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3 concepts for functioning market - ✔✔Law- most significant and formal
rules established by the gov
Rule of Law - laws generally and equally applicable to all
Property -enables party that owns property to keep other from interfering
3 Types of Property - ✔✔Public, Private, Common
jurisprudence - ✔✔philosophies that explain the origin of law and its
justification
ownership - ✔✔the right to turn to public authorities like the police or the
courts to help you keep others from interfering with what you own
public property - ✔✔public resources owned by the government (parks,
monuments, etc.)
private property - ✔✔resources owned by an individual
common property - ✔✔resources that more than one individual own jointly
(land)
,What does property represent in its broadest sense? - ✔✔individual rights
(speech, worship, right to bear arms, etc.)
natural law - ✔✔type of jurisprudence; universal moral principles
positive law - ✔✔type of jurisprudence; commands of government and
enforcement
historical school - ✔✔type of jurisprudence; the law reflects culture and
customs of certain people
sociological jurisprudence - ✔✔type of jurisprudence; law meets the needs
of society
legal realism - ✔✔type of jurisprudence; how the law is enforced
common law - ✔✔legal system that emphasizes the role of judges in
determining the meaning of laws and how they apply. Rely on prior judicial
decisions.
civil law - ✔✔legal system that relies more on legislation rather than prior
judicial decisions to determine what the law is.
What do all common law nations have in common? - ✔✔All were colonized
by England
, What is the only state that does not follow the common law system? -
✔✔Louisiana (quasi-common law system) because of historical ties with
France
public law - ✔✔includes those matters that involve the regulation of society
as opposed to individuals interacting
Types: constitutional, administrative and criminal
constitutional law - ✔✔type of public law; involves the interpretation and
application of either the federal or state constitutions
administrative law - ✔✔type of public law; covers the legal principles that
apply to government agencies, bureaus, boards, or commissions
criminal law - ✔✔type of public law; specifies various offenses against the
proper order of the state
private law - ✔✔covers those legal problems and issues that concern your
private resource relationships with other people
Types: property, contract, and tort
Person v. person
property law - ✔✔type of private law; exclusive rights to both tangible AND
intangible resources