The most prominent economic analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first major article, The Nature of the Firm , argued that the reason for the existence of firms (companies, partnerships, etc.) is the existence of transaction costs. Rational individuals trade through bilateral contracts on open markets until the costs of transactions mean that using corporations to produce things is more cost-effective. His second major article, The Problem of Social Cost , argued that if we lived in a world without transaction costs, people would bargain with one another to create the same allocation of resources, regardless of the way a court might rule in property disputes. Coase used the example of a nuisance case named Sturges v Bridgman, where a noisy sweetmaker and a quiet doctor were neighbours and went to court to see who should have to move.

• He said that, for example, “early customary law” and “municipal law” were contexts where the word “law” had two different and irreconcilable meanings.
• Until the 18th century, Sharia law was practiced throughout the Muslim world in a non-codified form, with the Ottoman Empire’s Mecelle code in the 19th century being a first attempt at codifying elements of Sharia law.
• Family law covers marriage and divorce proceedings, the rights of children and rights to property and money in the event of separation.
• In civil law systems such as those of Italy, France, Germany, Spain and Greece, there is a distinct category of notary, a legally trained public official, compensated by the parties to a transaction.

In the ‘lower house’ politicians are elected to represent smaller constituencies. The ‘upper house’ is usually elected to represent states in a federal Law News system or different voting configuration in a unitary system . In the UK the upper house is appointed by the government as a house of review.

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Competition law, known in the United States as antitrust law, is an evolving field that traces as far back as Roman decrees against price fixing and the English restraint of trade doctrine. Modern competition law derives from the U.S. anti-cartel and anti-monopoly statutes of the turn of the 20th century. It is used to control businesses who attempt to use their economic influence to distort market prices at the expense of consumer welfare. Admiralty law and the sea law lay a basic framework for free trade and commerce across the world’s oceans and seas, where outside of a country’s zone of control. Shipping companies operate through ordinary principles of commercial law, generalised for a global market.

Find by Citation: If you know your case’s citation, just type one of the citations in the search box. (Ex. 113 SCT

Admiralty law also encompasses specialised issues such as salvage, maritime liens, and injuries to passengers. Family law covers marriage and divorce proceedings, the rights of children and rights to property and money in the event of separation. Evidence law involves which materials are admissible in courts for a case to be built. In exceptional circumstances defences can apply to specific acts, such as killing in self defence, or pleading insanity.

UW School of Law

Law and order is the condition of a society in which laws are obeyed, and social life and business go on in an organized way. As a law student, you will be expected to read many articles, journals, magazines, or textbooks. Civil law jurisdictions recognise custom as “the other source of law”; hence, scholars tend to divide the civil law into the broad categories of “written law” or legislation, and “unwritten law” (ius non-scriptum) or custom.

By contrast, the classic civil law approach to property, propounded by Friedrich Carl von Savigny, is that it is a right good against the world. Obligations, like contracts and torts, are conceptualised as rights good between individuals. The idea of property raises many further philosophical and political issues.

As nationalism grew in the 18th and 19th centuries, the Law Merchant was incorporated into countries’ local law under new civil codes. In contrast to English common law, which consists of enormous tomes of case law, codes in small books are easy to export and easy for judges to apply. EU law is codified in treaties, but develops through de facto precedent laid down by the European Court of Justice. Civil law is the legal system used in most countries around the world today. In civil law the sources recognised as authoritative are, primarily, legislation—especially codifications in constitutions or statutes passed by government—and custom. Codifications date back millennia, with one early example being the Babylonian Codex Hammurabi.