University of Finance and Economics

BUSINESS LAW

By Naranbulag. Kh

2023

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 KEY LEGAL JARGON
Lost in legal jargon/translation? Here is today’s key legal jargon
• Separation of power – Эрх мэдлийн
хуваарьлалт
• Legal family – Эрх зүйн бүл
• Check and balance – Хяналт ба тэнцвэр
• Legal person – Хуулийн этгээд
• Natural person – Хувь хүн
• Common law family – Англо-Саксон ЭЗ бүл
• Civil law family – Эх газрын ЭЗ бүл
• Religious law family – Шашны ЭЗ бүл
• Customary law family – Заншлын ЭЗ бүл
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 WHAT IS LAW?
• Set of rules created and enforceable by government to regulate society
• Reflection of “justice”
• Will of people, social contract

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 LEGAL FAMILIES
Common law Religious law Customary law Mixed law
Civil law system
system system system system
• Case law by • Codified • Religious • Customs • Mixed of
judiciary statutes by writing/teachin • Bhutan common law
• Former British legislative g: Quran and civil law
colonies: UK, • Mainland • Middle east • Scandinavian
USA, Canada, Europe: nations: Saudi nations:
Australia etc France, Arabia etc Netherland
Germany, Italy, • Japan &
Mongolia, Philippine
PRC, Russia • Louisiana state,
etc USA
• Quebec,
Canada

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LEGAL FAMILIES

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 DOCTRINE OF SEPARATION OF POWER
• Doctrine where three branches of
government (executive, legislative
and judiciary) are kept separate and
independent yet accountable to one
another
• Purpose: to guard citizens against
tyranny and safeguard their liberties
• Three branches:
✓ Legislative - Make law
✓ Executive - Enforce law
✓ Judiciary – Adjudicate law

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DOCTRINE OF SEPARATION OF POWER

Principle of Check and balance

Each branch of government checks/oversees
one another while being accountable to one
another:
✓Legislative has powers to establish court
and make laws
✓Executive has powers to enforce laws,
veto laws and nominate/appoint judges
✓Judiciary has power to review action of
government and apply laws

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 THE WORLD’S OLDEST CODIFIED
CONSTITUTION
▪ The Constitution of USA is the
oldest codified constitution in
the world as it was first written
in 1787.
▪ “We The People” – affirmation
the government exists to serve
its citizens
▪ Main content:
✓ Doctrine of separation of power
✓ Federalism and
✓ Liberties of citizens
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 THE WORLD’S OLDEST CODIFIED
CONSTITUTION
▪ The Constitution of the USA was written in 1787, ratified in
1788 and got in operation in 1789 as a successor of Articles of
Confederation.
▪ It evolved to successfully meet the changing needs of modern
society after over 230 years with its 7 articles and 27
amendments with most recent one in 1992.
▪ First 10 amendments (1791) are Bill of Rights and it included
fundamental rights such as freedom of speech, due process and
right to bear arms (second amend).

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LEGAL ENVIRONMENT FOR BUSINESS

Corporate
Contract law
law Tax law

Competitio Bankruptc
n law Business y law

Dispute
&
Court/Ar Employme
bitration nt law
Compliance
&
Regulations 10
LEGAL ENVIRONMENT FOR BUSINESS

International Domestic
By laws Contracts
treaties laws
• Multilateral • Civil code • Company • Multilateral
and bilateral • Employment charter and bilateral
contracts the
treaties such law • Other business enter
as • Competition internal into during its
Investment law rules operation
treaties,
• Insolvency
Double
law
taxation
agreements
etc

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 STRUCTURE OF BUSINESS LAW
• Subjects: Legal person and natural person
• Object: Tangible properties such as and intangible properties such as
rights, interests, fame etc

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