Business Law
Business Law Notes
Definition of Law
Definition of Law –
A rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong.
Nature of Law
Functions of Law
- To maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change.
Law and Morals * Are different but overlapping; law provides sanctions, while morals do not
Law ex:
“You must drive on the right side the road.”
Moral ex:
“You should not silently stand by and watch a blind man walk off a cliff.”
Law and Justice * Are separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common good.
Classification of Law
Substantive- law creating right and duties Public Law-> Constitutional law, criminal law, administrative law, Private Law-> Torts, Contracts, Sales, Commercial paper, Agency, Partnerships, Corporations, Property
Procedural- rules for enforcing substantive law
Substantive law and procedural law are the two main categories within the law. Substantive law refers to the body of rules that determine the rights and obligations of individuals and collective bodies. Procedural law is the body of legal rules that govern the process for determining the rights of parties.
Public and Private Law
Public - law dealing with the relationship between government and individuals.
Private - law governing the relationships among individuals and legal entities.
Civil and Criminal Law
Civil - law dealing with rights and duties the violation of which constitutes a wrong against an individual or other legal entity * Private party * Individual sues * Purpose: Compensation, deterrence * Burden of Proof: preponderance of the evidence * Outcome: liable/ Not liable *
Definition of Law
Definition of Law –
A rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong.
Nature of Law
Functions of Law
- To maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change.
Law and Morals * Are different but overlapping; law provides sanctions, while morals do not
Law ex:
“You must drive on the right side the road.”
Moral ex:
“You should not silently stand by and watch a blind man walk off a cliff.”
Law and Justice * Are separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common good.
Classification of Law
Substantive- law creating right and duties Public Law-> Constitutional law, criminal law, administrative law, Private Law-> Torts, Contracts, Sales, Commercial paper, Agency, Partnerships, Corporations, Property
Procedural- rules for enforcing substantive law
Substantive law and procedural law are the two main categories within the law. Substantive law refers to the body of rules that determine the rights and obligations of individuals and collective bodies. Procedural law is the body of legal rules that govern the process for determining the rights of parties.
Public and Private Law
Public - law dealing with the relationship between government and individuals.
Private - law governing the relationships among individuals and legal entities.
Civil and Criminal Law
Civil - law dealing with rights and duties the violation of which constitutes a wrong against an individual or other legal entity * Private party * Individual sues * Purpose: Compensation, deterrence * Burden of Proof: preponderance of the evidence * Outcome: liable/ Not liable *