Commercial Law Summary
Business Law-Commercial Law Summary
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CH AP T E R
1
Introduction to the Australian Legal System 1 WHAT IS LAW
The law is a set of rules, developed over a very long period of time, which regulate people's interactions with one another.
2 JUSTICE AND THE LAW
Justice has been described as `a product of the spirit'. It is what right-minded members of the community believe to be fair, and it is implicit in a reasonably equitable system of rights and duties.
3 WHAT IS RULE OF LAW
No person must suffer punishment or pay damages for any conduct not expressly forbidden by the law as determined through the courts.
4 CLASSIFICATION OF LAWS
i Two major legal systems can be identified in the world: Civil law system Common law system Based on Roman law Based on case law and statutes Emphasis on rights of parties Emphasis on remedies Emphasis on complete code of written Doctrine of precedent very important laws Mode of procedure is ...
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