BA 106- BUSINESS LAW
CHAPTER 1- INTRODUCTION TO LAW
1. When does a rule become a law?
A rule becomes a law when a sovereign state decides that this rule prescribes what is right and what is wrong. In addition, there should be penalties associated with breaking this law.
2. What is business law?
Business law is a set of law primarily concerned with business transactions and ways to perform those as decided by the government.
3. What are the objectives of law?
The major objective of law is to establish a set of rules that should be followed in order to solve any disputes arising between parties, but more importantly to set the rules of conduct for transactions so this way parties involved would know how to avoid disputes.
4. Explain what common law and equity are and how they differ.
Both common law and equity come from the judicial and legal history of England. The major difference between common law and equity law comes down to deciding who hears the case and passes the judgment. Today usually legal systems look at the common law first and then equity which provides remedy other than monetary. As we have learnt equity court can force the defendant to comply with the terms of the contract in addition to monetary remedy.
5. Why do courts generally adhere to the judicial precedents set by earlier decisions?
I would say for the legal stability. Since precedents are decisions of court that determines the decisions in subsequent or very similar cases, courts generally adhere to decisions taken by lower instances. However, a higher instance might change the decision in situations that have not been brought up before, or the court decide it has to reverse a previous decision.
6. Why was the Bill of Rights enacted?
Bill of Rights was enacted as a part of U.S. Constitution. Bill of Rights protects the civil rights and liberties of the citizens of the state.
7. How does the enactment of statutes differ from the...