Business Law: Sources, Role of Government, Impact on Business, and Evaluation of Legal System

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Sources of law in UK..............................................................................................................1
P2 Role of government in law making........................................................................................3
M1 Effectiveness of the legal system..........................................................................................4
TASK 2............................................................................................................................................4
P3 Impact of contract, company and employment law on business............................................4
M2 Difference between legislation, regulations and standards...................................................5
D1 Evaluation of the legal system and law..................................................................................6
TASK 3............................................................................................................................................6
P4 Types of business organisations formed legally.....................................................................6
P5 & M3 Management and funding of business organisations...................................................7
D2 Review and evaluation of different type of business organisation......................................10
TASK 4..........................................................................................................................................10
P6 Legal solutions for resolving business disputes....................................................................10
M4 Sources of legal advise and support for dispute resolution.................................................11
D3 Effectiveness of legal solutions, legal advise.......................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Economy of a nation needs guidance in the correct direction to grow and develop in long
run. Establishing legal system in the country is one of the clear motive to manage huge economy
of a country. English legal system refers to the laws administered by the courts in England and
Wales. Laws are designed for both civil and criminal matters after 1200 when common law was
established. As law helps in governing the nation and enhancement of businesses is taking place
on continuous basis (Bilchitz, 2016). This gives rise to need of establishing a law that helps in
governing businesses at national and international level. Business law that is designed for
smoothing business operations is introduced in UK. Legal system in the country gives power to
government to make bound to each and every citizen to follow the law. Designing a legal system
was never been an easy task as it requires combination of science and arts that reduces loop
holes. Global business environment of UK is managed through business law which are formed
with various sources and upgraded time to time to minimise obsolescence.
In this project report different sources of law and role of government in formation of
various laws is mentioned. Impact of other laws like employment, contract and company law is
described. Together with this formation, management and funding of different forms of
businesses are elaborated. Range of disputes and solutions of these are also mentioned in this
report.
TASK 1
P1 Sources of law in UK
Legal system of UK has evolved over a period of time considering the changes in the
global environment (Catan and Kahan, 2016). When laws are designed their needs to be some
basis on which the are established as public at large will be affected with introduction of any law.
A law before formation is considered as bill that includes all information regarding requirements
and benefits of the law. This bill is presented in the UK parliament and when both the houses of
parliament is agreed on the bill then it becomes a law. Parliament in UK is considered as highest
authority to pass any law. When any law or legislation is passed through parliament then it
becomes a statutory obligation for all the citizen of the nation to follow these rules and
regulations. England, Wales, Scotland and Northern Ireland forms United Kingdom. Various
sources of laws are evolved through these countries such as-
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Illustration 1: Sources of law,2015
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Source: Sources of law, 2015
Legislation: Laws that are created or formed through legislature are termed as
legislation. These are the act of parliament that have existence through application or in some
written form. Legislations are considered as important source because only this source reflects
quick change by passing a statute (Sources of law, 2015). Parliament based in London, UK is the
principal legislation of the nation. Formation of laws for all the four countries of UK are done
through this parliament and any country can be set aside not to follow any rule when it is viable.
Parliament is formed with two houses named as House of Commons and House of Lords. Laws
are passed with the approval of both the houses.
Case law: Common law is the important source of key legal principles and considered as
good source that helps in formation of law. Case law arises from judicial decision making and
contains facts on the basis of which verdict is given. When a case that arises with some different
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