Business Law: Legal Frameworks and Solutions in the UK

BUSINESS LAW
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Table of Contents
Introduction...................................................................................................................... 3
Task 1.............................................................................................................................. 4
LO1.................................................................................................................................. 4
Task 2.............................................................................................................................. 7
LO2.................................................................................................................................. 7
LO3................................................................................................................................ 10
LO4................................................................................................................................ 14
Conclusion..................................................................................................................... 17
Reference List................................................................................................................ 18
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Introduction
Business law also referred as mercantile is a set of convention or regulation that is
expected to be followed by different business firms so that they can maintain their
business activities in the competitive business environment. These regulations and law
are composed of different principles, nationalized as well as global legislations, and the
different types of dealings and contracts that take place among the business firms. This
study is focused on elaborating and exploring the legal framework and different
business solutions of United Kingdom. The role-played by the government and the
different sources of laws of United Kingdom will be explored in a detailed manner. The
impact that these legislations and regulations have on the different business activities of
the various organizations have been discussed in a detailed manner.
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Task 1
LO1
a) Discus the meaning of this statement and the various sources of UK Laws
As per the constitution of UK, it can be stated that the parliament of the country is
sovereign. As per this statement, the parliament of UK is considered as the supreme
legal body, which possess the authority of creating or dismissing any law or legislation.
Laws are the system of maintaining rules, which a community or country recognizes in
order to regulate the actions of their citizens and that help in impositioning penalties.
The legislations are categorized under two major divisions known as public law and civil
law. All the courts in UK are expected to abide by and follow all the essential legislations
and regulations of their country. If there is any kind of emergency identified by the
parliament, they have the power to alter or change laws in order to handle the current
situation. For example, it was noted that in UK when the rate of cybercrime or internet
hacking was increasing at an enormous rate, the parliament of the country took the
initiative of introducing certain legislations and Acts so that they were able to catch as
well as punish all the criminal associated with cybercrime. The different sources of law
in UK include the EU law, Customs (Pre 1066) and the Case law (Common law and
equity law).
Common law or Case law: As UK is considered as a common law country so
judgement of a particular case has the power to connect all the succeeding cases
based on the superiority of the court system. In UK, the parliament has the responsibility
to introduce new statures (Llewellyn, 2016). In order to maintain the basic regulations of
the nation, the courts take the initiative of implementing all the essential policies that are
associated with the legislatures. Courts also have the responsibility of clarifying the
mistakes or various indistinct languages that are made in the process of drafting a
specific verdict.
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