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Introduction to Business Law and Legal Systems

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Introduction to Business Law and Legal Systems

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Questions and Answers

In which legal system is the law systematically codified into codes?

Common Law System

Judge-made Law System

Continental Law System

Civil Law System (correct)

What is the main objective of Criminal law?

To codify laws into codes

To punish the offender (correct)

To compensate the innocent or injured

To establish authoritative decisions

Which legal system is organised in continental Europe and adopted in most parts of the world?

Civil Law System (correct)

Continental Law System

Common Law System

Judge-made Law System

What is the role of past case decisions by superior courts in common law?

They are binding and authoritative for future cases decided by lower courts in the same hierarchy of courts Signup and view all the answers

What is the consequence in civil law if someone is injured by a reckless car driver who flouts traffic rules?

The driver is sued by the injured person Signup and view all the answers

Which legal system involves a system of law concerned with the punishment of those who commit crimes that are harmful to society?

Common Law System Signup and view all the answers

What is the term used for a person who brings a case against another in a court of law?

Plaintiff Signup and view all the answers

What is the classification of laws within the Civil Law System?

Systematically codified into codes (pure statute) Signup and view all the answers

What is the primary function of law in business?

To regulate commercial transactions between business persons Signup and view all the answers

Which legal system does Singapore use?

Common Law System Signup and view all the answers

What is one of the major characteristics of the Common Law System?

Law is created by judgment handed down by courts Signup and view all the answers

What is the source of case law in the Common Law System?

Judicial precedents Signup and view all the answers

What important doctrine is associated with the Common Law System?

Doctrine of binding precedent Signup and view all the answers

What do the rules of law in the Common Law System form?

Rules of common law Signup and view all the answers

What is the primary role of the principle of binding precedent or stare decisis in the Common Law System?

To ensure consistency and predictability in the application of law Signup and view all the answers