Rule of Law
Concept that says laws are made equally applicable; nobody is above the law.
3 Concepts to establish framework for an effective market
Law, Rule of Law, Property
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Rule of Law
Concept that says laws are made equally applicable; nobody is above the law.
3 Concepts to establish framework for an effective market
Law, Rule of Law, Property
4 Principles that define Rule of Law
Accountability
Clarity
Process by which laws are enacted administered and enforced
Justice delivered timely.
Property
A legal right that allows you to exclude others from your resources
Classifications of Law
Common vs. Civil
Public vs. Private
Civil vs. Criminal
Substantive vs. Procedural
Common Law
Emphasizes role of judges in interpreting and applying law based on precedents.
Civil Law
Relies on legislation to determine what the law is
Not obligated to follow prior judicial decisions
Common Law Pros
Laws can be concise
Judges follow interpretation of law in prior cases
Ensures certainty, stability and predictability in the law
Common Law Cons
Volume of Cases
Conflicting Precedents
Increased difficulty of determining precedent
Distinction between holding and dicta
Rejection of precedent
Public Law
Regulation of society
Government Represents Society
Includes constitutional law, administrative law and criminal law
Private Law
Regulation of private resources
Includes, property, contract and tort law
In Civil Law
Individuals sue for damages or other appropriate relief
Monetary punishment
Ex - Breach of Contract
Tort Law
Criminal Law
Government brings a lawsuit to prove a wrong committed against society
Sanctions can include prison and the death penalty
Substantive Law
Defines the legal relationship of people with other people or people and the state
Procedural Law
Deals with the methods by which substantive law is made and administered
Ex - Time that is allowed to sue somebody
3 Sources of Law
Federal Law
State Law
Case Law
US constitution is…
The supreme law of the nation
Federal Law
U.S Constitution
Legislation passed by congress
Administrative Law of Regulations
State Law
State constitution
statutes of acts adopted by state legislature
Ordinances
Regulatory law of state administrative agencies
Case Law
Decisions made by judges
Opinions
Written decisions of judges
Precedent
A prior judicial decision
Citations
Reference for identifying how to find a case