Flashcards: Foundations of Business and European Law — 20 cards

Law — definition?

A system of rules recognized and enforced by penalties.

Functions of law — role?

Regulates social interactions, protects rights, maintains order.

Rule of law — principle?

All are subject to and accountable under law.

Legal syllogism — mechanism?

Applying general rules to specific facts.

Importance of law study — reason?

Helps business professionals communicate and make informed decisions.

Legal systems — comparison?

Civil Law relies on statutes; Common Law on case law.

Sources of law — types?

Treaties, directives, regulations, case law, customs.

Hierarchy of laws — purpose?

Ensures consistency by ranking legal norms.

European treaties — main ones?

TEU and TFEU establish EU law principles.

EU secondary legislation — examples?

Directives, regulations, decisions.

EU free movement — principle?

Allows goods, persons, services, capital to circulate freely.

Contract formation — essential elements?

Offer, acceptance, consideration, capacity, lawful purpose.

Contract validity — requirements?

Legal content, proper formation, lawful purpose.

Contract liability — types?

Civil, criminal, tortious, contractual.

Contractual liability — notion?

Parties are bound to fulfill obligations.

Sanctions for breach — remedies?

Damages, specific performance, rescission.

Contract negotiation — process?

Discussions aiming for agreement, involving proposals and concessions.

Duties during negotiation?

Good faith, honesty, transparency.

Company formation — process?

Legal incorporation via registration and compliance.

Company management — roles?

Decision-making, oversight, strategic implementation.