Overview of Law and Business Law

This set of flashcards covers key concepts, definitions, and functions of law and business law, including sources, legal systems, the Federalist approach, and the court hierarchy in Australia.

What is law?

A rule or principle recognized and applied by the state in the administration of justice.

What is business law?

Rules made by the state that regulate business and its activities, enforceable by prosecution or litigation.

What influences the development of business law?

The notion of fairness.

Functions of law.

Resolves disputes, maintains social order, preserves community values, protects the disadvantaged, stabilizes the economy, and prevents misuse of power.

What are the main sources of law in Australia?

Legislation (statute law) and common law.

What is common law?

Laws made by judges in courts, also referred to as case law or judge-made law.

What historical principle did British law apply to Australia upon colonization?

The doctrine of reception, declaring Australia to be terra nullius.

Federalism

A system created by the Commonwealth of Australia Constitution Act 1900, establishing two levels of government.

What is the purpose of the separation of powers?

To distribute power among different branches to prevent corruption and abuse of power.

What are the types of legal systems outlined in the notes?

Common law, civil law, customary law, religious law, and mixed legal systems.

What is the bicameral structure of the Federal Parliament?

It consists of two houses: the House of Representatives (Lower House) and the Senate (Upper House).

What is Delegated Legislation?

Laws created by the Executive branch of government, based on powers delegated by Parliament.

What does the High Court of Australia do?

It interprets and applies the law of Australia and hears appeals of constitutional significance.

What is the doctrine of precedent?

A principle where lower courts must follow the legal rulings of higher courts in similar cases.

Define exclusive powers.

Powers that are only held by the Commonwealth Parliament.

What is consumer protection law's relevance to the federal court?

It pertains to matters such as competition regulation and restrictive trade practices.

What distinguishes between plaintiff and defendant in civil cases?

The plaintiff is the person starting the lawsuit, while the defendant is the one defending against it.