Introduction to Business Law and Legal Systems

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15 Questions

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

Civil Law System

What is the main objective of Criminal law?

To punish the offender

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

Civil 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

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

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

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

Plaintiff

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

Systematically codified into codes (pure statute)

What is the primary function of law in business?

To regulate commercial transactions between business persons

Which legal system does Singapore use?

Common Law System

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

Law is created by judgment handed down by courts

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

Judicial precedents

What important doctrine is associated with the Common Law System?

Doctrine of binding precedent

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

Rules of common law

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

Learn about the definition of law, its role in business, and the different legal systems, with a focus on the Common Law System. Understand how law regulates commercial transactions and resolves disputes within the business context.

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