(Solved) Business Law Assignment Sample
Added on 2020-12-29
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BUSINESS LAW
Table of ContentsP1 Different sources of law...................................................................................................3M1 Evaluation of effectiveness of recent reforms and development in legal system...........4D1 Evaluation of legal system and the law...........................................................................5P2 Role of government in law making and how laws are framed.........................................6P3 How companies, employment and contract law has potential impact upon business......7P4 Different types of business organisation and how they are formed.................................9P5 How business organisation are managed and funded.....................................................10P6 Recommendation of legal solution for resolving a range of disputes............................11Conclusion................................................................................................................................14REFERENCES.........................................................................................................................15
INTRODUCTIONBusiness law is considered as the body of law which helps in governing businessand commerce in a country. It is considered the branch of civil law and also dealswith issue procedures for both private and public law. Commercial law is formed toregulate corporate contracts, hiring practices that are used by employers and thehow the manufacture and sale of goods take place (Rutledge, 2014). Thesebusiness laws helps in solving the problems that can impact business or causeslegal disputes. The current assignment is based on the nature of legal system anddifferent sources of law and the impact of law on business. Furthermore thisassignment will show how different types of business are formed and the legalsolution for resolving disputes.P1 Different sources of law‘’Parliament is sovereign” because it is the supreme legal authority and it cancreate or it can end any law at any time. No other courts can overrule or modify anylaw. The role of government is to make the laws to enable citizens to follow theguidelines in ethical manner. Every year government announces programmes thatchanges or updates laws. If established rules and procedures that are passed bygovernment are not followed then it may cause the defaulter to be penalised or begiven punishment or warnings according to the level of the violation of law (Mannand Roberts, 2011). There are different types of English law system which includesthree major types: Statutory law, common law and equity law. These laws aredescribed as below:Statutory law: this is considered as the act of law the declares, prescribesand commands something. This is the law which is specific and is expressed inwriting. This is the statue which is a written law passed by legislature on federallevel. These laws set the general propositions of laws which is applied by courts inspecific situation. These laws are enacted by legislative body and vary fromregulatory or administrative laws which is passed by executive agencies and thecommon laws (Fitzmaurice, 2017). This follows the legislation process to become a law.In this a bill is proposed in legislature and is voted upon. If this get approved thenpasses to the executive branch and if it signed by executive then it is said to bepassed.
Common law: This is the law which is derived from the judicial decision ofcourts or any other similar tribunals. These laws are considered to be arising in theprecedents. This is the law that arises with the reference to the cases. Here if thecourt finds that there is a requirement of law and the current dispute is distinct fromall the previous cases held and also the all the legislations are silent and ambiguousabout the dispute then judges have the authority to resolve the duty (Pallemaerts,2016). This law is formed as and when required by society and differs from case tocase basis. If there is no legislation regarding the dispute then judges makes thelaws which helps the society in implementing it.Equity law: This is the body of law that was developed in the English court ofchancery. This is derived from old English common law where the court uses theirdiscretion to apply justice in accordance with the natural law. Equity law isconsidered as supreme law when there is any conflict between the common law andstatute law. This law was established in response of rigid procedure of England'slegal system (Mishan, 2015). This law helps in the situation where the monetary rewardis not a remedy to the issue. This law was framed as a result of solution to frustratedplaintiffs. Here the chancery was framed who is headed by the chancellor and whohas the power to settle disputes in order to relief according to the conscience. Thedecisions that are made by chancellor became the basis for the law of equity.Parliamentary sovereignty is considered as a principle of UK constitution.Through this parliament is considered as the supreme legal authority in UK whichcan make any law or bring it to end. Also it is given a authority that court cannotoverrule the legislation and any parliament in UK cannot make any law that futureparliament cannot change.M1 Evaluation of effectiveness of recent reforms and development in legal systemThere are various legal system which are changed and helps in improving access tojustice for society. Law reforms means a number of things. These helps in makingthe law that governs the society up to date and provide a better solution to citizens,for example the Education Act 1944 helped in reorganising state education system toprovide a better education in the country. As this reforms are effective from point of
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