Law Of Obligation

	Law Of Obligation The law of obligations is one branch of private law under the civil law legal system and so-called "mixed" legal systems. It is the body of rules that organizes and regulates the rights and duties arising between individuals. The specific rights and duties are referred to as ''obligations'', and this area of law deals with their creation, effects and extinction. An obligation is a legal bond (''vinculum iuris'') by which one or more parties (obligants) are bound to act or refrain from acting. An obligation thus imposes on the ''obligor'' a duty to perform, and simultaneously creates a corresponding right to demand performance by the ''obligee'' to whom performance is to be tendered. History The word originally derives from the Latin "obligare" which comes from the root "lig" which suggests being bound, as one is to God for instance in "re-ligio". This term first appears in Plautus' play Truculentus at line 214. Obligations did not originally form part of Roman Law, which mostly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Private Law Private law is that part of a civil law legal system which is part of the ''jus commune'' that involves relationships between individuals, such as the law of contracts and torts (as it is called in the common law), and the law of obligations (as it is called in civil legal systems). It is to be distinguished from public law, which deals with relationships between both natural and artificial persons (i.e., organizations) and the state, including regulatory statutes, penal law and other law that affects the public order. In general terms, private law involves interactions between private individuals, whereas public law involves interrelations between the state and the general population. Concept One of the five capital lawyers in Roman law, Domitius Ulpianus, (170–223) – who differentiated ius publicum versus ius privatum – the European, more exactly the continental law, philosophers and thinkers want(ed) to put each branch of law into this dichotomy: Public and Priva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Common Law In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omnipresence in the sky, but the articulate voice of some sovereign or quasi sovereign that can be identified," ''Southern Pacific Company v. Jensen'', 244 U.S. 205, 222 (1917) (Oliver Wendell Holmes, dissenting). By the early 20th century, legal professionals had come to reject any idea of a higher or natural law, or a law above the law. The law arises through the act of a sovereign, whether that sovereign speaks through a legislature, executive, or judicial officer. The defining characteristic of common law is that it arises as precedent. Common law courts look to the past decisions of courts to synthesize the legal principles of past cases. '' Stare decisis'', the principle that cases should be decided according to consistent principled rules so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]