Business Law and Contract Essentials
Added on 2020-10-22
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BUSINESS LAW
Table of ContentsINTRODUCTION...........................................................................................................................3ACTIVITY 1 ...................................................................................................................................3Sources of law .......................................................................................................................3Role of government in law making process and an explanation regarding how common andstatue ......................................................................................................................................5Assessment of how company, employment and contract law has a potential impact uponbusiness. .................................................................................................................................7Legal formation of different kinds of organisations.............................................................10How business organisations are managed and funded ........................................................11Recommendation of legal solution for resolving disputes ..................................................12CONCLUSION..............................................................................................................................13REFERENCES .............................................................................................................................15
INTRODUCTIONBusiness law is one of the branch of civil law which provides the legislation forcommerce and business in a country. This legislation covers both private and public law. Itgoverns how to establish and run a business entity. They consist of federal laws and regulationsrelating to administration. The main purpose of business law is to establish standards, maintainsorder and protection of rights and freedom of each individual (Schulman, Moscow and Lesser,2017). The present project report is going to discuss about the sources of law, the laws which abusiness entity must comply for running the business in accordance with law and order. Further, the study will highlight the role of government in the process of law making andin the justice courts, these common laws and statutory are applied for passing the decisions. Thereport will includes issues such as the potential impact on organisation due to company,employment and contract law. What could be an appropriate solution for different businessproblems and justifications for such legal solutions will be studied in the project report. ACTIVITY 1 Sources of law United Kingdom has obtained its business law mainly from four sources. They arediscussed below : Common law : It can be defined as that part of British law that has been derived fromjudicial precedents that is decisions passed by appellate body of country in earlier hearingsbecomes law for subordinate courts. Common laws are also based long followed customs withinthe country. Legislation : Statute is a law which is created by the legislative body of a country.Parliament being the legislative body of UK based in London, acts passed by Parliamentbecomes the statue or legislation. The law making body has the power of establishing new laws,amending the existing laws and repealing the old laws. Companies Act 2006, English ContractLaw, various employment laws are all the acts of parliaments which has collectively formedbusiness law (Bell, 2018).European Union : Being a member of European Union, the country's business law isbased on the rules and regulations of EU as the laws of EU gets preference over UK law.
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