CMA Foundation - Law Introduction Chapter PDF

CMA Foundation - Law Introduction Chapter (Detailed Notes) 1. Meaning of Law: Law refers to a set of rules and principles regulating the behavior of individuals and institutions in society. It ensures justice, security, and fairness among the members of the community. 2. Branches of Law: - Civi...

CMA Foundation - Law Introduction Chapter (Detailed Notes) 1. Meaning of Law: Law refers to a set of rules and principles regulating the behavior of individuals and institutions in society. It ensures justice, security, and fairness among the members of the community. 2. Branches of Law: - Civil Law: Deals with the rights and duties of individuals among themselves. - Criminal Law: Relates to acts that are offenses against the state or society, punishable by law. - Constitutional Law: Governs the structure and functioning of government institutions. - Administrative Law: Concerns the actions and decisions of government agencies. - Contract Law: Deals with the agreements made between individuals or entities. 3. Sources of Law: - Legislation (Statutory Law): Law made by the Parliament or state legislatures. - Judicial Precedents (Case Law): Legal principles derived from past judicial decisions. - Customary Law: Unwritten rules that have become law through long-standing traditions. - Personal Law: Laws governing family matters, often based on religion. - International Law: Governs relations between countries. 4. Legislative Process in India: 1. Introduction of Bills: - Bills can be introduced in either House of Parliament (Lok Sabha or Rajya Sabha). - Types of bills: Ordinary bills, Money bills, and Constitutional Amendment bills. 2. Three Readings of a Bill: - First Reading: Introduction and publication of the bill.  - Second Reading: General discussion on the bill, followed by clause-by-clause consideration. - Third Reading: Final consideration and voting on the bill. 3. Passing the Bill: - After being passed by both Houses, the bill is sent to the President for assent. - Once the President gives assent, the bill becomes law. 5. Legal Methods and Court System in India: 1. Legal Methods: - Understanding legal language and principles. - Application of statutory interpretation, rules of evidence, and reasoning in legal decision-making. 2. Court System in India: - Supreme Court: The apex court of the country. Decisions are binding on all courts. - High Courts: Present in each state or group of states. - Subordinate Courts: Include District Courts and other lower courts dealing with civil and criminal cases. 6. Primary and Subordinate Legislation: 1. Primary Legislation: - Laws passed by the Parliament or state legislatures (Acts, Statutes). - Represents the highest form of legal authority. 2. Subordinate Legislation: - Laws made by executive authorities under powers delegated by primary legislation. - Includes rules, regulations, orders, and notifications issued by ministries or government departments. 7. Importance of Law: - Ensures social order and justice. - Protects the rights and freedoms of individuals. - Provides a framework for dispute resolution. - Encourages compliance through penalties and enforcement mechanisms. 8. Basic Concepts of Law: - Rights and Duties: Rights are legal entitlements, and duties are obligations imposed on individuals by law. - Liability: Legal responsibility for one's actions or omissions, leading to penalties or remedies. - Person: Can be natural (human beings) or legal (companies or corporations) under law.