BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Common Law
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Laws
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Positive Law
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Jurisdiction
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Detailed explanation-1: -Common law, also known as jurisprudence, is a body of unwritten laws based on judicial precedents. The concept is based on institutionalized judgments and interpretations from the courts and the jury. Common laws also illustrate the motivation for the implementation of new legislation.
Detailed explanation-2: -Common law is the body of customary laws based on the judicial decisions and is embodied in the already decided cases which are administered in the common law courts of England since the middle ages. Common law emphasizes the centrality of the judges in the development of law.
Detailed explanation-3: -The common law system – a system of law based on recorded judicial precedents-came to India with the British East India Company. The company was granted charter by King George I in 1726 to establish “Mayor’s Courts” in Madras, Bombay and Calcutta (now Chennai, Mumbai and Kolkata respectively).
Detailed explanation-4: -The legislation, precedents, customs and morality are all sources of law. Custom can be classified into two types: 1. Custom without sanction, and 2. Custom having sanction.