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Notes # 5 reading

Notes # 5 reading - ruler or by a legislature System It is...

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Chapter 12 (pp. 374-383) Introduction Markets are essential in free entreprise systems To function they need - To provide confidence to individuals - Established contract - Quantity and quality fulfilled expectations Law reduces such uncertainties and supports markets Statutory law: specifies the length of a patent and the statute of limitations on filing lawsuits Common law: body of laws tgat evolves through cases brought before court by private sector Subject to focus: property, intellectual property, contracts and torts Importance of law can be questioned in private sector - Customers relay more on the policies of each company - Repetition and proximidity allow laws to be respected - Patent laws and ensurance enforce the laws indirectly The common law Definition: the law that evolves through time by the practices of people and it is made by a
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Unformatted text preview: ruler or by a legislature. System: It is used in English speaking countries and it is made thorugh a contradiction between two parties advocating each side of the dispute. Purpose: help people accomplish their goals adjusting to circumstances without having to wait on new legislations. -On European countries and Latin America Common Lae is not used, it is replaced by the civil law. Civil law: developed in the Napoleonic code and adapted in several diffecrent countries. It also includes japan, and Germany. -- it is writtenin codes that base on legal principles -They are not as flexible as the common law Commercial law: comes from the medieval merchants law that developed during the evolution of trade. It made it clear how merchants should keep their promises Property Definition:...
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