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Introduction To Business Law (docs)

   

Added on  2020-11-23

13 Pages3146 Words249 Views
BUSINESS LAW
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ContentsContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................3TASK 3............................................................................................................................................4TASK 4............................................................................................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTIONBusiness law is the law that governs the business activities of commercial nature. It isalso called “mercantile law or commercial law”. Business law in UK operates in two areas, firstis to regulate various corporate entities through their respective laws and second being regulationof contract for commercial transactions (Adachi, 2013). This report covers the outlook of UKbusiness law system to solve the disputes Pegasus is facing currently. This report will enablePegasus to have a wide knowledge of the areas of Business law that can be applicable on theirbusiness entity before it starts a business in UK TASK 1Division of law: There exist three separate legal systems in United Kingdom, forEngland and Wales, Scotland and Northern Ireland. The joining in the European Union by UKhas made the requirement to implement European Union legislation into the UK law to havejurisdiction over the matters of EU law. The Queen (Crown) has the power to make laws to bemade applicable in UK but the implementation of the law is exercised by the government. Thereis no single written constitution that governs UK. The legal system consists of statute law, caselaw and constitution conventions. The Parliament in Westminster has power to make laws butthe ultimate power is in the hands of Queen. The Constitutional Reform Act, 2005, made adivided the executive and judiciary powers by appointing Lord Chancellor to head the judiciaryto the Chief justice and constitution of judicial appointments committee to for the appointment ofjudges. The UK parliament consists of two houses, House of Commons and the House of lords.Public and private bills are presented before both for their approval (Ayios, 2018). Sources of law: 1.Primary Sources It is referring to bare act which has not been used and interpreted byanyone before. It is the original form of law. Case Law: A case law contains the facts, issues and judgement/decree etc. passed by thecourt which is reliable information of UK law. One can rely on legal principles whichwere considered as at the time of passing the judgement by the court. The decisions byway of judicial pronouncements are used to decide on future case laws. Legislation: The legislation of UK is not completely in written form; it is partly written.The laws are passed by the Parliament for that part which is written in the constitution.1
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