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Lecture 1

BUS 393 Lecture Notes - Lecture 1: Precedent, Corporate Law, Privative


Department
Business Administration
Course Code
BUS 393
Professor
Richard Yates
Lecture
1

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Legal Fundamentals
Categories of Law
Law: rules enforced by courts  does not dene ethical behaviour
Substantive Law: rules governing behaviour
Procedural Law: legal processes
Public Law: regulates relationships w/ the gov’t
Private Law: regulates personal and business relationships
Civil Code
Oldest documented legal system  originated w/ Romans
oAll citizens under same law = revolutionary view
Used in most countries
Judges apply provisions from Code to individual cases
Common Law
Precedent: prior decisions made by courts in higher jurisdictions must be
followed by lower courts
Judge-made law
Stare Decisis: determining law by following precedent
Law of Equity Courts
Developed to counter harsh Common Law courts
Court of Chancery: court body that developed Law of Equity
Statutes
Series of rules/regulations created by legislative bodies
oBusiness law found in regulations
Parliamentary Supremacy: legislation overrides common law and law of
equity
oParliament = supreme law making body
Canadian Law
BNA Act: made Constitution the supreme law of the land
Rule of Law: all are subject to law and legal process
Constitution Act 1867
Section 91: federal gov’t jurisdictions
Section 92: provincial gov’t jurisdictions
Principal of Paramountcy: federal legislation superior to provincial in event
of con3ict
7 & 50: requires 7 provinces and 50% of population to support amendment
of Constitution
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