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Business Law Tutorial - U12 - 1

Business Law Practicals U12

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11 views

Business Law Tutorial - U12 - 1

Business Law Practicals U12

Uploaded by

jay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. What is “Jurisprudence”?

The theory or philosophy of law.


2. Explain the importance of rule of law.
Laws secure our rights as citizens and safeguard our general safety against violations by third
parties, including individuals, groups, and the government. To assist ensure our general safety,
we have laws. There are a variety of them at the local, state, and federal levels, including: laws
concerning food or road safety.
3. Identify the two legal systems that exist in Sri Lanka.
Sri Lankan law is a complex mixture of Dutch-Roman law and the British common law system
4. What is the role of the Trial court, Appellate court and Supreme Court in the legal
system?
 Cases between two parties seeking redress for the first time are resolved by trial courts.
 When one of the parties disagrees with the decision of the trial court, the cases are heard
by appellate courts.
 Supreme courts adjudicate cases at the highest level or those that have been appealed to
an appellate court.
5. What are the main areas of public law? Explain its importance.
Public law regulates entities acting on behalf of the public. Public bodies include organizations
like local governments and government departments. Government ministries, departments, and
agencies, local governments, health authorities, the police, prisons, courts, or any other
regulating and monitoring body can all be referred to as public administrative bodies. It is crucial
for us to determine if a body fits the concept of "public body" because diverse government
functions are carried out by numerous organizations. If it were recognized as a public body by a
statute passed by the legislature or if it performs the duties of a public body, public law
principles would typically apply. Any conduct carried out by a public body in a private capacity
would be subject to private law rather than public law.

6. What are the main areas of private law? Explain its importance.
The corpus of law known as private law regulates interactions between private individuals. It
covers a number of important legal topics; the most crucial of these are contracts, property,
equity, and trusts, torts, succession, and family law. While many of the essential principles of
private law were developed by judges as part of the common law, legislative expansions or
rebuilds of the common law also contribute to the development of private law. Many interactions
governed by private law are solitary by nature, such as family bonds. However, private
connections that result from commercial and financial activities are also covered by private law.
7. Explain the importance of law in the business context.
The law establishes the guidelines that businesses must go by as well as the environment in
which they can function. The law also offers a procedure for settling disputes between
companies and between companies and customers. The law is continuously changing, therefore
businesses must stay informed of these changes to make sure they are adhering to the most recent
standards. Keeping up with the law can be difficult, especially for small firms that might not
have the resources to do so. The law gives firms consistency and predictability, which is crucial
for planning and decision-making. Businesses can avoid legal issues by understanding what the
law requires and how the courts may interpret it.
Businesses can avoid legal issues and settle disputes more successfully if they are aware of the
requirements of the law and how the courts may interpret them. Businesses may require
specialized legal assistance to ensure that they are adhering to their legal commitments because
the law may be a complicated and perplexing issue. The cost of not doing so may be far larger
than the expense of doing this. Businesses must take care to ensure that they are abiding by their
legal duties because the law plays a significant part in corporate life. To make sure that firms are
following the law, expert legal guidance may be required.

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