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Business law in Uk Assignment

   

Added on  2021-02-20

13 Pages3428 Words42 Views
BUSINESS LAW

INTRODUCTIONA legal system in the country is defined as bunch of defined principals and regulationsthat are decided to be imposed in the country to maintain safety and security. An activity thatleads to breach in any legal principals will be termed illegal in the eyes of the law. In all the legalsystem all over the world English legal system is one of the oldest legal system and in most ofthe countries legal system is designed by considering English laws. Businesses are considered asone of the most important source for economic development in UK. Due to emergence of moreand more competition in businesses a legal system that governs all the business activities isrequired. Implementing business law in the economy helps in formulating business activity insmoothest manner (Allen and Kraakman, 2016). To understand the concept of business law, in this project report detail information inrelation to various sources of law and role of government in law formation will be provided.Impact of various other laws on business law and manner in which appropriate legal solutionswill be provided for termination of contract, liquidation and insolvency is provided withjustification. TASK 1P1 Different Origin of law in UKOverview of legal system: England and Wales works on a communal law system whichpool the transient of legislation but also the creation of law is done through various case laws.Parliament is the highest authority in the legal system which consist of two houses and all thedecisions are passed through these houses. Sources of law are the origins from where important information used in forming legalsystem of the country is collected. The United Kingdom of the Great Britain and NorthernIreland consists of four countries: England, Wales, Scotland and Northern Ireland. Laws that areprevailing in UK may or may not apply to all the countries in UK. Some may apply to one orsome may apply to all. English legal system is designed majorly with four principal source suchas legislation, European union law, case laws and law commission (Sources of law, 2015). Legislation: These are the statutory laws that has been enacted by a legislature or othergoverning body of the nation. The most essential pieces of legislations are act of parliament. Thechief legislature that governs all the legal system in UK is its parliament which is based in1

London. This is the only body in UK that possess power of passing a law that will be applicableon all the four countries. Parliament consist of two houses one is house of commons and other ishouse of Lords. To pass an act, majority must be received by both the houses in favour of thelaw. Together with this royal consent must also be received to pass act of the parliament in UK. Illustration 1: Sources of law, 2015§§Source: Sources of law, 2015Case law: Verdict that is held for an issue in a case that has already happened in pastserves as one of the source of law. As decision of the court to bring in notice of general public isreported through publication in “Law Reports”. These reported decisions of the various case lawsserve as the source on the basis of which legal system in UK is designed. European Union Law: The European Union is a governmental and economical unionwith 28 member states. UK is one of the member state of the European union and laws that aredesigned by European union will also be applicable to UK (Allen, 2017). Laws of Europeanunion becomes one of the important source for law formation in UK. Laws that are defined in the2

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