Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) AGRADE Commercial Law Revision Notes Law is: The set of rules, made by state, and enforceable by prosecution or litigation. Business Law: The set of rules regulating

Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) AGRADE Commercial Law Revision Notes Law is: The set of rules, made by state, and enforceable by prosecution or litigation. Business Law: The set of rules regulating businesses and business activities made by the state and enforceable by prosecution or litigation. Purpose of law: • Resolve disputes • Maintains social order • Preserves and enforces community values • Protects the disadvantaged • Stabilizes the economy • Prevents the misuse of power Law Public law • Constitutional law • Administrative law • Criminal Law • Taxation law Private law • Tort law • Contract law • Competition and Consumer law • Property law • Commercial law • Employment law • Company and Partnership law Types of Legal systems Civil law: • Most Common • Comes in forms of codes, statutes and constitutions • Examples include France, Germany, Russia, China, Japan, Thailand and Korea Common Law • Main sources of law are legislation and case law • The judiciary is much more powerful and influential in common law countries than in civil law countries • Examples include United Kingdom, Australia, Canada, New Zealand Australian Legal System 6 characteristics • Liberal democracy: Laws are made by, the executive government consists of, elected representatives who exercise their power subject to the rule of law and to the various federal and state constitutions • Common Law legal system: Our legal system is based on the British legal system, and can be contrasted with other forms of legal systems such as civil law legal system. • Constitutional monarchy: The head of state is Elizabeth 2 Queen of Australia • Federation: In addition to the commonwealth government there are various state governments that are not subordinate to the federal government • Separation of power: Laws are made by a parliament administered