LAW 122 Lecture Notes - Lecture 1: Ultra Vires, Precedent, Public Law
4 Feb 2016
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Law impacts business can lead to success, or failure. Business decisions have legal consequences: negative: e. g. dumping pollutants into environment, positive: e. g. binding contractual party to promise. Morality and law: all laws are rules but not all rules are laws, moral wrongs are informally sanctioned, e. g. damaged friendships or reputation, legal wrongs are formally sanctioned, e. g. fines or imprisonments. Laws are rules that can be enforced by courts. Ethics is the study of morality: learning how to reason why an outcome is morally right or wrong. Civil law: countries, states, provinces, originated in ancient rome. Common law: originated in england, judge-made law (unlike civil-main difference) Public law: rules that govern society as a whole: constitutional law, criminal law and tax law. Public law: rules that regulate interactions within society: tort law: rules governing harms against persons, contract law: rules governing creation and enforcement of agreement, property law: rules governing control of resources.
