(Business Law) : Question # 1 What Is Law? and Explain The Sources of Law?
(Business Law) : Question # 1 What Is Law? and Explain The Sources of Law?
Law:
The binding rules of conduct meant to enforce justice and prescribe duty or obligation, and derived largely from custom or formal enactment by a ruler or legislature. These laws carry with them the power and authority of the enactor, and associated penalties for failure or refusal to obey. Law derives its legitimacy ultimately from universally accepted principles such as the essential justness of the rules, or the sovereign power of a parliament to enact them.
Sources of Law:
By sources of law we mean its beginning as law and the point from which it springs or emanates. As regards law there are six important sources.
(A) Customs Customs are oldest source of law. It is the outcome of habits. When a particular habit is followed for a long time by the people regularly and habitually, the custom comes into being. When written laws were more conspicuous by their absence in the primitive society, it was customary laws that regulated human conduct in the primitive society. Customs largely influence the legal system of a state and the state gets rid of the bad customs like Sati, Polygamy, and Dowry etc. only by means of legal impositions. (B) Religion The religion is another important source of law. It played an important role in the primitive period when men were very much religious minded and in the absence of written laws the primitive people obeyed religion thinking it of divine origin. Even today Mohammedan Laws are founded on the bases of the Holy Koran. The religious codes become a part of the law of the land in the state incorporates the religious codes in its legal system. (C) Judicial Decisions Since the dawn of the human civilization the dispute between two parties is referred to a third party who acts as the arbiter. His decision is generally obeyed by both the parties. For this purpose, the judicial organ of the state is given power to decide cases between the parties. This is known as Judge-made laws or case laws. (D) Scientific commentaries Chief Justice Hughes of the U.S.A. opines that " We are living under a constitution and the constitution is what the judges say it is". The law needs interpretation and the scientific commentaries and interpretations by eminent jurists have contributed a lot for the evolution of a legal system. (E) Equity
Wajid Ali
Business Law
The term 'equity' literally means 'just', 'fairness' and according to 'good conscience'. When the existing law is inadequate or silent with regard to a particular case, the judges generally apply their common sense, justice and fairness in dealing with such cases. Thus, without 'equity' the term law will be devoid of its essential quality. (F) Legislation This is the most important and modern source of law. The legislature is that organ of the state whose primary function is to make laws. To Leacock the legislatures deliberate, discuss and make laws. Thus, law can be defined as the opinion of the majority legislators. They are recorded in the Statute Book. When the legislature is not in session, the executive is empowered to issue ordinances, decrees etc. which as good as the laws are made by the legislatures.
Functions of Constitution: The basic functions of a constitution are as follows: 1-First, it generates a degree of trust and coordination that is necessary for different kind of people to live together; 2-Second, it specifies how the government will be constituted, who will have the powers to take which decisions; 3-Third, it lays down limits on the powers of he government and tells us what the rights of citizens are; and 4-Fourth, it expresses the aspirations of the people about creating a good society.
Importance of Justice:
Wajid Ali MBA 2nd Semester Business Law
The importance of justice. It is a very good question. I believe the reason that justice is so important is because justice stands for truth. Do not get confused about the major difference between the laws we set up to govern ourselves and justice. There is no perfect justice system on earth and there never will be as long as there are imperfect people. Our own biased attitudes affect the way we view the rightness in a decision. Justice is the right decision. The truth. Not the way we view or distort the answer so that it best fits out prejudices. Justice is something that can never truly be found on this planet but with the idea of perfect justice, we can use this as a foundation for the kinds of laws we create in order to keep a fair and equal society.
Wajid Ali
Business Law
imposed on all Supreme Court, high court, and Shari'ah court judges, and all laws promulgated by the martial law regime were exempted from judicial review. The Supreme Court chief justice and several other judges were replaced after refusing to take the oath. Although the military courts were abolished in December 1985, their decisions still cannot be appealed to civilian courts 6. Similarly, in January 2000, Musharraf required all judges to take an oath of loyalty to his regime. The Supreme Court chief justice, Saiduzzaman Siddiqui, and five colleagues refused and were dismissed. This was just a week before the court was due to hear the first of several cases challenging the legality of the new government. Legal experts argue this action did irreparable harm to Pakistan's judiciary; with all sitting judges having accepted the military regime, there is no independent judiciary to protect the constitution.
Wajid Ali
Business Law