lectures

Question 1

Ur Nammu Law code

Answer 1

the earliest written laws that archeologists have found, created by a military leader Ur Nammu who came into power in 2112 BC. the laws probably reflected existing practices and contained pragmatic directions and punishments.

Question 2

Code of Hammurabi

Answer 2

followed around 1755-1750 BC. it was created by Babylonian king Hammurabi (1792-1750 BC reign). it is one of the earliest and most complete written legal codes. the laws provided for transfer and ownership of land, interest rates, dowries, support for widows, and inheritance. it established standards for fines and punishments.

Question 3

Roman Code

Answer 3

a source of inspiration in the 19th century for European legislators in times of secularisation. legislators searched for a ‘social contract’ as opposed to the totalitarian reign of kings and emperors or the divine power of god.

Question 4

French Civil Code

Answer 4

regulated the settlement of legal conflict between citizens; rules on liability, commerce, property, and civil procedures. it was established under the reign of Napoleon Bonaparte. it emphasises Freedom, Equality and Brotherhood.

Question 5

good governance

Answer 5

can be for example, equal cases are treated equally, no abuse of power (no private gain), or that law should be executed consistently.

Question 6

conventions

Answer 6

unwritten political customs.

Question 7

Magna Carta

Answer 7

one of the most important documents in history as it established the principle that everyone is subject to the law, even the king, and guarantees the rights of individuals, the right to justice, and the right to a fair trial. this laid the foundation for constitutional government and freedom under the law in the UK. since this document, many constitutional charters and documentation has been written, even though there is no written constitution.

Question 8

Treaty on the Functioning of the European Union (TFEU)

Answer 8

one of the two core functional treaties of the EU (with Treaty on European Union in Maastricht). it was signed in 1957 in Rome, establishing the European Economic Community. it lays out how the EU operates and has been altered by amending treaties.

Question 9

principle of direct effect

Answer 9

enables individual citizens of member states to be able to directly invoke EU law before a national court.

Question 10

Costa v ENEL case

Answer 10

the ruling showed that the Treaty has created its own legal system which has become an integral part of the legal systems of member states, and that Community law takes precedence over national law.

Question 11

Dassonville ruling (1974)

Answer 11

an example of indistinctively applicable MEE. the certificate of origin constituted a trade barrier when Belgian retailers want to purchase whisky from France. it resulted in the principle of mutual recognition and the rule of reason doctrine.

Question 12

Keck & Mithouard ruling

Answer 12

the court rules that sales modalities not in conflict with EU law are allowed if all market participants are affected equally.

Question 13

Article 56 TFEU

Answer 13

both the service provider and the service receiver have freedom.

Question 14

Article 63 TFEU

Answer 14

prohibition on restrictions of capital and payments.

Question 15

undertakings

Answer 15

are broader than a company or a firm.

Question 16

horizontal cartel

Answer 16

a cartel in the same production stage. no more than 10% is allowed.

Question 17

vertical cartels

Answer 17

cartels in a different production stage. no more than 15% is allowed.

Question 18

Hoffman LaRoche case (1979)

Answer 18

resulted in the definition of a dominant position.

Question 19

merger regulation

Answer 19

authorises the EC to review a concentration against the principle of fair competition.

Question 20

EU Corporate Sustainability Reporting Directive (CSRD)

Answer 20

ensure that investors and stakeholders have access to the information they need to assess the impact of companies on people and the environment, and for investors to assess financial risks and opportunities arising from climate change and other sustainability issues. it is part of the European Green Deal. it was entered into force on 5 January 2023.

Question 21

EU Whistleblowing Directive

Answer 21

(1) to detect and prevent misconduct and breaches in laws and regulations (2) to improve law enforcement by establishing effective, confidential, and secure reporting channels to effectively protect whistleblowers from fear of retaliation (3) to protect and enable whistleblowers by helping them raise concerns confidently without fear of retaliation by ensuring anonymity.

Question 22

principle of reasonableless

Answer 22

a contract is invalid if there is a difference between the expression and the intention.

Question 23

reception theory

Answer 23

used by the Germanic model; an offer may not be revoked until expired.

Question 24

foundation

Answer 24

is a separate legal personality with no shareholders and just a board. in some cases comparable to multionationals in management and size.

Question 25

bundle assignability

Answer 25

the simultaneous transfer of all (but no less than all) of a firm’s contracts by transferring the corporation’s shares.

Question 26

default rule

Answer 26

describes that without legal personality, the transfer of contracts needs the consent of the counterparty.

Question 27

former ‘real seat’ doctrine

Answer 27

a firm must incorporate under the law of the state where it has its principal place of business. this is now replaced by the place of incorporation rule.

Question 28

regulatory competition

Answer 28

law systems that are driven primarily by market forces based on company demand.

Question 29

Dodd-Frank Act

Answer 29

US federal law that places regulation of the financial industry in the hands of the government. the legislation, which was enacted in July 2010, created financial regulatory processes to limit risk by enforcing transparency and accountability.

Question 30

ownership structure

Answer 30

affects the functionality of different legal strategies and the interest group dynamics that govern changes in corporate law.

Question 31

dispersed share ownership

Answer 31

no single shareholder or affiliated group of shareholders is capable of exercising control over the firm. the US and UK have large numbers of publicly traded corporations with dispersed share ownership.

Question 32

hedge funds

Answer 32

relatively unregulated collective investment funds with highly speculative strategies, eg. purchasing substantial stakes in individual firms.

Question 33

private equity funds

Answer 33

highly speculative strategies. acquires control over the firm and affects major changes in the firm’s structure, strategy or management.