Business Law Sources of UK Laws Assignment
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Added on 2020-10-22
Business Law Sources of UK Laws Assignment
Added on 2020-10-22
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BUSINESS LAW
Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 1......................................................................................................................................3TASK 1............................................................................................................................................3(a). Meaning of 'Parliament is sovereign' and various sources...............................................3(b). Role of government in law-making and application of statutory and common law injustice courts...........................................................................................................................5(c). Application of company, employment and contract law and their potential impact uponbusiness...................................................................................................................................6TASK 2............................................................................................................................................7Formation of incorporated and unincorporated business and their management...................9SECTION 2....................................................................................................................................11Case 1. .................................................................................................................................11Case 2. .................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBusiness law governs the commercial transactions of a business. The provisions areapplicable on corporate contracts, hiring practices, manufacturing and sales of consumer goods.An entity is required to abide by various laws from its incorporation to dissolution. Law providea uniformity, guide, protection and resolution to disputes that going to arise in life span of acompany. Partnership, company, bankruptcy and agency are regulated through their respectivelaws where as dealings are regulated by contract laws (Clarkson and et. al., 2014). These are twodistinct areas of business law. In UK, companies are required to follow Companies Act, 2006.However, there other laws that are mandatory to run business and they are Insolvency Act, 1986,UK Corporate Governance Code, EU Directives and court cases. This report includes sources ofUK laws, role of government, application of statutory and common law in courts, impact ofcompany, employment and contract law upon business, differentiation between legislation,regulations and standards for analysing its impact, nature and difference between unincorporatedand incorporated business and legal solution to resolve disputes through case laws. SECTION 1TASK 1(a). Meaning of 'Parliament is sovereign' and various sourcesEnglish legal system have a partially written and codified, and acts have been enacted forthe written portion. This regulates rights of citizens, hence, laws are compulsory. There is aspecified procedure to get an act passed. Firstly, a bill is introduced by a member of parliamentbelonging to either of the two houses. After that, various readings are done in order to improve itfor effective result in law and order. Finally, the bill is passed by getting the royal assent byQueen. Hence, a law is passed after being passed by Crown.The courts do not have the power tooverrule legislations so passed and no amendments can be made in existing Acts without theapproval of Parliament. It is also called parliamentary supremacy or legislative supremacy. It hasthe power to amend or repeal any previous provisions and is not bound by written law orconstitution. This doctrine has been made applicable due to many reasons such as to limit thegovernment's power. In earlier times, government used to alter rights of UK citizens afterentering into Treaties. To protect them from the conflict made this doctrine important.
There are three major law which are applicable on the UK citizens and people and theyare Statue, Common and Equity law (Wellings and Vines, 2015). Statue law is an Act ofParliament. The procedures to make statue law begins with presenting bills before both thehouses. It may be a public bill or private bill. Common law are the laws made or enacted on thebasis of court rulings. Previous rulings given by older courts are foundation for its provisions. Itis also known as case law or precedent. Equity law is a branch of law that was developed as asupplement to the strict statutory laws that may provide harsh punishments. In other words, itdecides punishment by laying justice and fairness along with the motive of the accused. Doctrineof sovereignty of UK Parliament is the prime source of above-mentioned laws. However, thereare other sources as well which are categorised into two parts viz. Primary and secondarysources. These have been discussed below: 1.Primary Sources: These are first hand information, that have not been used before.Case law: These are known as law reports and are fundamental sources of UKlaw. It provide reliable information carrying facts, issues and decision along withlegal principles upon which judgement is made (Rasch and et. al., 2013). Legislation: The Parliament has the supreme authority to make laws that will beapplicable throughout UK. These are called legislation and everyone is bound toabide by them. Such legislation is superior and cannot be challenged in courts.2.Secondary Sources: These contain information that have been used previously either byan author or research etc. Legal Encyclopaedias:Halsbury's Laws of England and Wales is the authentic andcomprehensive statement of laws applied in UK. Various authors and lawyers haveprovided their interpretation and is arranged alphabetically. Parliamentary Publications: To know a law, it is necessary to know the reason and otherdetails such as its background for a particular provision. These can be gathered fromcommand papers, debates of parliament, house of commons and house of lords papers. Non-parliamentary publications: These include reports and consultation papers fromgovernment departments and agencies and are available on the respective governmentwebsites.
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