Business Law: Legal Sources, Government Function, and Impact on Business

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Describe the various legal sources...............................................................................................3
Explain the function of government in law making and how the justice courts apply statute and
common law.................................................................................................................................4
Using specific examples demonstrate how company, employment, and contract law may affect
business........................................................................................................................................5
Recommend legal options for settling a variety of issues, providing examples to show how a
side may get legal counsel and assistance...................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business law is a vast subject of law that, in a nutshell, governs the formation and operation
of businesses. They lay forth the groundwork for the company's key regulations. This field of
law also incorporates a variety of legal disciplines to address difficulties that occur when current
firms interact with other businesses, the general public, and the governmental (Schwartz, 2019).
Contract law, employment law, company law are just a few of the important topics that lie under
the umbrella of business law. The purpose of this study is to learn about the legal system in the
United Kingdom as well as other important laws. This also aids in the explanation of the
different legal conflict resolution alternatives accessible to corporations in addition to the court
system.
MAIN BODY
Describe the various legal sources.
The following are the primary legal sources in the United Kingdom:
 Common Law: law enacted as a result of previous judicial decisions (Judicial precedent).
The word "common law" have different meaning especially when it is considered under
English law. To begin with, it refers to such a body of law that is created by judges an
ancient period or in the king's courts, as opposed to legal principles drawn from
judgements made by judges in equity courts. Second, common law refers to laws created
by judges rather than laws enacted through statutes or written legislation. Finally, the
word "common law" refers to a situation in which two opposing parties submit their
evidence to a neutral judge or jury, who then decides which case they prefer.
 Statutes: The United Kingdom's Parliament passed legislation. This is also a significant
source of legislation in the United Kingdom. A statute is a piece of law enacted by
Parliament. The following are the different types of legislation:
o Public Acts: they are the laws that impact the entire public.
o Private Acts - legislation that affects a single person or group of people.
o Delegated legislation - the Parliament of the nation adopts the parent act or
legislation or statute, but other authorities are given the authority to specify the
legislation.