Out of all the laws of salesmanship, the first one to learn is to get a prospect’s name. Under the law, private equity is taxed in exactly the same manner as every other investment. Britannica is the ultimate student resource for key school subjects like history, government, literature, and more. Admiralty law and the sea law lay a basic framework for free trade and commerce across the world’s oceans and seas, where outside of a country’s zone of control.
In a parliamentary system, as with Britain, Italy, Germany, India, and Japan, the executive is known as the cabinet, and composed of members of the legislature. The executive is led by the head of government, whose office holds power under the confidence of the legislature. Because popular elections appoint political parties to govern, the leader of a party can change in between elections. In the ‘lower house’ politicians are elected to represent smaller constituencies. The ‘upper house’ is usually elected to represent states in a federal system or different voting configuration in a unitary system .
- Law implies imposition by a sovereign authority and the obligation of obedience on the part of all subject to that authority.
- The third type of legal system—accepted by some countries without separation of church and state—is religious law, based on scriptures.
- Civil law jurisdictions treat contracts differently in a number of respects, with a more interventionist role for the state in both the formation and enforcement of contracts.
When contracts are invalidated for some reason (e.g. a car buyer is so drunk that he lacks legal capacity to contract) the contractual obligation to pay can be invalidated separately from the proprietary title of the car. Unjust enrichment law, rather than contract law, is then used to restore title to the rightful owner. The main institutions of law in industrialised countries are independent courts, representative parliaments, an accountable executive, the military and police, bureaucratic organisation, the legal profession and civil society itself.
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The current legal infrastructure in the People’s Republic of China was heavily influenced by Soviet Socialist law, which essentially inflates administrative law at the expense of private law rights. Due to rapid industrialisation, today China is undergoing a process of reform, at least in terms of economic, if not social and political, rights. 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.
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The idea of estoppel or culpa in contrahendo, can be used to create obligations during pre-contractual negotiations. The Classical republican concept of “civil society” dates back to Hobbes and Locke. While military organisations have existed as long as government itself, the idea of a standing police force is a relatively modern concept. For example, Medieval England’s system of travelling criminal courts, or assizes, used show trials and public executions to instill communities with fear to maintain control. The first modern police were probably those in 17th-century Paris, in the court of Louis XIV, although the Paris Prefecture of Police claim they were the world’s first uniformed policemen.
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Weber began his career as a lawyer, and is regarded as one of the founders of sociology and sociology of law. Richard Posner, University of Chicago Law School professor and the most cited legal scholar, until 2014 ran a blog with Nobel Prize winning economist Gary Becker. Consumer law could include anything from regulations on unfair contractual terms and clauses to directives on airline baggage insurance. Competition law, known in the United States as antitrust law, is an evolving field that traces as far back as Roman decrees against price fixing and the English restraint of trade doctrine. Modern competition law derives from the U.S. anti-cartel and anti-monopoly statutes of the turn of the 20th century.