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Business Law Introduction

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Added on  2020-10-05

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BUSINESS LAW INTRODUCTION 1 LO 1 P1 Different sources of law 1 P2 Role of government in making law and application of common and statutory law in justice court2 M1 Effectiveness of legal system in context to recent reformsand development 3 LO 2 3 P3 Impact of company, employment and contract law on business3 M2 Difference between legislation, regulations and standards which impact the business 5 D1 Critical evaluation of the legal system and law 5 LO 3 5 P4 Legal framework of different types

Business Law Introduction

   Added on 2020-10-05

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Business Law Introduction_1
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Different sources of law....................................................................................................1P2 Role of government in making law and application of common and statutory law in justicecourt........................................................................................................................................2M1 Effectiveness of legal system in context to recent reforms and development.................3LO 2.................................................................................................................................................3P3 Impact of company, employment and contract law on business......................................3M2 Difference between legislation, regulations and standards which impact the business...5D1 Critical evaluation of the legal system and law................................................................5LO 3.................................................................................................................................................5P4 Legal framework of different types of organisations........................................................5P5 Management and funding of business organisations.........................................................6M3 Advantages and disadvantages of different types of business.........................................6D2 Critical review and evaluation of different businesses.....................................................7LO 4.................................................................................................................................................8P6 Recommendation for solving disputes using examples....................................................8M4 & D3 Effectiveness of legal solution, legal advice and support for dispute resolution...8
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INTRODUCTIONBusiness law can be defined as framework that governs business and commerce whichdeals with various issues related to private as well as public law. Business law deals withregulating corporate contracts and manufacturing and sales of goods and services deliver toconsumers. The UK company law regulates corporations under the Companies act 2006. Thislaw simply sates that how business need to run and work. It includes state as well as federal lawswith administrative regulations. The report includes different sources of law and role ofgovernment in making law effective in legal system. It shows impact of employment andcontract law upon business. Later it shows how business organizations are managed and howdifferent types of business organizations are formed. At last the report includes recommendationsto solve disputes that arises in the company. MAIN BODYLO 1P1 Different sources of lawSources of law means rulers that make state to govern its territory. Source of UK lawincludes legislation, common law, European Union law and European convention on Humanrights. It means the power from which law derives its validity (Adams, 2017). The sources of UKlaw includes:European law - When UK became part of European Economic Community, theEuropean law came into existence. The European community is an important source of businesslaw which impacts product safety and employment law. The EC have currently 27 memberstates. Under EC act 1972, when conflict arises EU takes the priority to solve the conflicts. Thesources of European law includes : Treaties – The treaties impose legal obligation on all the member states (Adams, 2017).Few of the obligations are enforceable by individual citizens even when the state members hastaken legislative action to implement them.Regulations – These are imposed to bring uniformity in the law throughout thecommunity. They take immediate effect from the time they are being issued.Directives – These comprises most quantifiable source of law in EC. It is applied to allthe members of state that want to lead harmony between member states. Derivatives set the aims
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which must be achieved but how it will be implemented depends upon members of the state. Ithas to be implemented within specific time frames by the member states.Decisions – A decision affect only individual member state, individual or a particularorganization. It may strengthen the party to whom it is issued or otherwise is prevented to dosomething.Act of parliament – Direct legislation consists of Act of parliament which wascreated by passing a bill through a process by both the houses- House of Commonsand House of Lords. Delegated legislation – It is form of indirect legislation which is made by bodies thatare outside the Parliament. They exercise legislative power which is delegated themby Act of Parliament. Case law – It is associated with the jurisdiction of the English common law inrelation with the concept adopted by Civil law system. It is also known as judicialprecedent and is based on the doctrine of stare decisions.P2 Role of government in making law and application of common and statutory law in justicecourtGovernment of UK consists of members who are responsible for running the country.The party that wins the election makes the government for next five years. The parliament of UKperforms 3 core functions which includes representing its citizens, to pass various laws and tomonitor actions of government. Parliament is made up of people who are elected and havebeen appointed. The parliament of UK consists of two houses in which House of Commonswhich includes people who are elected as MP’s and includes people in other political parties aswell who were not chosen to be as ministers (Adams, 2017). The House of Lords are appointedfor lifetime rather than being elected and they are chosen because of their achievements andexperience.The role of government is that it is responsible for taking decision that how the countrywill run and will be managed. Government set taxes and choose the sector in which expenditureis needed.
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