26100 Lecture Notes - Lecture 3: Statutory Law, Corporate Law, Ip Australia
Lecture 3: The legal system
The law is defined as the principles and regulations emanating from a
government/sovereignty and applicable to the people in that sovereignty
and is recognised and enforced.
What is business law?
> Business law refers to the rules and regulations that
govern the conduct of business.
How is it relevant?
> The law is an important part of the dynamic business
environment because it regulates what business can and
cannot do with the permission of the state
What is the Rule of Law?
> The legal concept whereby the law is paramount,
should be known and no one should be immune from
complying with the law.
What are the sources of law in Australia?
1. Legislation/statutes: constitution, acts of parliament
Statutory law is made by Governments i.e.
the House of Representatives and the
Senate. The powers of Commonwealth are
different to State and if there are
inconsistencies the federal constitution
overrides the states constitution.
2. Common law (and the rule of precedent):
established by judges in courts aka ‘judge made
law’.
What is the Doctrine of Precedent?
A doctrine that provides that the courts should treat similar cases in a
similar fashion to how they have been treated by superior courts (i.e. lower
courts must follow decisions made by the higher courts)
Court Hierarchy:
Document Summary
The law is defined as the principles and regulations emanating from a government/sovereignty and applicable to the people in that sovereignty and is recognised and enforced. > business law refers to the rules and regulations that govern the conduct of business. > the law is an important part of the dynamic business environment because it regulates what business can and cannot do with the permission of the state. > the legal concept whereby the law is paramount, should be known and no one should be immune from complying with the law. What are the sources of law in australia: legislation/statutes: constitution, acts of parliament. Statutory law is made by governments i. e. the house of representatives and the. The powers of commonwealth are different to state and if there are inconsistencies the federal constitution overrides the states constitution: common law (and the rule of precedent): esta(cid:271)lished (cid:271)(cid:455) judges i(cid:374) (cid:272)ou(cid:396)ts aka (cid:858)judge (cid:373)ade la(cid:449)(cid:859).
