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Legal Theory & Foundations

What are the Core Principles of Law and the Legal System?

Written by Jason Gordon

Updated at September 21st, 2021

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What is Legal Theory and the Foundations of Law?

This material 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 discusses 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

  • Law
  • Rule of Law
  • Law & Economic Strength
  • Law and Property Rights
  • Ownership
  • Justification for Property 
  • Promoting Property Rights
  • Jurisprudence  
  • Common & Civil Law   
  • Public and Private Law
  • Civil and Criminal Law
  • Substantive and Procedural Law
  • Sources of Law
  • Role of the Judiciary
  • Law & Business



foundations of law

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