Introduction to Mercantile Law Chapter 1

6 Questions

As a set of rules to obey

The body of principles recognized and applied by the state in the administration of justice

A principle or rule of conduct that will be enforced by the courts if its authority is challenged

Rules and principles regulating relations with others and the government

To avoid conflicts and increase harmony in society

As a guiding principle for decision making

Study Notes

Law is a general term defined differently by various jurists, resulting in differing opinions on its true nature and meaning.

Law includes rules and principles that regulate relations with other people and the government.

According to Salmond, law is "the body of principles recognized and applied by the state in the administration of justice".
According to Cardozo, law is "a principle or rule of conduct so established as to justify a prediction with reasonable certainty that it will be enforced by the courts if its authority is challenged".

The rule of law is a mechanism to regulate the conduct of people in society for increasing harmony and avoiding conflicting interests of different sections of people.

A jurist is a person with expert knowledge of law; someone who studies, analyses and comments on law.

6 Questions