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13 Principles of Business Law Txt

13 Principles of Business Law Txt

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Published by: yssuf on May 18, 2011
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01/04/2015

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From what we have already said, we can see that English law is composed of three strands.
The bulk of English law is common law, which is based on customs and case law. This is
modified and supplemented by equity, which is based on the principle of moral and abstract
justice, rather than upon customary law, and is again chiefly represented by case law.
Finally, statute law, enacted by the sovereign authority of the state, is increasingly important
in the modern state and is superior in status to both the common law and equity. The
diagram below illustrates the pattern.

10 Nature and Sources of Law

© ABE and RRC

The Law

Statute Law

Common Law

Equity

The supreme law

Custom
Case law

An addition to and
modification of the
common law

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