Q&A - Business Law I

What is Law?

• A set of rules created by individuals to regulate behaviour.
  

• A system of rules imposed by governments and recognised by a community as binding.
  

• Guidelines that people can choose to follow or ignore.
  

• A random set of customs and traditions passed down through generations.

What is the main function of Law?

• To allow people to do whatever they want without consequence.
  

• To provide guidelines that only apply in specific situations.

• To promote conflict between individuals and groups.
  

• To settle disputes and maintain order in society.
  

What is Common Law?

• codified legal statutes enacted by legislative bodies, which judges must strictly follow in their rulings.

• legal rules and principles developed by judges through court decisions and precedents, rather than written laws passed by a legislative body.

• a set of laws that are identical across all countries, focusing on international treaties.

• a body of law derived from constitutional amendments that govern the rights of individuals in democratic societies.

What is Equity?

• a set of financial regulations that govern the distribution of profits among shareholders in a corporation.

• the principle that all laws must be equally applied across all jurisdictions without exception, ensuring uniformity in legal rulings.

• a system of law that complements common law by focusing on fairness and justice, offering remedies like injunctions or specific performance when legal remedies (like damages) are inadequate.

• refers to the distribution of power and resources in a democracy, ensuring that all citizens have equal representation in the legal system.

What is Judicial Precedent?

• refers to the process where judges create new laws during court cases that automatically apply to all future cases, regardless of the facts.

• the principle that courts must follow the legal decisions made in previous cases with similar facts or legal issues, ensuring consistency and predictability in the law.

• it means that judges must base their rulings solely on the written laws passed by the legislature, without considering past court decisions.

• refers to a judge's ability to change the outcome of a case based on public opinion or societal trends at the time of the trial.

What is Ratio Decidendi?

• The judge's personal opinion in a case.
  

• A non-binding statement made by a judge.

• The legal reasoning or principle upon which a court's decision is based.

• The final verdict given by the juries.

What is Obiter Dictum?

• the final judgment or decision made by a judge, which is binding on future cases with similar facts.

• the part of a judge's ruling that is not essential to the decision and is considered a remark or observation, without binding legal authority in future cases.

• the official written law passed by a legislative body, which judges must strictly follow in their rulings.

• the legal principle that all judges must reach a unanimous decision in every case they hear to ensure consistency in the legal system.

Is Ratio Decidendi binding?

• Yes

• No

Is Obiter Dictum binding?

• Yes

• No