Law Summary

In: Business and Management

Submitted By aiskenderli
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Topic Summary 1 – Definition and systems of law

Law is a tool for organising society through organisational rules and for shaping the conduct (behaviour) of people within society through “norms” (expected standards of behaviour).
The economic, political, social, the health care etc. systems of a country are all prescribed in laws. The undisturbed and orderly operation of a society presupposes the existence of a solid legal basis containing all the rules that must be obeyed by natural persons and artificial entities (business companies, organisations, funds).
This quality of a state, namely that even organisations, including the state and state authorities, are bound by the law and may only operate in compliance with the law, is called „rule of law” quality. States meeting this standard are called „rule of law states”.
Rule of law states respect human rights and fundamental freedoms and allow citizens to actively participate in public life and shape their society and lives.
States lacking „rule of law” quality tend to be arbitrary, oppressive and lacking legal certainty, predictability and foreseeability – which are necessary for making long-term plans in business and everyday life. In such states human rights and fundamental freedoms are not respected and citizens are not allowed to actively participate in shaping society and their lives.

Law can be defined as a body of rules which are enforced by the state through its authorised organs even by use of physical force, in case the rules are not obeyed voluntarily. This general enforceability is one of the specific features that differentiate legal rules from other types of rules (e.g. religious, moral rules or rules of politeness).

However, only that law and that legal rule is enforceable which was passed in due process (as prescribed by…...

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