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Us Government Respond to Global Financial Crisis

In: Social Issues

Submitted By ismuzaido
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Introduction to Commercial Law

“The law isn’t perfect but it certainly beats

whatever is in second place.” ~ Kojak 1974

The common law system is based on the English model which has been inherited by various countries whose development has been influenced by British colonialism, in particular Commonwealth countries. Given that the law reflects the general character of the society in which it exists, it is not surprising that over a period of 200 years there is a lack of complete uniformity between the laws of those countries influenced by British settlement. Nevertheless, the British common law / equity systems have more in common than they have elements of difference, with models sharing common values, institutions and principles. There are, of course, other types of legal systems throughout the world, such as those who have adopted the civil law system, which has its heritage in Roman law, or those based in religion (syariah law) or politics (such as socialist law). However, this essay will focus on the British common law / equity system which have been adopted by various Commonwealth countries throughout the world, including Singapore.

The expression ‘common law’ is used to describe a legal system based on the English model. This expression is also used to describe case law – the law developed by the courts as distinct from the law enacted by parliament. The common law in this sense owes its existence to the creations of generations of judges who have developed the law through decisions in individual cases. The term ‘common law’ also has a more restricted meaning whereby it refers not to all case law but to case law developed in the courts of common law as opposed to case law developed in the courts of equity. After the Norman Conquest in 1066, the monarchs of England sent travelling judges around the country to administer royal

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