ADMS 2610 Lecture Notes - Lecture 1: Roman Law, Lex Mercatoria, New Economics Foundation

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Chapter 1 introduction to the law and the legal system. Law: the body of rules of conduct that are obligatory in the sense that sanctions are normally imposed if a rule is violated. Irvin dorfman"s definition: law is merely a set of rules that enable people to live together and respect each other"s rights. Oliver wendell holmes"s definition: the law is a statement of circumstances in which the public force will be brought to bear through the courts. Rights: a particular act may be performed with impunity, with the backing of the force of the state. Rights are closely linked to duties, therefore the right to do an act usually imposes a duty on others to not interfere with our actions. Privileges: they are actions that may be taken by an individual under specific circumstances and that may be withdrawn or curtailed by the state. Rights can often become privileges under the influence of social pressure or public policy.

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