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Corporate Law Full Course Summary

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This summary spans chapters 1 to 14 of International Law and Business. interconnected concepts are highlighted and useful graphics included. Emphasis on workings of EU and international entities such as WTO and IMF. This summary is suitable for students in introductory law courses.

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  • No
  • Chapter 1 to 14
  • May 17, 2021
  • 23
  • 2020/2021
  • Summary

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Corporate Law Chapter 1 + 2


What is law?
→ The law is a set of legal rules that governs the way members of a society act towards one another


(Trias Politica) from Montesquieu

→ Separation of Power into 1) Legislative 2) Executive 3) Judicial

(Judges can only judge the application of the legislature to particular cases, not the legislation itself)

▪ Substantive law
→ is composed of legal rules that define the content of just behavior


▪ Formal law
→ is composed of legal rules that maintain substantive law


▪ Public law
= regulates relationships between state and its citizens (enforcement of the law)


▪ Private law
= regulates relationships in between citizens


Justice = moral (and codified) conviction of given society

Opportuness = expression of effectiveness (modification)

Legal certainty = legality → predict legal consequences of behavior


Origin of law

Positivist Law
= law comes from codification; high legal certainty, focus on formalization

Pro: protection of people from extreme understandings of natural law
Con: written law is always behind on reality (time lagging)


Naturalist Law
= law emerges from nature; high legal uncertainty, focus on content

Pro: natural law defines human rights (~ common sense)
Con: vulnerable to perspective

Codified rules = written law
→ there needs to be room for interpretation


Treaties (= international codified standards)

2 steps: signature and ratification

Bilateral – Multilateral

,Examples: European Union, WTO, International Convention on Civil and Political Rights


Monistic system (Austria, France, Germany, Netherlands etc.)
Monists accept that the internal and international legal systems form a unity


Dualistic system (United Kingdom, Australia etc.)
Dualists emphasize the difference between national and international law, and require the translation of the
latter into the former (even after a treaty is signed and ratified by the legislation). Without this translation,
international law does not exist as law


Most states are partly monistic and partly dualistic


Application of Law

Stare decisis
→ legal principle in which courts have to follow the legal reasoning as applied in previous cases


Its administration → branches with boundaries of their competences

Tax law, local law, education law, etc.


Secular states → explicitly excluded religious sources in constitution

Non-secular / mixed = might rely on religious writings

Custom = an established and accepted legal practice



Chapter 2: Comparative Law




Normative values within every national law

,DESTEP Analysis

to evaluate what country has best legal climate to offer
products or services




▪ Macro comparison of law systems → legal
families

Common Law vs. Civil Law
Shari’a Law


▪ Micro comparison of law
→ functional method about the Activity in which the legal solutions to social problems are compared




Common Law
Case law results in codification of rulings
Developed in British Empire by Judges
Law is an applied tool rather than an academic subject
extensive freedom of contracts


Judges are interpreters and also law-makers (judges can base decisions on both, previous court
rulings as well as legislation)

, Common law → ‘’everything is permitted that is not explicitly prohibited by law’’

Stare decisis = principle that courts have to follow the legal reasoning as previous cases
Especially lower court cannot contradict higher court in reasoning

Tort = a civil wrong that causes someone to suffer loss or harm



Civil Law
Codified standards → adjustments require democratic legislation
Enlightenment
French civil code 1789
Academically motivated
Former rulings can be used to solve a case only when written law doesn’t offer a solution

Socialist law
Driven by administration – no private law
Law in place to realize political agenda

‘’wellbeing of the collective prevails over the wellbeing of the individual’’

Religious law
Religion & state are not separated, and religious writings are superior to any (contradictory) law




Chapter 7: European Union


→ started out in 1952 as cooperation for coal and steel (to maintain peace with regard to weapon
manufacturing)

‘’peace through trade’’


Supranational Law

→ European law is superior to domestic law (= national courts must disregard national law if it
contradicts European law)

→ European law is directly applicable in member states
(every European citizen can invoke the European law effectively)

TFEU → signed Treaty for Functioning of European Union


Free Trade in European Union

4 freedoms
Harmonization of law
Competition rules

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