Overview of Legal Theory and the Foundations of Law
This chapter provides an understanding of how law and the legal system establishes the foundation for a functioning economy. It explores how law originates and focuses on key principles that underlie the legal system. Notably, this chapter discuss the concepts of property, ownership, and enforcement of one’s ownership rights. This brings into consideration the role the law plays in the economic prosperity of a nation. We introduce the two types of legal systems that exist in the United States — the common law and civil law systems — and explain how the common law system is organized. This includes explaining the difference between public and private law. Lastly, we explore the sources of law and the role that the judiciary plays in the US legal system.
VOCABULARY & CONCEPTS