Corporate And Business Law

Laws and Legal System |Corporate and business ACCA notes |F4

Laws and Legal System |Corporate and business ACCA notes |F4

Law is a set of fundamental laws that governs any community. The legal system is a set of procedures for implementing and enforcing laws. It explains the rights and obligations in many ways.

Law means the principles and regulations made by government or authorities.

Types Of Laws

There are different types of law which are following:

Common law and equity law

This was developed by common or local customs, according to this law the only remedy was damage and they were fixed. There is no chance to avoid from damage. For example a child steal food for his family (If we think then we will find that this is a difficult situation for the child which made him helpless to do this) in common law he has to pay damages whether he can not.

In equity law there is a chance to avoid from damage and this law was introduced later to common law. If we look at the above example there is chance of child not to pay the damages because he can claim and make them understand according to his situation.

Private law and Public law

Private law are regarding individuals just like contract law, it happens between two persons.

Public law such as criminal law and constitutional law this involves different persons in a single matter.

Criminal law ad Civil law

Criminal law Civil law
Purpose is to make people fear of doing wrongSettle matters between individuals
Case by stateCase by individual
Prove by prosecutionProve by individual
Threat of punishmentWrong things not occurred
Laws and Legal System
Civil Court Structure in Laws and Legal System
Laws and Legal System
Laws and Legal System |Corporate and business ACCA notes |F4
Laws and Legal System

Statue law

These law are made in complicated or unique areas that provide support or make them stable for common laws.

Court System

Court facilitate legal system for working. Four functional aspects of court are:

  1. Criminal and civil law
  2. Local court
  3. Specialization
  4. Appeal

Types of Court

1. Magistrate Court

Usually and mostly this court deals with small local or domestic issue, involves criminal and civil cases. This is the lowest ranked criminal court.

Summary offence can be tried in magistrate court where as Indictable offence can only be heard in Crown court

2. County Court

Deal with almost every kind of case (Civil case only), usually involved in,

  • Contract and tort
  • Equitable matters
  • Probate matters
  • Undefended matrimonial
  • Miscellaneous matters
3. Crown Court

Hear appeals and solve the problems of magistrate court.

4. High Court

High court is divided into three specialist divisions,

  1. Queen’s Bench Division (QBD): deals with contract and tort.
  2. Chancery Division (ChD): deals with Company law, Partnership law, Insolvency etc.
  3. Family Divisions: deals with matrimonial matters.
5. Appeal Court

This court hears the appeal and solves the matters of county court and high court.

6. Supreme Court

This court hears the appeals from the high court and court of appeal and make the final decision.

Note: The House of Lord is replaced by the Supreme Court on 1 October 2009.

Tribunals

Tribunal is an alterative of court to settle the problems.

Court Tribunals
Does not need for specialistNeed for specialist
Slow processFast process
Legal aid maybe availableLegal aid may not be available
Strict rules for evidenceLess formal and intimidating
Bound by doctrine judicial precedentNot bound by doctrine judicial precedent
Laws and Legal System

Doctrine of Judicial Precedent

The system accepted by judges of the decision in earlier or previous cases.

Some cases are Binding ( they must follow in later case) and some are Persuasive (Judge in later case).

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