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Another reason for capital market imperfections associated with limited commitment is the ability of the borrower to renegotiate the terms of the contract ex post. Even though the contract is signed as a secured loan, because of the enforcement costs, the lender never gets the full payment in case of default. Ex post, the borrower always has ...
Mistake of law is a legal principle referring to one or more errors that were made by a person in understanding how the applicable law applied to their past activity that is under analysis by a court. In jurisdictions that use the term, it is differentiated from mistake of fact. There is a principle of law that "ignorance of the law is no excuse."
The phrase has become a rallying cry for legal reformers who view courts, tribunals, judges, arbitrators, administrative law judges, commissions [A] or governments as acting too slowly in resolving legal issues — either because the case is too complex, the existing system is too complex or overburdened, or because the issue or party in ...
Similarly, in many common law legal systems, where there is an assignment of a debt, the assignee cannot enforce the rights of the assigning creditor against the debtor unless notice of the assignment has been given, and until notice of the assignment has been given, the debtor can still discharge the debt by paying the money to the creditor ...
Kelsen viewed international law as either included in all national legal systems, or an overarching legal system of which the national legal systems were subordinate parts. [13] H.L.A. Hart considered international law to be law, but not a legal system, because it lacked a rule of recognition, rule of change, or rule of adjudication. [14]
If a defendant is convicted and punished for act that law does not make criminal, it "inherently results in a complete miscarriage of justice" and presents "exceptional circumstances" which justify collateral relief.
A legal system is the system of laws governing a human society such as a nation state. The main articles for this category are Legal system and Legal systems of the world . Wikimedia Commons has media related to Legal systems .
Open justice is a legal principle that requires that judicial proceedings be conducted in a transparent manner and with the oversight of the people, so as to safeguard the rights of those subject to the power of the court and to allow for the scrutiny of the public in general.