{"id":43758,"date":"2015-09-06T15:26:33","date_gmt":"2015-09-06T09:56:33","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=43758"},"modified":"2024-04-03T13:06:28","modified_gmt":"2024-04-03T07:36:28","slug":"legal-systems-7-systems-of-law-that-govern-the-world","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/legal-systems-7-systems-of-law-that-govern-the-world\/","title":{"rendered":"Legal Systems – 7 systems of law that govern the world"},"content":{"rendered":"

\"Types<\/a><\/p>\n

There are many different types of legal system relating to business that exist in India. Every entrepreneur and businessman running small or large business must know about these. They are:
\nIslamic Law
\nIt is derived from the interpretation of Kuran and the teachings of Prophet Mohammad. The people following this law submit to the will of God. Among unique aspects of Islamic law is the prohibition of paying or receiving interests.
\nSocialist Law
\nThis law evolves from Marxist socialist system and continues to influence regulations in former communist countries particularly those from Soviet Union.
\nCommon Law
\nThis law is based on tradition (refers to a country\u2019s legal history), precedent (refers to the cases that have come before the courts in the past), customs (refers to the ways in which laws are applied in specific situations). Common law originated from England and is followed in US, Canada, Australia. Ina common law country, contracts tend to be detailed with all contingencies spelled out.
\nCivil\/Code Law
\nIt is based on a systematic and extensive codification of laws. It is derived from the Roman law under code law. The legal system is generally divided into three separate codes i.e. commercial, civil and criminal.
\nIn a civil law country, contracts tend to be shorter and less specific because many of the issues of the contract are covered or included in the civil code. It is followed in Japan, Germany, France.
\nTheocratic Law
\nIt relies on religious and spiritual principles to define the legal environment. This system is based on religious doctrines, percepts and beliefs. E.g.: Islamic law is based on a variety of sources:
\n-The Kuran i.e. the sacred text of Islam
\n-Decisions and sayings of Prophet Mohammad
\n-The writings of Islamic scholars
\nCustomary Law
\nThis system is anchored in the wisdom of daily experience or for those who are more intellectually inclined towards certain traditions or philosophies.
\nMixed System
\nMixed legal system emerges when a nation\u2019s system engages two or more different type of legal systems.<\/p>\n

Click here for government certification in Accounting, Banking & Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There are many different types of legal system relating to business that exist in India. Every entrepreneur and businessman running small or large business must know about these. They are: Islamic Law It is derived from the interpretation of Kuran and the teachings of Prophet Mohammad. The people following this law submit to the will…<\/p>\n","protected":false},"author":1290,"featured_media":43783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[1102,6364],"class_list":["post-43758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-business","tag-legal-system"],"acf":[],"yoast_head":"\nLegal Systems - 7 systems of law that govern the world - Vskills Blog<\/title>\n<meta name=\"description\" content=\"Different types of legal system relating to business that exist in India.. 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