, customary law
• Jurisprudence (case law)

Question 2

What are institutions and why are they important in relation to law?

Answer 2

• Institutions are systems of established and embedded social rules that structure social interactions or a set of rules formal or informal actually used by a set of individuals to organize repetitive activities that produce outcomes affecting those individuals and potentially affecting others.
• Institutions can be formal (e.g., law) or informal (e.g., norms, routines).
• Institutions and law are important because they provide a framework for regulating social interactions and activities.

Question 3

What is the difference between economic property and the legal notion of property?

Answer 3

• Economic property refers to using property in a way to provide utility.
• The legal notion of property takes into consideration different aspects of use, brings in the protection of a property, and emphasizes ownership.
• Legal systems provide protection for user rights.