This summary is written for the exam Business Law 1 that is given in year 1 of the IBMS course. The document summarises chapter 1 until 4 and includes a test assignment as well. My final grade for this exam was an 8.
Subject: Business Law
Chapter’s summarized: Chapter 1 until 4
Final grade: 8
Test assignment: Yes, this summary includes a test assignment
What is law?
“The collection of all the rules and regulations, that are in effect at a given time and within a given
territory”.
Functions of law:
- Keep the peace
- Shape moral standards
- Promote social justice
- Maintain the status quo
- Facilitate orderly change
- Facilitate planning
- Provide a basis for compromise
- Maximize individual freedom
Different sources of law:
- Law or acts
- Jurisprudence
- Customs
- Treaties, conventions, regulations
There are three legal systems:
- Civil Law
- Common Law
- Religious Law
In a Civil Law system, codified law is most important and next to that, jurisprudence is important as
well, but does not have the same status as codified law.
In a Common Law system, jurisprudence is most important, but this does not mean that there no
codified law exist.
In a Religious Law system, written law is the most important. The most widely used religious law is
“Islamic law”.
Types of law:
Private law, mostly private person versus private person / legal entity (rechtspersoon).
Public law, public authorities versus private person / legal entity / public authorities.
Areas of law:
Private law:
- Civil law
- Commercial law
- Competition law
Public law:
- State law
- Tax law
- Penal law (or Criminal law)
- Administrative law
, Business Law Summary “Block 1”
Legal facts:
The participants in legal relationships acquire their rights and obligations as a result of events that are
significant from a legal point of view. Those events are legal facts, which can be described as events
that have one or more legal consequences.
Example: A sales contract obliges the seller to transfer the property. A sales contract is therefore a
‘legal fact’,
Legal facts can either be human acts with legal consequences or bare legal facts, meaning facts that do
not necessarily involve any human action. Legal facts that involve human actions can be divided into
two groups; juridical acts and factual acts.
Juridical acts:
A juridical act is any human action that intends to achieve a certain legal consequence. Juridical acts
can be unilateral and multilateral.
Factual acts:
Factual acts can be described as human acts that do not intend to achieve a certain legal consequence.
Tort is one of the most important examples of a factual act. Breach of contract is also factual act.
Relative rights:
A relative right is a right that can only be effected in relation to one or more specific persons. The right
to claim damages for example, is a right that can only be enforced against the person who caused the
damage.
Comprehensive rights (also known as absolute or exclusive rights):
Comprehensive rights work against everyone. Anyone who infringes these rights can be ordered to
refrain from doing so. The best example is ownership. The owner of a piece of land can demand
anyone who walks on his land without his permission to leave.
International law:
International law can be described as law that is drawn up by the governments of two or more
countries or by an international organization. In its most general sense, international law consists of
rules and principles of general application dealing with the conduct of nations and international
organizations and with their relations inter se, as well as with some of their relations with (natural or
legal) person.
A key-element in international law is sovereignty. This means that every state has the right and
freedom to determine its own law and to decide which authority and competence the judiciary and the
executive power have.
Private international law:
Is primarily part of the national system, however several international institutions that attempt to
codify and modify rules of private international law through supranational regimes.
Public international law:
Concerns itself only with relations between multiple nations, international organizations or nations and
citizens or subjects of other nations. Public international law is a distinct and self-contained system of
law, independent of the national systems.
Sources of international law:
- Treaties
- Conventions and regulations
- Jurisprudence (of international courts of justice)
- Customs
- Legal principles
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