Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) 2022 Graded A+ 100% complete Commercial Law Revision Notes Law is: The set of rules, made by state, and enforceable by prosecution orlitigation. Business Law: The set of rules

Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) 2022 Graded A+ 100% complete Commercial Law Revision Notes Law is: The set of rules, made by state, and enforceable by prosecution orlitigation. Business Law: The set of rulesregulating businesses and business activities made by the state and enforceable by prosecution or litigation. Purpose of law: • Resolve disputes • Maintainssocial order • Preserves and enforces community values • Protectsthe disadvantaged • Stabilizesthe economy • Preventsthe misuse of power Law Public law • Constitutional law • Administrative law • Criminal Law • Taxation law Private law • Tort law • Contract law • Competition and Consumer law • Property law • Commercial law • Employment law • Company and Partnership law Types of Legalsystems Civil law: • Most Common • Comesin forms of codes,statutes and constitutions • Examplesinclude France, Germany, Russia, China, Japan, Thailand and Korea Common Law • Main sources of law are legislation and case law • The judiciary is much more powerful and influential in common law countries than in civil law countries • Examplesinclude United Kingdom, Australia, Canada, New Zealand Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) 2022 Australian Legal System 6 characteristics • Liberal democracy: Laws are made by,the executive government consists of, elected representatives who exercise their power subject to the rule of law and to the various federal and state constitutions • Common Law legalsystem: Our legalsystem is based on the British legalsystem, and can be contrasted with other forms of legalsystems such as civil law legalsystem. • Constitutional monarchy: The head ofstate is Elizabeth 2 Queen of Australia • Federation: In addition to the commonwealth government there are variousstate governments that are not subordinate to the federal government • Separation of power: Laws are made by a parliament administered by an Executive council or government in Council, and interpreted and applied to particular cases by a court system. • Responsible Government: The ministers comprising the executive are elected representatives who are also members of an are answerable to the legislature. History: • The British settled Australia rather than conquered it because they did not recognize the indigenous laws in place • !901 Commonwealth of Australia came into existence each state giving certain powersto the federal government and at the same time retained their individual identities and legislative authority • Today Federal, State and territory government are free from interference from British parliament • The finalstep isto become a republic Exclusive Powers: (Powers only exercised by Federal parliament/government) Federal parliament only, examplesinclude customs, defense, currency and territories. Concurrent Powers: (Most of the powers granted to Federal under the constitution) Federal and state parliaments, examplesinclu