Business Law Assignment - Legal System

Added on - 13 Nov 2020

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BUSINESS LAW :It is the law that governs what happens with commercial matters like regulation of commercialentities, and regulation of commercial transactions. There are various types of business law suchas employment law, immigration law, consumer goods sale, antitrust, intellectual property etc.Business law attorneys helps in formation of business by advising how to form and register thecompany. They also advises us about the contracts formation by ensuring that our rights andinterests are protected.LEGAL SYSTEM :A country’s law regulates business practices , policies, rights and obligations involved in thebusiness transactions. The most major legal systems throughout the world are : civil law,common law, customary law, religious law, mixed law. The purposes and functions of businesslaw includes maintaining order, establishing standards , protecting rights and liberties andresolving disputes when it comes to the interaction between the business and governmentagencies or individuals or other businesses.JUSTICE SYSTEM :A criminal justice system is a set of legal as well social institutions for enacting the criminal lawaccording to a set of procedural rules and limitations. The government regulates the businessactivities like competitive practices, industry specific practices, monetary regulation and somegeneral issues of concern.IMPACT OF LAW IN BUSINESS:Rules and regulations which are implemented to control business operation. These laws are toprotect consumers and also the competition that exists between business . the business thatdoesn’t obey any of these laws will face fines and penalties. Every business has the impact oflaw according to the country in which the business located. Like we can say in UK the laws areimposed by the UK government. Legislation mainly acts as a constraint on business. The mainareas of legislation that affect businesses are employment law, consumer protection andcompetition law.LEGAL SYSTEMS :It is generally a system that establishes the rules of a given society and rights of the people whomake up that society. A legal system is set up by the constitution, customs applied by the court,subsidiary legislation made by persons who are enabled by primary legislation.The purpose of law is only to protect the smallest minority that has ever existed because a freesociety has a law in which each and every men live but as oppose to a whim-ridden rule of men.
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