Bus Law Chapter 1 Notes

Bus Law Chapter 1 Notes - 1) NATURAL LAW AND POSITIVE LAW...

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1) NATURAL LAW AND POSITIVE LAW a) Law: A body of enforceable rules governing relationships among individuals and between individuals and their society. i) Natural Law: A system of universal moral and ethical principles that are inherent in human nature and that people can discover by using their natural intelligence ( e.g. , murder is wrong; parents are responsible for the acts of their minor children). ii) Positive Law: The conventional, or written, law of a particular society at a particular point in time ( e.g. , the U.S. Constitution, the Texas Securities Act, the Internal Revenue Code, and published judicial decisions). 2) JURISPRUDENCE a) Jurisprudence: The study of different schools of legal philosophy and how each can affect judicial decisionmaking. i) Natural Law Theory presupposes that positive law derives its legitimacy from natural law and holds that, to the extent that natural law and positive law differ, natural law must prevail. ii) Legal Positivism holds that there is no higher law than that created by legitimate governments and that such laws must be obeyed, even if they appear unjust or otherwise at odds with natural law. iii) The Historical School emphasizes the evolutionary process of law by concentrating on the origin and history of a legal system and holds that law derives its legitimacy and authority through the test of time. iv) Legal Realism contends that positive law cannot be applied in the abstract; rather, judges should take into account the specific circumstances of each case, as well as economic and social realities. v) The Sociological School views law as a tool for promoting social justice. 3) PRIMARY SOURCES OF AMERICAN LAW i) There are four primary sources of domestic law: (1) Constitutions , setting forth the fundamental rights of the people living within the United States or a given state, describing and empowering the various branches of government, and prescribing limitations on that power;
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(2) Statutes , enacted by Congress or the legislature of a given state and ordinances adopted by a given locality; (3) A given state statute may be based on a uniform law ( e.g. , the Uniform Commercial Code) or on a model act ( e.g. , the Model Business Corporations Act). However, each state is free to depart from the uniform law or model act as it sees fit. (4) Administrative Rules and Regulations promulgated by federal, state, and local regulatory agencies; and (5) Common law , which is the body of judicial decisions that interpret and enforce any of the foregoing as well as those relationships among individuals or between individuals and their society which are not subject to constitutional, statutory, or administrative law. 4)
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This note was uploaded on 10/04/2008 for the course LAW 301 taught by Professor Kramer during the Spring '06 term at New England Law.

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Bus Law Chapter 1 Notes - 1) NATURAL LAW AND POSITIVE LAW...

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