Sources of Law, Law Making Process, and Impact of Business Laws on Business

Business Law

Table of Contents
INTRODUCTION ..........................................................................................................................2
TASK ..............................................................................................................................................2
P1- Describe various sources of law:..........................................................................................2
P2- Describe the process of making law by the government and define the applicability of
common and statutory law in the court of justice:.....................................................................4
P3- with the help of examples describe the impact of employment, contract and company law
on the business:...........................................................................................................................5
P4- Decribe the different types of business forms or structures:................................................6
P5- Describe in what ways the business forms are managed and funded:..................................7
P6- Provide legal solutions as a form of recommendations which can be made applicable to
solve a range of disputes:............................................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................11
INTRODUCTION
A business environment requires management and regulation of its daily affairs in
accordance with the laws prescribed for the business of the country like Companies Act,
Employment laws and Mercantile laws. These legislations lay down provisions so that a business
can be run and operated in a proper manner, it also defines the duties and responsibilities of the
employers and employees which gives rise to legal obligations and liabilities. These also define
how a company is formed and in what manner it can be dissolved(Bocharov and et. al., 2019) .
This report will cover in detail the sources of law, the process of law making, the application of

civil and criminal law. It shall also discuss the ways of funding and managing a business. At last,
it will suggest legal solutions based on the facts given in the case scenarios.
TASK
P1- Describe various sources of law:
A country's law system is basically dependent on two sources which are Common law
and civil law. The judiciary system of the country should work according to these laws so that
justice can be delivered to the society in a fair manner. The courts of justice must comply with
the codified laws of the country and also with the form of judicial precedents which are given by
the top courts in the hierarchy. The apex court which is the Supreme court has the appellate
jurisdiction where it hears matters of appeal from subordinate courts. Sources of law can also be
classified into Primary and Secondary sources(Bradford and Creutzfeldt, 2018) .
The original source of law are regarded as the Primary sources and they are thus in the
codified form because of the Parliament's law formation process. In UK, Parliament is the only
authority which has the power to make laws, thus it comprises two houses of legislature which
are House of Commons and the House of Lords. Primary Source basically comprises
Legislations and Judicial Precedents which are as follows-
 The Parliament has the role and authority to form codified legislations and laws. The
formation of a law begins when a draft is outlined after which it goes through various in
the parliament before becoming a law. Each law has its own unique features wherein the
duties and obligations for an individual and a company or business are defined which
must be followed by them.
 The other source are the Case Laws which are also known by the name of Judicial
Precedents. These are formed when the decisions are given by the judges in courts when
they deal with specific cases. But only those decisions can act as judicial precedents
which are given by superior top level courts. Thus, these case laws are binding in nature
because they must be followed by lower courts(Campbell, Roberts and Sarkaria, 2020) .
On the other hand, Secondary sources includes textbooks, Parliamentary debates, law
journals, legal term dictionaries, etc. these are not called original sources due to the fact that