Fianancial Analiysis

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Business law |

Tutorial answers |

Mariyam Naveeza |

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Student ID (21253) |

Diploma in businessSemester 32 Term /2012 Lecture : Aminath sudha |

Business law tutorial

Legal system

1. What are the sources of law in a common law system?

* Case law:

This law is based on the decisions of Judges in actual court cases whose legal reasoning and the principles they apply in their decisions are followed in later similar cases.

* Ratio decidendi:

Is the principle (s) of law on which court reaches its decision and the reason the court gave for reaching its decision.

* Obita dicta: words said in a judgment.

* Legislation :

* Statute law :

Is the return law enacted by the approved legislative process of the state.

* Delegated legislation :

Law made by some person/ body under powers deriving from an act of parliament.

* EC law :

The sources of EU law may be primary or secondary. The primary sources of law are the foundation treaties. And the secondary legislation takes three forms, with the council and commission being empowered to do the following.

* Make regulation

* Issue directives

* Take decisions

* Custom :

Is the established pattern of behavior that can be objectively verified within a particular social setting. A claim can be carried out in defense of "what has always been done and accepted by law." Customary law exists where:

* A certain legal practice is observed and

* The relevant actors consider it to be law

3. In relation to sources of law, explain the difference between:

Ans:

1. Case law;

Case law is taken from the results of trial cases that have caused statutes to be reviewed and revised, such as Roe V Wade. And also this law is based on the decisions of Judges in actual court cases whose legal reasoning and the principles they apply in their decisions are followed in later similar cases.

2. Statute law ;

Statute law is taken literally or interpretively from a...