Business Law: Sources, Impact on Business, Legal Formation and Dispute Resolution

Business Law

Table of Contents
INTRODUCTION ..........................................................................................................................3
PART 1 ...........................................................................................................................................3
Different sources of the laws.......................................................................................................3
Role of government in making laws and application of statutory and common law in justice
court.............................................................................................................................................4
Potential impact of various laws on business..............................................................................6
Legal formation of business organizations.................................................................................7
How businesses are funded and managed...................................................................................8
PART 2............................................................................................................................................8
Recommend legal solutions for the range of disputes................................................................8
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
A business is an entity which has a sole purpose of earning profits and raising the living
standard of the people by offering them quality products and services. The law for business is
evolving continuously with some new areas of laws that develops in relation to the consumer
protection, computers, internet and competition. It mainly governs what happens with the
commercial matters and covers many legislations under its ambit such as employment law,
consumer goods sale, immigration law, intellectual property and many others (Luts and et. al.,
2021). This report is split into two parts, first of which will deal with nature of legal system,
impact of business laws and formation of various business organizations. The second part shall
cover different legal solutions for resolving disputes.
PART 1
Different sources of the laws.
The English legal system is a common system of law that combines passing the
legislation by the supreme law making authority and creating the precedents by case laws. There
is no written Constitution in UK so the principles of it are enumerated in different statutes and
case law precedents such as Human Rights Act is a statute which offer fundamental rights to its
citizens while rule of law, separation powers are principles coming from precedents made by
judges. Various sources of laws are-
Primary
These are the authoritative and the original statement of the laws and these are made by
such authorities which have power to make laws. These govern and regulate the functioning if
the state. Various primary sources are enumerated below-
 Case laws: It involves the judgement and decision of the courts in the case which are
published in law reports. These are the primary and fundamental source of law in UK. It
carries the facts of case, issues and the judgement together with legal principles on the
basis of which decision is brought by judiciary.
 Legislations: As there is no written Constitution in UK and it is often described as wholly
codified and partly written. These laws came in the form of statutes that is applied in
whole nation. The Parliament is supreme authority to enact the law and these are

considered as supreme and cannot be challenged in any court (Mili, Gharbi and Teulon,
2019).
 Treaties: These are the main source of international law which consist agreement
between two or more of the states which is intended to be binding on them at the
international law.
 Directives: It is the legal act of EU that requires the member states for achieving the
specific result without dictating any meaning of achieving it. It is first to be made in
national law by the member states.
Secondary
These are commentaries on law and are mainly reference to legislations in order to bring
clarity to the legal concepts. Secondary sources of laws are discussed below-
 Legal encyclopedia: These are considered as the excellent way to beginning the research
on the law as it provides the key points, laws and the cases. These are written by the
lawyers or in consultation with them.
 Parliamentary and non Parliamentary publication: AS it is very essential to bring the
understanding in the background of how a law is created or to understand the discussion
on particular law area. It includes debates of member of Parliament while making laws,
command papers, etc.
 Law journals: These are the academic arguments which covers the specific as well as
general area of law as its main aim is to bring update on law. It is the mix of case
commentary and articles which brings detailed understanding on legal issues.
 Textbooks: It is the best way to begin the research on any legal topic as it is written by
the academicians for the student so that they can have understanding on the laws and
legal issues (Kucko, 2017).
Role of government in making laws and application of statutory and common law in justice
court.
The supreme authority to enact the law rest in the hands of Parliament as they have power
to make laws. They make the laws which cannot be challenged in any court. Basically a bill is
drafted at initial level of the new law or a change is initiated in existing law which is presented in
Parliament in either house. The following is the stages which describes the law making process-