PROFESSIONAL ELECTIVE 3 Sources:
COMMERCIAL LAWS • formally promulgated by God and
• revealed or divulged to mankind by means of direct
Fundamental Principles in Commercial Laws: revelation
1. Time is of the essence in commercial transaction. (a) Under the Old Testament, divine law is
2. Commercial transactions generally arise from the embodied in the Ten Commandments.
element of repetition habitualness. (b) According to belief like the Mohammedans,
whose divine law is embodied in the Muslim
"The end of law is not to abolish or restrain, but to Quoran.
preserve and enlarge freedom. For in all the states of
created beings capable of law, where there is no law, SOURCES OF LAW
there is no freedom." • Constitution - basic, fundamental, supreme law
- John Locke • Legislation - enacted or statute laws
• Administrative or Executive Orders, Regulations
"The law is essential foundation of stability and order and Rulings
both within societies and in international and • Judicial Decisions or Jurisprudence
relations." - precedent
- James William Fulbright - doctrine of stare decisis
• Custom
"law; an ordinance of reason for the common good,
made by him who has care of the community." INTERPRETATION OF LAW
- Thomas Aquinas • If the law is clear - DURA LEX SED LEX
• Interpret only when there is doubt - STATUTORY
LAW CONSTRUCTION
• the system of rules which a particular country or • It is presumed that the lawmaking body intended
community recognizes as regulating the actions of its right and justice to prevail.
members and which it may enforce by the imposition
of penalties. BASIS OF LAWS
• A rule, usually made by a government, that states • time-honored principle of SALUS POPULI EST
how people may and may not behave in a society, SUPREMA LEX
and often orders particular punishments if they do not • SOCIAL JUSTICE
obey.
• For good behaviour which is considered right and CLASSIFICATIONS OF LAW
important by the majority of people for moral,
religious, or emotional reasons. As to its purpose
• Specifies what you can and can't do. • SUBSTANTIVE - creates, defines, regulates rights
and duties - OBLICON
General Divisions • PROCEDURAL/ADJECTIVE - Prescribes the
Strict legal sense - promulgated and enforced by the manner or procedure to enforce rights and duties -
state - state law RULES OF COURT
Non-strict sense - Not promulgated and enforced by
the state. As to its subject matter
• Divine • PUBLIC - regulates rights and duties from the
• Natural relationship of the state to the people - REVISED
• Moral PENAL CODE
• Physical - also includes laws such international, constitutional,
administrative
DIVINE LAW • PRIVATE - regulates the relations of individuals with
• law of religion and faith which concerns itself with one another for purely private purpose - OBLICON
the concept of sin (as contrasted with crime) and
salvation. KNOWLEDGE OF THE LAW
• there is a presumption of knowledge because of
ARTICLE 3 of the Civil Code
COMMERCIAL LAWS • formally promulgated by God and
• revealed or divulged to mankind by means of direct
Fundamental Principles in Commercial Laws: revelation
1. Time is of the essence in commercial transaction. (a) Under the Old Testament, divine law is
2. Commercial transactions generally arise from the embodied in the Ten Commandments.
element of repetition habitualness. (b) According to belief like the Mohammedans,
whose divine law is embodied in the Muslim
"The end of law is not to abolish or restrain, but to Quoran.
preserve and enlarge freedom. For in all the states of
created beings capable of law, where there is no law, SOURCES OF LAW
there is no freedom." • Constitution - basic, fundamental, supreme law
- John Locke • Legislation - enacted or statute laws
• Administrative or Executive Orders, Regulations
"The law is essential foundation of stability and order and Rulings
both within societies and in international and • Judicial Decisions or Jurisprudence
relations." - precedent
- James William Fulbright - doctrine of stare decisis
• Custom
"law; an ordinance of reason for the common good,
made by him who has care of the community." INTERPRETATION OF LAW
- Thomas Aquinas • If the law is clear - DURA LEX SED LEX
• Interpret only when there is doubt - STATUTORY
LAW CONSTRUCTION
• the system of rules which a particular country or • It is presumed that the lawmaking body intended
community recognizes as regulating the actions of its right and justice to prevail.
members and which it may enforce by the imposition
of penalties. BASIS OF LAWS
• A rule, usually made by a government, that states • time-honored principle of SALUS POPULI EST
how people may and may not behave in a society, SUPREMA LEX
and often orders particular punishments if they do not • SOCIAL JUSTICE
obey.
• For good behaviour which is considered right and CLASSIFICATIONS OF LAW
important by the majority of people for moral,
religious, or emotional reasons. As to its purpose
• Specifies what you can and can't do. • SUBSTANTIVE - creates, defines, regulates rights
and duties - OBLICON
General Divisions • PROCEDURAL/ADJECTIVE - Prescribes the
Strict legal sense - promulgated and enforced by the manner or procedure to enforce rights and duties -
state - state law RULES OF COURT
Non-strict sense - Not promulgated and enforced by
the state. As to its subject matter
• Divine • PUBLIC - regulates rights and duties from the
• Natural relationship of the state to the people - REVISED
• Moral PENAL CODE
• Physical - also includes laws such international, constitutional,
administrative
DIVINE LAW • PRIVATE - regulates the relations of individuals with
• law of religion and faith which concerns itself with one another for purely private purpose - OBLICON
the concept of sin (as contrasted with crime) and
salvation. KNOWLEDGE OF THE LAW
• there is a presumption of knowledge because of
ARTICLE 3 of the Civil Code
