May 7th, 2008
Laws cover almost all aspects of our life. Based on the scope of activities covered, laws can be classified as :
1. Contract law: Purchase and sale of products and services, irrespective of their value.
2. Property law: sale, purchase, renting of real estate - residential, commercial property and land. Since transactions are of high value, it is important to study all the laws properly, before finalising a deal.
3. Tort law : allows damages to be claimed in case of damage or injury to property or person.
4. Criminal law: if the harm or damage is covered by the penal code, the case will be tried under criminal law.
5. Trust law : assets held for investment or financial security like mutual funds or pension funds. This includes disclosure norms, extent to which the trust can invest in unsafe investments.
6. Constitutional law : election of people’s representatives locally and nationally, formulation of laws, human rights.
7. International law: independent nations agree to follow these law in various areas like trade and environment.
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May 5th, 2008
Laws are a set of rules governing the conduct of and for various types of transactions. They are implemented through institutions like the legislature, bureaucracy, courts and police. The kind of laws and their implementation can greatly affect the economy, politics and society in the country. A country may have the best laws on paper, but if the implementation is marred by corruption and nepotism, few will have faith in the judiciary
There are different types of laws regulating various activities and which may be region specific. The laws for noise levels or starting a business will be different in a village and in a large metropolitan city. The laws are formulated by the lawmakers and reflect the beliefs of civil society in the region. In many countries, with an official religion like the Middle Eastern Countries, the laws may be derived from religious texts.
In countries with a democratically elected government, the laws are formulated and approved by the legislature, and implemented by the bureaucracy. In dictatorships, the legislature rubber stamps the laws formulated by the ruler. In many countries which were under colonial rule, the laws formulated by the colonial rulers continue to be applicable.
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May 3rd, 2008
Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!
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