This course is an elective for students who have not done any law courses before, i.e. for all students other than ones in the International and Commerce Streams.

The role of law as an academic discipline is to describe the official rules and regulations in force at any particular time, i.e. to describe the behavioral norms acceptable to society under the law. Law is a very wide-ranging discipline and, therefore, like many other disciplines, falls into several sub-divisions.

The objectives of this course are to ensure that the students

• Get an insight into the rules of law and comprehend how they affect human interaction.
• Get a general information about the Icelandic legal system.

There is an introduction to the basics of legal theory, its academic foundation, sources etc. There is a discussion on the legal system and the government, and on the process of legal action by administrators.

The justice system: The Icelandic system of law courts is outlined. The processing of private cases and the basic rules of private law are discussed. The distinction between public and private law is explained and the nature of proof outlined. Enforcement procedures are described, including distress sale and bankruptcy procedures. Legal provisions on contractual arbitration are also discussed.

Contract law: An account is given of legal competence and right of action. There is a discussion on legal contracts, proxy and intermediaries in contractual arrangements. Invalidity of contracts is also discussed.

Law of obligation: The most important rules of the law of obligation are outlined, i.e. the fate of contracts. There is a special study of receivables, mortgages and rules governing the responsibility of third-party financial obligations.

Rules of law on chattel purchasing and real estate dealings are also discussed.

There is a focus on the form of legal entities, company law and the liability of members of different legal entities.

Different rules of law pertaining to commerce are discussed, e.g. employment in trade, business practices (rules of competition etc.), accounting and taxation rules.

Insurance and other compensation resources are discussed. Any differences between Icelandic and European legal practices are discussed. A short account is also given of family law.