Common Law

BUSI604: Forum 3 - Common Law

Joshua Alan Blodgett

Dr. John Karaffa

Liberty University

Thursday, January 30, 2014

Key Term and Basis for Discussion

The key term that will be examined in the following discussion is common law. The impetus for this selection is rooted in the understanding that “a keen awareness of the legal aspects of doing business overseas is essential for success” (Saterlee, 2009) and thus an authorial desire to become familiarized with the origins and evolution of the aforementioned legal system, its influence upon the development of the modern Japanese legal system, its role in the regulation of global trade, and its effectiveness in promoting financial development and economic growth in comparison to civil law.

Key Term

Originating in medieval England, the common law legal system is one heavily reliant upon a body of precedent, otherwise known as case law, that is comprised of successive judicial interpretations and applications of constitutional and statutory law (Saterlee, 2009). Statutes enacted by legislative bodies are also part of common law legal systems, though they generally serve to codify judicial decisions. Common law legal systems employ an adversarial approach in the investigation and adjudication of guilt or innocence in criminal cases and intentional torts or torts caused by negligence in civil cases (Saterlee, 2009). To clarify, opposing parties are expected to present evidence and legal arguments supporting their stance and to “test the truthfulness, relevancy, and sufficiency of the opponent’s evidence and arguments” through counterargument and cross-examination (Saterlee, 2009). In the United States, contract law is based upon common law, statutes, and tradition. Common law contracts include employment agreements and other contracts involving services, leases and sales of real property, loan agreements, stock purchase agreements, settlement agreements, and joint venture agreements.

Major...