Commercial Law Key Concepts, Cases, and Principles
What is Procedural Law? Procedural law is the process through which
liabilities can be enforced.
What is Substantive Law? Substantive law defines the rights and duties of
individuals in society.
What are the two subcategories of 1. Public law: concerned with government conduct
Substantive Law? and relations with private persons. 2. Private law:
governs rules between private persons.
What are the two types of cases that 1. Cases regarding legislation - interpreting the
courts create law from? meaning of legislation. 2. Judge-made/common law
- declaring law in areas not covered by legislation.
Why was legislation seldom used 1. Courts adequately handled legal matters. 2. The
prior to the 20th century? government had a smaller role; the church held
more power. 3. The legislative process was difficult
and required thorough knowledge.
Why was the significance of 1. Courts must wait for disputes to arise (reactive),
legislature and the courts reversed in while legislatures can act proactively. 2. There was
the 20th century? previously less demand for law. 3. Society gained
sufficient wealth to support ongoing legislative
functions.
What is a system? A system is an orderly combination of parts or
elements into a whole, based on some rationale or
principle.
, Commercial Law Key Concepts, Cases, and Principles
What is the Magna Charta? The Magna Charta, or 'Big Charter,' was forced upon
the king in 1215, limiting his powers.
What does it mean that the The amendment process for entrenched aspects of
amendment process is 'patriated'? the constitution is entirely domestic.
What is a Ratio Decidendi? The Ratio Decidendi is the narrowest and necessary
legal principle upon which a decision is based.
What does 'Mutatis Mutandis' mean? In Latin, it means 'the necessary changes being
made' and applies to bills under review by
Parliament.
What is the Law of Equity? The Law of Equity supplements the deficiencies of
common law and can overrule common law
principles.
What school of thought is Roscoe Social Engineering.
Pound known for?
What is a limited partnership? A partnership with one or more general partners
and limited partners who limit their liability to their
capital contribution.
What happens if a limited partner They become liable as a general partner, incurring
participates in management? unlimited liability.
What is Stare Decisis? Stare Decisis is a doctrine of precedent meaning 'to
stand by previous decisions'.
, Commercial Law Key Concepts, Cases, and Principles
What are the two aspects of Stare 1. Substantial: the principle of law found in the Ratio
Decisis? Decidendi. 2. Structural: which precedent cases
must be followed.
What are the 3 C's produced by Stare 1. Certainty - knowing what the law is. 2. Consistency
Decisis? - similar cases treated equally. 3. Continuity - no
doubt in the law.
What is the Reliance Principle? The Reliance Principle states that people order their
affairs based on judicial decisions, and their interests
should not be adversely affected by changes.
What is the adversary system in the In civil disputes, parties initiate and prosecute
Canadian legal system? litigation, presenting proof and arguments to a
passive court.
What are the four basic duties an 1. Comply with the contract. 2. Be diligent in
agent owes to their principal? reprising. 3. Duty of care: be careful. 4. Duty of
personal performance: cannot subdelegate.
What does Ultra Vires mean? Ultra Vires means 'beyond the power'; legislation
created outside the jurisdiction given by statutes is
void.
What is the Corporate Veil? The corporate veil refers to the separate existence
of a corporation from its shareholders, providing
limited liability.
What is Procedural Law? Procedural law is the process through which
liabilities can be enforced.
What is Substantive Law? Substantive law defines the rights and duties of
individuals in society.
What are the two subcategories of 1. Public law: concerned with government conduct
Substantive Law? and relations with private persons. 2. Private law:
governs rules between private persons.
What are the two types of cases that 1. Cases regarding legislation - interpreting the
courts create law from? meaning of legislation. 2. Judge-made/common law
- declaring law in areas not covered by legislation.
Why was legislation seldom used 1. Courts adequately handled legal matters. 2. The
prior to the 20th century? government had a smaller role; the church held
more power. 3. The legislative process was difficult
and required thorough knowledge.
Why was the significance of 1. Courts must wait for disputes to arise (reactive),
legislature and the courts reversed in while legislatures can act proactively. 2. There was
the 20th century? previously less demand for law. 3. Society gained
sufficient wealth to support ongoing legislative
functions.
What is a system? A system is an orderly combination of parts or
elements into a whole, based on some rationale or
principle.
, Commercial Law Key Concepts, Cases, and Principles
What is the Magna Charta? The Magna Charta, or 'Big Charter,' was forced upon
the king in 1215, limiting his powers.
What does it mean that the The amendment process for entrenched aspects of
amendment process is 'patriated'? the constitution is entirely domestic.
What is a Ratio Decidendi? The Ratio Decidendi is the narrowest and necessary
legal principle upon which a decision is based.
What does 'Mutatis Mutandis' mean? In Latin, it means 'the necessary changes being
made' and applies to bills under review by
Parliament.
What is the Law of Equity? The Law of Equity supplements the deficiencies of
common law and can overrule common law
principles.
What school of thought is Roscoe Social Engineering.
Pound known for?
What is a limited partnership? A partnership with one or more general partners
and limited partners who limit their liability to their
capital contribution.
What happens if a limited partner They become liable as a general partner, incurring
participates in management? unlimited liability.
What is Stare Decisis? Stare Decisis is a doctrine of precedent meaning 'to
stand by previous decisions'.
, Commercial Law Key Concepts, Cases, and Principles
What are the two aspects of Stare 1. Substantial: the principle of law found in the Ratio
Decisis? Decidendi. 2. Structural: which precedent cases
must be followed.
What are the 3 C's produced by Stare 1. Certainty - knowing what the law is. 2. Consistency
Decisis? - similar cases treated equally. 3. Continuity - no
doubt in the law.
What is the Reliance Principle? The Reliance Principle states that people order their
affairs based on judicial decisions, and their interests
should not be adversely affected by changes.
What is the adversary system in the In civil disputes, parties initiate and prosecute
Canadian legal system? litigation, presenting proof and arguments to a
passive court.
What are the four basic duties an 1. Comply with the contract. 2. Be diligent in
agent owes to their principal? reprising. 3. Duty of care: be careful. 4. Duty of
personal performance: cannot subdelegate.
What does Ultra Vires mean? Ultra Vires means 'beyond the power'; legislation
created outside the jurisdiction given by statutes is
void.
What is the Corporate Veil? The corporate veil refers to the separate existence
of a corporation from its shareholders, providing
limited liability.
