LAWS10-100 Lecture 1: Business Law Everything that You learned week 1-12
BUSINESS LAW
Table of Contents
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In this subject you will learn about:
1. The Australian legal system;
2. The basic rules regulating the causing of harm, the making and enforcement of contracts,
dealing with consumers and competitors and the protection of IP; and
3. The laws associated with starting, managing, financing and closing a business.
Topic 1 ā Introducing the law
BUSINESS LAW 1.1 ā THE NATURE OF LAW
WHAT IS LAW?
Law can be defined as:
ļ·a set of rules,
ļ·made by the state, and
ļ·enforceable by prosecution or litigation.
WHAT IS THE PURPOSE OF LAW?
Law:
ļ·resolves disputes,
ļ·maintains social order
ļ·preserves and enforces community values,
ļ·protects the disadvantaged,
ļ·regulates the economy, and
ļ·prevents the misuse of power.
WHAT DOES LAW REGULATE?
WHY DOES LAW CHANGE?
The law changes regularly because of:
ļ·political change,
ļ·the need to fix problems with the law,
ļ·changing community values,
ļ·pressure from lobby groups and
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ļ·changing technology.
BUSINESS LAW 1.2 ā JUSTICE, ETHICS AND POLITICS
LAW AND JUSTICE
Justice can be understood as fairness, such as fair compensation or punishment, a fair decision or a
fair distribution of resources.
The notion of fairness has influenced the development of business law in many ways.
LAW AND ETHICS
A legal choice is one that complies with the law; an ethical choice is one that is recognised as āgoodā
and ārightā.
Law and ethics generally correspond but:
ļ·a decision that is legal may not be ethical, and
ļ·a decision that is ethical may not be legal.
LAW AND POLITICS
While the law is more than merely politics, the law is shaped and influenced by power and politics.
Legislation is made by politicians to implement government policies and achieve political objectives.
BUSINESS LAW 1.3 ā THE SOURCES OF LAW
FORMS OF GOVERNMENT
TYPES OF LEGAL SYSTEMS
Civil law legal systems are the most common type of legal system.
Examples include France, Germany, Russia, China, Japan, Thailand and
Korea.
The primary source of law is legislation in the form of codes, statutes
and constitutions. Case law is generally not recorded and is not recognised as a source of law.
Common law legal systems are based on the British legal system. Examples include the United
Kingdom, Australia, the United States, Canada and New Zealand.
Two main sources of law are:
ļ·the parliament, which makes legislation; and
ļ·the courts, which make case law.
The judiciary is much more powerful and influential in common law countries than in civil law
countries.
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Document Summary
Business law 1. 1 the nature of law. Law can be defined as: a set of rules, Made by the state, and enforceable by prosecution or litigation. Maintains social order preserves and enforces community values, protects the disadvantaged, regulates the economy, and prevents the misuse of power. The law changes regularly because of: political change, the need to fix problems with the law, changing community values, pressure from lobby groups and. 2 | p a g e changing technology. Business law 1. 2 justice, ethics and politics. Justice can be understood as fairness, such as fair compensation or punishment, a fair decision or a fair distribution of resources. The notion of fairness has influenced the development of business law in many ways. A legal choice is one that complies with the law; an ethical choice is one that is recognised as good" and right".
