INTRODUCTION TO BUSINESS LAW
3G School of Entrepreneurship
Business law covers various areas such as contracts, sales, commercial paper, agency, and employment
law which aim to protect fair business practices and process rights for aggrieved workers. Business
transactions like contracts, mergers and acquisitions, and leasing are overseen by business law, which
includes laws related to the sale of goods, partnership organization, and economic laws concerning
trade, industry, and commerce. Laws are categorized into constitutions, statutes, common law,
administrative regulations and decisions, treaties, and executive orders.
Estonia follows the principle of bandits, which divides all provisions of the civil law into five. There are
different ways of categorizing law that often confuses non-lawyers and new students of law. Common
law and civil law are distinctions made to identify two separate legal systems and approaches to law.
The term “common law” refers to all legal systems that have adopted the historic English legal system.
The common law system emerged from a struggle for political power before the Norman conquest of
England in 866. Prior to this, there was no national legal system. The common law system represented
the imposition of a unitary system under the control of a centralized power, the sovereign king.
Plaintiffs who could not gain access to the three common law courts could appeal to the sovereign, who
would pass their pleas to the lord chancellor for consideration and decision. Today, courts still play an
important role in creating and operating laws generally, as well as determining the operation of
legislation.
Equity is a legal concept that is based on fairness and the principles of justice. It was developed by
judges whose decisions became binding for all courts below the level of the court that issued the
judgment. This type of law is commonly known as “judge made law” or “case law.”
Customs and usages of a particular trade also guide the courts in deciding disputes arising from
mercantile transactions.
Estonia’s legal system follows the principle of pandits, with civil law provisions divided into five parts:
family law, property law, property, and property law.
In addition, administrative law regulates the activities of public authorities, including their formation,
relationships with citizens, and liability for violating administrative law.
3G School of Entrepreneurship
Business law covers various areas such as contracts, sales, commercial paper, agency, and employment
law which aim to protect fair business practices and process rights for aggrieved workers. Business
transactions like contracts, mergers and acquisitions, and leasing are overseen by business law, which
includes laws related to the sale of goods, partnership organization, and economic laws concerning
trade, industry, and commerce. Laws are categorized into constitutions, statutes, common law,
administrative regulations and decisions, treaties, and executive orders.
Estonia follows the principle of bandits, which divides all provisions of the civil law into five. There are
different ways of categorizing law that often confuses non-lawyers and new students of law. Common
law and civil law are distinctions made to identify two separate legal systems and approaches to law.
The term “common law” refers to all legal systems that have adopted the historic English legal system.
The common law system emerged from a struggle for political power before the Norman conquest of
England in 866. Prior to this, there was no national legal system. The common law system represented
the imposition of a unitary system under the control of a centralized power, the sovereign king.
Plaintiffs who could not gain access to the three common law courts could appeal to the sovereign, who
would pass their pleas to the lord chancellor for consideration and decision. Today, courts still play an
important role in creating and operating laws generally, as well as determining the operation of
legislation.
Equity is a legal concept that is based on fairness and the principles of justice. It was developed by
judges whose decisions became binding for all courts below the level of the court that issued the
judgment. This type of law is commonly known as “judge made law” or “case law.”
Customs and usages of a particular trade also guide the courts in deciding disputes arising from
mercantile transactions.
Estonia’s legal system follows the principle of pandits, with civil law provisions divided into five parts:
family law, property law, property, and property law.
In addition, administrative law regulates the activities of public authorities, including their formation,
relationships with citizens, and liability for violating administrative law.
