law Wiktionary

Intellectual property law aims at safeguarding creators and other producers of intellectual goods and services. These are legal rights which result from intellectual activity in the industrial, literary and artistic fields. The law of agency, insurance law, bills of exchange, insolvency and bankruptcy law and sales law are all important, and trace back to the medieval Lex Mercatoria. The UK Sale of Goods Act 1979 and the US Uniform Commercial Code are examples of codified common law commercial principles. Consideration indicates the fact that all parties to a contract have exchanged something of value.

The goldsmith’s apprentice looked at it, sneakily removed the stones, told the boy it was worth three halfpence and that he would buy it. The boy said he would prefer the jewel back, so the apprentice gave it to him, but without the stones. Lord Chief Justice Pratt ruled that even though the boy could not be said to own the jewel, he should be considered the rightful keeper (“finders keepers”) until the original owner is found.

• Given the trend of increasing global economic integration, many regional agreements—especially the African Union—seek to follow a similar model.
• The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people.
• So the law ought to pre-empt what would happen, and be guided by the most efficient solution.
• Private law deals with legal disputes between individuals and/or organisations in areas such as contracts, property, torts/delicts and commercial law.
• Under the law, private equity is taxed in exactly the same manner as every other investment.

A new contract code in 1999 represented a move away from administrative domination. Furthermore, after negotiations lasting fifteen years, in 2001 China joined the World Trade Organization. Civil law is the legal system used in most countries around the world today.

For an analysis of the role of law in the administration of government, see administrative law. For an exposition of social restrictions and their enforcement, see censorship; crime and punishment; and police. For a description of the legal aspects of war and the military, see war, law of. For international aspects of law, see international law; and United Nations. Because IP law ensures that authors and inventors have the resources they need to dream big and change the world. Public law concerns government and society, including constitutional law, administrative law, and criminal law.

His second major article, The Problem of Social Cost , argued that if we lived in a world without transaction costs, people would bargain with one another to create the same allocation of resources, regardless of the way a court might rule in property disputes. Coase used the example of a nuisance case named Sturges v Bridgman, where a noisy sweetmaker and a quiet doctor were neighbours and went to court to see who should have to move. Coase said that regardless of whether the judge ruled that the sweetmaker had to stop using his machinery, or that the doctor had to put up with it, they could strike a mutually beneficial bargain about who moves that reaches the same outcome of resource distribution. So the law ought to pre-empt what would happen, and be guided by the most efficient solution. The idea is that law and regulation are not as important or effective at helping people as lawyers and government planners believe. Coase and others like him wanted a change of approach, to put the burden of proof for positive effects on a government that was intervening in the market, by analysing the costs of action.

From 529 to 534 AD the Byzantine Emperor Justinian I codified and consolidated Roman law up until that point, so that what remained was one-twentieth of the mass of legal texts from before. As one legal historian wrote, “Justinian consciously looked back to the golden age of Roman law and aimed to restore it to the peak it had reached three centuries before.” The Justinian Code remained in force in the East until the fall of the Byzantine Empire. Western Europe, meanwhile, relied on a mix of the Theodosian Code and Germanic customary law until the Justinian Code was rediscovered in the 11th century, and scholars at the University of Bologna used it to interpret their own laws.

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Consultation responses We develop policy in response to proposals for changes in the law, which come from a variety of sources, including government departments and non-governmental organisations. The stories revealed laws of mental functioning that, he assumed, would ultimately be traced to neural mechanisms. I call the relevant facts “law-determining practices” rather than “legal decisions” because the term “decisions” tends to suggest judicial decisions in particular. The laws of good business say you shake hands and make eye contact when you leave. Managers know how to promote a respectful working environment while maintaining the laws of the office. Under the law, private equity is taxed in exactly the same manner as every other investment.

Translations of law

However, a few bodies, such as the WTO, have effective systems of binding arbitration and dispute resolution backed up by trade sanctions. In order to maintain professionalism, the practice of law is typically overseen by either a government or independent regulating body such as a bar association, bar council or law society. There are few titles of respect to signify famous lawyers, such as Esquire, to indicate barristers of greater dignity, and Doctor of law, to indicate a person who obtained a PhD in Law.

Formal legal rationality was his term for the key characteristic of the kind of coherent and calculable law that was a precondition for modern political developments and the modern bureaucratic state. Weber saw this law as having developed in parallel with the growth of capitalism. Another leading sociologist, Émile Durkheim, wrote in his classic work The Division of Labour in Society that as society becomes more complex, the body of civil law concerned primarily with restitution and compensation grows at the expense of criminal laws and penal sanctions. Other notable early legal sociologists included Hugo Sinzheimer, Theodor Geiger, Georges Gurvitch and Leon Petrażycki in Europe, and William Graham Sumner in the U.S. The most prominent economic analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first major article, The Nature of the Firm , argued that the reason for the existence of firms (companies, partnerships, etc.) is the existence of transaction costs. Rational individuals trade through bilateral contracts on open markets until the costs of transactions mean that using corporations to produce things is more cost-effective.

This “great charter” or Magna Carta of 1215 also required that the King’s entourage of judges hold their courts and judgments at “a certain place” rather than dispensing autocratic justice in unpredictable places about the country. A concentrated and elite group of judges acquired a dominant role in Law-making under this system, and compared to its European counterparts the English judiciary became highly centralised. In 1297, for instance, while the highest court in France had fifty-one judges, the English Court of Common Pleas had five. This powerful and tight-knit judiciary gave rise to a systematised process of developing common law.