1. When does a rule become a law?
When a sovereign state issues rule prescribing what is right and what is wrong can a rule become law.
2. What is business law?
Business law is that class of laws that are concerned primarily with rules of conduct prescribed by government for the performance of business transactions.
3. What are the objectives of law?
The objectives of law are preventing problems in our society.
4. Explain what common law and equity are and how they differ?
Common law is a body of legal precedent compiled by past court decisions. These decisions become the rules that common law judges use to decide legal disputes. Courts of equity provide a remedy when common law courts decide a case constitutes an inequitable situation. The common law court determines things are legally unbalanced between two parties; the court of equity provides equalizing relief.
Equity to common law tends to reduce any injustice caused by the strict application of the common law and mitigates.
They can be interchangeable, depending on the situation. Common law is just case law. A case made in equity is based on the fairness of the situation, rather than language of the contract or a statute.
5. Why do courts generally adhere to the judicial precedents set by earlier decision?
A judgment of a court of law cited as an authority for deciding a similar set of facts; a case which serves as authority for the legal principle embodied in its decision. The common law has developed by broadening down from precedent to precedent.
A judicial precedent is a decision of the court used as a source for future decision making. This is known as stare devises (to stand upon decisions) and by which precedents are authoritative and binding and must be followed.
In giving judgment in a case, the judge will set out the facts of the case, state the law applicable to the facts and then provide his or her decision. It is only the ratio decided (the legal...