Introduction to Business Law

Business Law

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
There are different forms of business organisations which work according to their size
and scope. Commercial law is defined as the body of the law which mainly governs the
commerce and business. It regulates the working of the business and deals with the issues of both
public and private law. There are different legislations which are covered under the ambit of
business law which includes employment law, contract, company, data protection and many
other statutes (Alshehri, 2017). This essay shall cover the statute and common law, its process of
passing. Different courts and alternate dispute resolutions.
MAIN BODY
Law can be referred to as the set of rules which governs the particular community or
country so that the action of the people can be regulated and the laws can be enforced by
imposing the penalties.
There are mainly two sources of law which includes firstly the primary which involves
statutory and common law. The other is secondary source which includes the Legal
Encyclopedia which is an excellent source for starting any research as it involves legislations,
key points and cases. Other is Parliamentary and Non Parliamentary publications which
includes debates while drafting the bill, its report, papers, etc.
There are mainly two types of law in the English legal system which comprises of
statutory law which is the legislations made by the supreme law making authority, Parliament.
These laws cannot be challenged in any court. Another is common law which are judge made
laws. These have same relevancy and validity as that of the statutory law and are developed by
judges by their decisions of court (Bartnikaitė and Bijeikienė, 2017).
There is procedure in United Kingdom for passing any legislation. A bill is initially
drafted which undergoes seven stages to make it a law in either House of Parliament which is
House of Commons and House of Lords. The initial stage is first reading where the name of bill
is read and formality is done. Next is second reading where debate is done on the key purpose
and areas of law so that required changes can be done. Third is committee stage in which
scrutiny is done of bill and amendments are suggested. Votes are also taken at this stage. Next is
the report stage where the bill is again examined and debate is made for the amendments and
votes are also taken. Fifth stage is the third reading where the loopholes in the bill are closed