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

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Richard Yates

Document Summary

Law: rules enforced by courts does not define ethical behaviour. Public law: regulates relationships w/ the gov"t. Private law: regulates personal and business relationships. Oldest documented legal system originated w/ romans: all citizens under same law = revolutionary view. Judges apply provisions from code to individual cases. Precedent: prior decisions made by courts in higher jurisdictions must be followed by lower courts. Stare decisis: determining law by following precedent. Developed to counter harsh common law courts. Court of chancery: court body that developed law of equity. Series of rules/regulations created by legislative bodies: business law found in regulations. Parliamentary supremacy: legislation overrides common law and law of equity: parliament = supreme law making body. Bna act: made constitution the supreme law of the land. Rule of law: all are subject to law and legal process. Principal of paramountcy: federal legislation superior to provincial in event. 7 & 50: requires 7 provinces and 50% of population to support amendment.