Week 1 Business and Commercial Law Flashcards
What is law?
The law is the body of enforceable rules made by the states, the parliament and state are enforceable by the state. to understand the laws impact on businesses, we need to understand what is law. law is the body of enforceable rules and made by the state. the parliament and the state are also enforceable and made by the state.
What are the functions of law?
The function of law provides rules and structure for resolution, promote equality, stability and cohesion. But also regulatory function and reinforce basic community values.
The rule of law
People including the government should follow the rules and obey it. The rules are also be set so that people are able and willing to guided by it. a strong rules is essential for the flourishing commerce.
The Australian legal system
Before 1 January 1901, ‘Australia’ was a series of British colonies
‘Australia’ as its own country emerged on 1 January 1901, via the coming into force of the Australian Constitution, establishing Australia as a constitutional monarchy
The Australian Constitution was given effect by Imperial legislation passed in 1900
To understand the legal system is crucial for our future business career and making good business decisions. even foreign business interact with the legal system.
The separation of powers
The government in each jurisdiction comprise 3 branches, the parliament, the judiciary and the executives. each of them has their different governmental powers which operates separately with their checks and balances.
Sources of law
Parliament: Statutes, Acts, legislation (formerly Bills)
Courts: Common law, case law, precedent, judge-made law
At State and Territory, and also Commonwealth, level
Compare primary sources of law and secondary sources of law
Statutes: Bring new laws into existence, repeal old laws (statutes or common law), and codify law (bringing statutory and common law together)
Australian courts
Understanding case law and its relevance to business
Case law gets made because of dispute between businesses and in most cases the businesses can solve the problems before reaching the court because it’s time consuming, expensive.
Classifying the law and legal proceedings
private law and public law
substantive law and procedural law
civil law and criminal law
domestic law and internal law
how does law related to justice and ethics ?
The law itself overlap with justice and ethics. In most cases there are situation which is not legal but ethical, ethical but not legal, or whether legal or ethical. For this reason, making good business decision requires to understand the law and thinking or with consideration whether the decision is right or not. In real world business situation any decision or in any cases the law and it’s rules always play a component.
