extracted materials on aau, college of business and economics business law

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extracted materials on aau, college of business and economics business law [ addis ababa university college of business and economics chapter one general introduction 1.1. general remark the history of law reflects the history of mankind because any society has a need for rules to govern relations between people. in modern times this need has become greater and the application of legal rules has become more extensive. consider an ordinary day in life. you may probably purchase and owns your macaroni for breakfast. the name and packaging of that macaroni belong to someone, and no one else is entitled to use them. you may pay for transportation when you go from home to work. you may enter in to the office of factory at your place of work as an employee, the enterprise for which you are working may be the company which has issued shares, the holding of which …

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it provides to the business sector as well as to the community at large. 1.2. definitions of law what is law? can you guess what essential points should be taken into account to define law? there are many schools of jurisprudence which concentrate on the nature and function of law. for our practical purpose we shall confine ourselves to the treatment of the most important schools. hence, in this material the following schools shall be discussed briefly. i. natural law school : - natural law theory is the earliest of all theories. it was developed in greece by philosophers like heraclitus, socrates, plato, and aristotle. it was then followed by other philosophers like gairus, cicero, aquinas, gratius, hobbes, lock, rousseau, kant and hume. in their studies of the relation between nature and society, these philosophers have arrived at the conclusion that there are two types of law that govern social …

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through existing societal geographical as well as other differences. the question remains therefore, where we get these ingredients called morality. the natural law however suggest that we can get morality from the religious books (holly books), person’s rations or rational thinking, societal ethos and good behaviors etc. in sum, the natural law theoreticians came up with an idea to understand the term law from the perspective of its content. the natural law theorists brought tremendous contribution to the present day of legal concept. one of the pioneer concept is ‘human right’. they also laid down immeasurable contribution on moral compensation and intellectual property rights as well as other areas of law. despite its contribution, however, no scholar could provide the precise contents of the natural law. as a result, it was subjected to criticisms of scholars like john austin who rejected this theory and later developed the imperative called positive …

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erefore, ‘law is the command of the sovereign backed by sanction’ these laws, therefore, vary from place to place and from time to time. the followers of this theory include austin, bentham and h.l.a hart. for these philosophers and their followers law is a command of the sovereign to his/her subjects and there are three elements in it: command; sovereign; and sanction. command is the rule given by the sovereign to the subjects or people under the rule of the sovereign. sovereign refers to a person or a group of persons demanding obedience in the state. sanction is the evil that follows violations of the rule. for positivist law will be regarded as law only when the law is made by correct authority and that correct authority must follow the existing law making procedures. as long as the above cumulative elements are present law could be regarded as a law. …

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he same function as does mature law [paton; 1967: 72-3]. further the term sovereignty is different from jurisdiction to jurisdiction. for some it it’s the constitution document is a sovereign by itself and for the other it is vested on the parliament or the highest law making organ of the state. it could either be understand in some country from the leader who assume power on the given state. in addition to that the positive law theorists encountered a contention with respect to law making procedures. specially the question who should label down those procedures and how. particularly how does this sovereign qualify or decide which law to pass. based on what? then, morality is not guiding the law making of laws. then what is? how the sovereign could decide the good law from bad laws. hence, positive law theory is not helpful to distinguish good laws from bad laws …

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extracted materials on aau, college of business and economics business law [ addis ababa university college of business and economics chapter one general introduction 1.1. general remark the history of law reflects the history of mankind because any society has a need for rules to govern relations between people. in modern times this need has become greater and the application of legal rules has become more extensive. consider an ordinary day in life. you may probably purchase and owns your macaroni for breakfast. the name and packaging of that macaroni belong to someone, and no one else is entitled to use them. you may pay for transportation when you go from home to work. you may enter in to the …

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