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Business Law Assignment | Mercantile Law Assignment

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Added on  2020-06-06

Business Law Assignment | Mercantile Law Assignment

   Added on 2020-06-06

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BUSINESS LAW
Business Law Assignment | Mercantile Law Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different sources of law........................................................................................................1P2. Role of government in making law.......................................................................................2P3.Application of statutory and common laws in courts............................................................3TASK 2............................................................................................................................................3P3 Potential impact of employment and contract law................................................................3P4. Suggestions for solving business problems..........................................................................4P5.Justification for the solution...................................................................................................6P5.Solutions recommended for country's legal system ..............................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
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INTRODUCTIONBusiness law are further known as commercial or mercantile law which is a set of rulesmade on convention, agreement, or national or international legislative body which facilitating ingoverning the dealings between two business body with respect to commercial concern. It is veryimportant as it helps the management to realize and work in an ethical manner which must be inaccordance to the rules and regulation of the society. It helps in the proper functioning of thevarious business institution. There are various laws which are for different entities and makessure for the peaceful working of all companies.TASK 1P1. Different sources of lawThere are two types of sources which a company has to comply with for facilitating itsfunctionCustom: a law is formulated on the basis of customs, beliefs and behaviours of the local societyor nation. For eg: in a case it was stated by fishermen drying finishing net of beach is legal aseverybody does the same. on the basis of such beliefs and custom laws are made.Common Law: with general applicability of common laws in practices two laws are formedthat is civil and criminal laws. These are generality based on old customs.Act of parliaments: this is major source from were UK gets its law and legislation. Aprospective law is presented to both houses of parliament and then after that it becomes a billand with getting an assent from Monarch it becomes a law.Judicial precedents: this doctrine provides a legal status too the decision passed byjudges in the case law in a court proceedings. The law is refereed by all other courts in order ofHierarchy. A decision by lower court is not referred by higher court.European union: UK is part of EU so law and legislation of EU applied in UK as well.Sometimes English law and Law of EU clashed with each other and in such a situation EUalways prevails. This does not mean it override the UK law it just get priority over it.International SourcesThere are various international sources which are discussed belowInternational TreatiesA company if operating at a global level have to sign various conventions and treaties.These treaties are made in order to protect the rights of every organisation belonging to various1
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nations against exploitation and several measures that can be used to exploit them. There is acouncil of European Convention for Human Rights which is enforced by ECHR in Strasbourg.European Community Law European union is the major example of law which is operated internationally. All theEuropean nation who joins the EU has adopt all the rules and regulations and their respectiveindustries has to work in accordance with these rules.National SourcesNational sources of law plays a crucial role in the growth of the constituent companies.These laws are discussed below:LegislationIt is regarded s the prime source and consist of various declaration of rules by the certainauthority. It has many purposes such as regulating, authorising, enabling, proscribing, providingfunds, sanctioning, granting, declaring or restricting any organisation. They frame new laws andamends old ones. A company has to work according to the legislature which has formed certainlaw structure related to the functioning of the company which includes every aspects such asestablishing, expanding, promoting etc.CustomIt is regarded as the oldest source of law. In the ancient era , many social relations hasgiven rise to various usages, traditions as well as customs. These were used as a tactic to solvedisputes among individuals. Many rules of the nation are derived from the custom they followwhich was converted in to authoritative and binding rules. Also, every areas has different customand company has to take care. This local source of law affects the functioning of organisation atground level.EquityIt means a sense of justice and fairness. It is also regarded as the source of law. There aredeciding cases which are interpreted and applied by the judges. But all the laws cannot be perfectfor every cases therefore every company has to depend on the concept of equity which meansconsidering every aspects of labours providing them equal rights which in turn provide relief tovarious parties that works for the same , such practices helps in the smoothing down the rulesfor future.2
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