Mercantile Law - Learning Unit 1, Theme 1

Comprehensive vocabulary flashcards covering the definitions, branches, sources, and fundamental concepts of Mercantile Law as presented in Learning Unit 1, Theme 1.

Purpose of Law

To inform citizens regarding what is right and wrong, legal and illegal, provide penalties and procedures, and maintain order.

Mercantile Law

A branch of private law that sets out rules for business, the formation of legal entities, rights and obligations of participants, and ethical business practices.

Public Law

The division of law that governs the relationship between individuals and the state (e.g., criminal law, constitutional law, administrative law).

Private Law

The division of law that governs relationships between private individuals or entities.

Commercial or Business Law

Governs trade, business activities, and the resolution of commercial disputes through litigation or arbitration.

Conveyancing

The legal process of transferring property ownership from one party to another.

Contract Law

Governs the formation, validity, and enforcement of agreements between parties.

Debt Collection

Legal procedures used to recover money owed by individuals or companies.

Intellectual Property (IP) Law

Protects creations of the mind, such as inventions, brands, and artworks.

Shipping and Law of Carriage

Governs the transport of goods by sea, land, or air, including the rights and liabilities of carriers and shippers.

Competition Law

Prevents anti-competitive practices like monopolies, price fixing, and abuse of market power.

Insolvency Law

Governs the process followed when individuals or businesses are unable to pay their debts.

Labour Law

Regulates employer-employee relationships, including contracts, wages, working conditions, and disputes.

Banking and Instruments of Payment Law

Governs financial institutions, electronic payments, cheques, and promissory notes.

Securities Regulation

Governs the trade of stocks, bonds, and other financial instruments.

Consumer Law

Protects consumers from unfair trade practices, unsafe products, and misleading advertising.

International Trade Law

Governs trade between nations, including import/export regulations and treaties like WTO agreements.

Tax Law

Governs the assessment and collection of taxes by the government.

Insurance Law

Governs agreements between insurers and policyholders to provide financial protection against risks.

Information Technology (IT) Law and E-Commerce Law

Governs digital transactions, online contracts, data privacy, and cybersecurity.

Corporate Governance

Rules and practices on how companies are directed and controlled, accounting for social and environmental impact.

Substantive Law

The set of legal rules that define the rights and duties of individuals and entities.

Adjectival Law (Procedural Law)

Provides the mechanisms and procedures for enforcing substantive rights and resolving disputes.

Natural Persons

Legal subjects defined as human beings; legal personality begins at birth and ends at death.

Juristic Persons

Entities such as companies to which the law gives legal rights, duties, and obligations.

Legal Personality

The ability to acquire legal rights, duties, and obligations.

Legal Capacity

The ability of a person (juristic or natural) in law to exercise legal rights.

Legal Objects

Objects with economic value in which a legal subject can have legal rights, duties, and obligations.

Corporeal Things

Tangible things that are legal objects, such as a car.

Personality Property

Rights regarding dignity, a good name, and a good reputation.

Immaterial Property

Rights attached to intangible things, such as ideas leading to trade secrets.

Personal Rights

Rights that one person can exercise only against specific people.

Real Rights

Rights in things that can be enforced against the whole world, such as ownership of a cellphone.

Primary Sources of South African Law

The Constitution, Legislation, Common Law, Customs, and Judicial Precedent.

Secondary Sources of South African Law

International Law, Foreign Law, and Modern Writing.

Test 1 Weighting

$25\%$ of the final module mark.

Test 2 Weighting

$30\%$ of the final module mark.

Examination Weighting

$35\%$ of the final module mark.

ICE Activities Weighting

$10\%$ of the final module mark.