Business law exam
Table of Contents
General legal issues 1: nature of law..................................................................................2
General legal issues 2: permits + legal persons...................................................................5
General legal issues 3: contracts........................................................................................7
General legal issues 4: liability.........................................................................................10
Property law 101: ownership & possession.......................................................................11
Corporate law: legal persons............................................................................................16
,General legal issues 1: nature of law
1. What is law?
A system of rules, usually made by a government, that are used to order the way in which a
society behaves. Rules of law are binding and they always apply.
It gives use rights and freedom to act. Law is everywhere.
Who are involved in justice:
Courts Police
Lawyers Politicians
Compensation Legislation (laws that are made are written down here)
Case law = Law in individual cases (judicial decisions)
Ethics = a system of accepted moral rules that control behaviour -> no legal consequences
3 ‘R’s’ of law:
Rights
Responsibility (duty of care)
Reasonableness (balance of rights & responsibilities)
A young boy does not have the responsibilities of a grown man, taking in the
other parties responsible
Ignorance of the law is no excuse. Professionals are expected to have relevant knowledge.
2. What is business law?
Any and all legal rules when
running and owning a business
3. Legal systems
2 main legal systems:
Common law = case law = not written down
Started in England and was then exported to other countries, such as US,
Australia, India & Canada
Civil law = statute law = all laws are written down
Started in Rome, exported to other European countries by Napoleon, such as
The Netherlands
Differences: historical origin, development of law & precedent (earlier court
decisions = what is found in previous cases = persuasive)
, 4. Areas of law
2 main branches and each have areas of law
Public law = relation between individual & government. Gives the state power.
Government -> citizen
Constitutional law Criminal law
Human rights Administrative law
Tax law
Private law = relation between individuals in the legal system
Citizen -> citizen
Contract law Corporate law
Property law Employment law
Liability law Intellectual law
Insolvency law
Law of the EU: determines much of what we have on an international level
Rule of law = rechtsstaat = the people who are powerful enough to make laws and
to impose those are also bound by these laws themselves. When the rules do not
apply to them, they are dictators.
5. International & EU law
International law:
Treaties & Conventions (contracts between states and or international organisations)
Are the same thing!
EU law:
Regulations = EU regulations are legally binding rules issued by the European Union
(EU) that apply directly and uniformly across all member states. Unlike other types of
EU legal acts, such as directives, regulations do not need to be transposed into
national law; they are immediately enforceable in all member states once adopted.
Directives = EU directives are legal acts issued by the European Union (EU) that set
out goals or objectives that all member states must achieve. However, unlike
regulations, directives do not apply directly and must first be implemented (or
"transposed") into the national laws of each member state.
Table of Contents
General legal issues 1: nature of law..................................................................................2
General legal issues 2: permits + legal persons...................................................................5
General legal issues 3: contracts........................................................................................7
General legal issues 4: liability.........................................................................................10
Property law 101: ownership & possession.......................................................................11
Corporate law: legal persons............................................................................................16
,General legal issues 1: nature of law
1. What is law?
A system of rules, usually made by a government, that are used to order the way in which a
society behaves. Rules of law are binding and they always apply.
It gives use rights and freedom to act. Law is everywhere.
Who are involved in justice:
Courts Police
Lawyers Politicians
Compensation Legislation (laws that are made are written down here)
Case law = Law in individual cases (judicial decisions)
Ethics = a system of accepted moral rules that control behaviour -> no legal consequences
3 ‘R’s’ of law:
Rights
Responsibility (duty of care)
Reasonableness (balance of rights & responsibilities)
A young boy does not have the responsibilities of a grown man, taking in the
other parties responsible
Ignorance of the law is no excuse. Professionals are expected to have relevant knowledge.
2. What is business law?
Any and all legal rules when
running and owning a business
3. Legal systems
2 main legal systems:
Common law = case law = not written down
Started in England and was then exported to other countries, such as US,
Australia, India & Canada
Civil law = statute law = all laws are written down
Started in Rome, exported to other European countries by Napoleon, such as
The Netherlands
Differences: historical origin, development of law & precedent (earlier court
decisions = what is found in previous cases = persuasive)
, 4. Areas of law
2 main branches and each have areas of law
Public law = relation between individual & government. Gives the state power.
Government -> citizen
Constitutional law Criminal law
Human rights Administrative law
Tax law
Private law = relation between individuals in the legal system
Citizen -> citizen
Contract law Corporate law
Property law Employment law
Liability law Intellectual law
Insolvency law
Law of the EU: determines much of what we have on an international level
Rule of law = rechtsstaat = the people who are powerful enough to make laws and
to impose those are also bound by these laws themselves. When the rules do not
apply to them, they are dictators.
5. International & EU law
International law:
Treaties & Conventions (contracts between states and or international organisations)
Are the same thing!
EU law:
Regulations = EU regulations are legally binding rules issued by the European Union
(EU) that apply directly and uniformly across all member states. Unlike other types of
EU legal acts, such as directives, regulations do not need to be transposed into
national law; they are immediately enforceable in all member states once adopted.
Directives = EU directives are legal acts issued by the European Union (EU) that set
out goals or objectives that all member states must achieve. However, unlike
regulations, directives do not apply directly and must first be implemented (or
"transposed") into the national laws of each member state.
