Business Law Sources of Laws

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A) Analysis of the statement “Parliament id Sovereign” and various sources of law...........1
B) Role of government in law making process and application of statuaries and common laws
in justice court........................................................................................................................2
C) Impact of employment and contract laws over the business and difference between
legislation, regulation and standards......................................................................................4
TASK 2............................................................................................................................................6
Difference between incorporated and unincorporated businesses and Nature and formation of
different types of businesses...................................................................................................6
Advantages and disadvantages of partnership and company.................................................7
Case 1.....................................................................................................................................8
Case 2...................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Business law refers to list of rules and regulations made by the governing bodies of the
country. Business law can also be termed as corporate law or company law. It provides rules for
the company and other business bodies for running their business operations. The assignment
shows various sources of laws and role of the government in making the laws along with the
application of common law in justice courts. The study includes impact of contract laws on
different business structured companies and legal formation of various types of business
organisation along with description of management and funding of various business
organisations. Further, the study also shows the legal solutions and recommendations for solving
some disputes on the basis of some solved cases and rules of the country.
TASK 1
A) Analysis of the statement “Parliament isd Sovereign” and various sources of law
Sovereignty can be termed as a principle mentioned in constitution of UK, which provide
a supreme and dominating power. With the help of which one can govern the whole country
without any interference. The statement “parliament is sovereign” is correct. In UK, parliament
is thea supreme authority of UK. No court can overrule the laws passed by the parliament. It is a
principle of law in UK. Any law is made by the speech of Queen of UK at parliament. Only
parliament have right to make, change or destruct any law in UK (Heffron, 2016). Further, no
jurisdictional party have right to override any law made by the act of parliament. In addition, no
court have right to declare any law as invalid. In this regard, itn can be said that parliament is at
sovereign state in UK.
Sources of law
As per the principles of law in UK, there are mainly 3 sources of law as under:
 Statutes : It is the key source of law. They are made by the state, national and local
lawmaker. Each person of country including companies, courts, other jurisdiction parties
need to follow all the rules mentioned in the statutes. Main sources of law are primary in
which Statutes are made by the act of parliament and delegated source in which rules and
regulations are made by the authorized ministers and parties (Deakin, 2017). These are
authorized by the parliament for making laws for the country. .
 Common law : common laws are the combination of all the justice made by the higher
courts of UK (McCaffery, 2018). As per the legislation system of UK, each justice of
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higher courts becomes law known as common laws. These laws need to be followed by
other lower courts while deciding any case. No lower authority havehas right to overrule
the justice of higher courts.
 The main source of this law justice given by higher courts. Further, in case, any
lower court finds any common law as invalid or against any statue, it has authority to go
against the common law (McCormack and Anderson, 2017). In this case, lower court
need to justify the actual law related to the common law, and describe the reasons behind
invalidity of the common law as well.
 Equity law: Equity law includes rules and regulations which provides prevention from
harsh decisions taken by the higher courts previously. They provide remedies from harsh
decisions of civil laws. The source of equity law is law of trust.
In UK each law and Acts are framed through these sources. Laws made through these
sources are deemed as valid rules in the UK.
B) Role of government in law making process and application of statuaries and common laws in
justice court
Role of government in making laws
Parliament have provided power to some government authorities like for making any law,
a bill need to be proposed in the parliament. All the authorized ministers of the government can
propose the bill into parliament (Rochelle, 2017). Further, the debate upon all the terms if bill,
amendments in the bill, etc. are also performed by the ministers of government.
Process of making law:
In UK, laws are made only after passing of bills in the parliament. Bills are proposed in
the parliament and after passing all the stages and getting approval from all stages, a law can be
passed and regulated in the country.
Bill contains details about the legal responsibilities, and details of laws that need to be
implemented in the country (Roness, 2017). Or in case of making any changes in existing law,
bill contains the detail about innovation along with its reason and future effect.
Bill after passing in the parliament becomes the law in the country. Bill is passed after
getting approval in all the following stages:
First reading
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