GEB 3375 Chapter Notes - Chapter 7B: Private Law, Market Environment, E-Commerce
Document Summary
Provide framework of rules and norms of conduct that mandates limit or permit specified relationships among people and organizations and provide punishments for those that violate these rules and norms. Laws require or limit specific actions while empowering citizens to engage in others such as entering into contracts and seeking remedies for contract violations. Legal systems are dynamic- the evolve over time and represent the nation"s changing social values and the evolution of their social political economic and tech environments. Prevailing political systems tend to influence their respective legal systems. Democracies tend to encourage market forced and free trade. They are effective and legitimate because they are applied to all citizens equally issued by means of formal procedures by recognized gov"t authorities and enforced systematically and fairly by police forced and formally organized judicial bodies. Rule of law- a legal system in which rules are clear, publically disclosed, fairly enforced and widely respected by individuals organizations and the government.
