п»їI. Precisely what is Law

A. Law

1 . Set of Guidelines

2 . Made by Govt

3. Forced by Authorities

B. Jurisprudence

1 . Viewpoint of Legislation


A. Regulation as Electricity

1 . Below color of specialist

B. Legal Positivism

1 ) Law is exactly what law says

C. Legal Realism

1 ) Who is it is in place to impose

D. Organic Law

1 . Humans have got rights irrespective of law

3. Three Elements for Free Marketplace System

1 . Law

installment payments on your Rule of Law

A. Law is normally and equally applicable to everyone

M. System of posted laws under which authorities and people will be bound several. Property

A. Legal rights in an asset

N. Exclusivity

4. Importance of Rule of Law to Organization

A. Creates predictability and certainty

N. Provides for relaxing resolution of disputes

C. Provides bonus to maximize advantage

D. Try to minimize responsibility

IV. Category of Laws (not interpersonal customs)

1 ) Common and Civil

Prevalent – emphasis on judges


2 . General public and Private

Public – standard applies to every thing

1 . Constitutional

2 . Management

3. Lawbreaker


1 ) Property

installment payments on your Contracts

3. Torts

three or more. Civil and Criminal

Civil – ex girlfriend or boyfriend: divorce, deal dispute

An instance between two individuals or perhaps an individual plus the government talking about the privileges of the individual The responsibility of resistant is much lower because you do not face incarceration, you will be discovered responsible and still have to pay out compensations Felony – point out

to be found guilt ridden, each offense must be further than a reasonable hesitation

4. Substantive and Procedural


Decides rights and responsibilities


The rules which might be put in place to look for the substantive issues

V. Causes of Law

UCC (Uniform Commercial Code)

Handles contracts intended for the sale of goods

Almost identically passed in each point out

1 . Constitution

Federal – grant of power

Condition – generally limits govt power

3 basic concepts established by U. S. Metabolism:

1 . Create 3 limbs of federal government

2 . Claims retain all power certainly not given to authorities

3. Guarantees basic privileges to individuals

2 . Legislation

3. Administrative Rules

4. Judicial Decisions

A. Precedents

W. Stare Decisis

VI. Legal Sanction Adjustment and Fees and penalties

Criminal Execute – Consequence for criminal offenses

Breach of Contract – Specific Overall performance, must fulfill the job Tortious Conduct – negligence

Punitive Damages -- How much do we need to sue to obtain their attention (ex. Ford Pinto case) Violations of Code and regulations

I. Precisely what is Law – answer beneath

A. Legislation

1 . Set of Rules

2 . Created simply by Government

three or more. Enforced by Government

B. Jurisprudence

1 . Philosophy of Law


A. Rules as Electric power

1 . Beneath color of specialist (actions used under the rules are considered to be under the color of authority)

M. Legal Positivism

1 . Regulation is what law says & legal positivists disagree with law is merely power

C. Legal Realistic look

1 . Opinion that regulation is LESS essential than the concern of who will be in the placement to impose the law… Also think that law depends on 1 person, ex lover. Judge

G. Natural Law

1 . Human beings have rights regardless of regulation

III. 3 Factors at no cost Market System

1 . Rules

2 . Rule of Regulation

A. Rules is generally and equally appropriate to everyone

B. Approach to published regulations under which usually government and individuals are certain 3. Home

The bundle of rights that attach to your property and your ability to disclude others from that asset A. Protection under the law in an asset

B. Uniqueness

4. Need for Rule of Law to Business

A. Creates predictability and certainty

B. Provides for peaceful resolution of conflicts

C. Supplies incentive to increase asset

G. Attempt to reduce liability

IV. Classification of Laws (ofcourse not social customs)

1 . Prevalent and City

Common – emphasis on judges, Judges figure out what law can be

Civil – judges put in force laws, certainly not make them

installment payments on your Public and law

Open public – standard applies to *everyone! *

1 ) Constitutional

2 . Administrative

three or more. Criminal – state sues...


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