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Business Law Assignment - business law system in UK

   

Added on  2020-10-22

9 Pages3076 Words90 Views
BUSINESS LAW

Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3TASK 2.................................................................................................................................................5TASK 3 ................................................................................................................................................6TASK 4.................................................................................................................................................7CONCLUSION....................................................................................................................................8REFERENCES.....................................................................................................................................8

INTRODUCTIONA law that governs the business transactions is called business law. The other names ofbusiness law are mercantile law and commercial law. Business law provides the law for commercialmatters (Adachi, 2013). There are two different areas of business law; regulation of commercialentities through their respective law such as partnership law, company law, bankruptcy law and thesecond is law of contact for commercial transactions. This report covers the details of existingbusiness law system in UK. Further, it covers the problem Pegasus is going through. The details inthe report will provide ways to resolve the disputes.TASK 1Division of law: United Kingdom legal system is divided into three separate legal systemsviz. England and Wales, Scotland and Northern Ireland. When UK joined European Union, the EUhas implemented EU Legislation on the matters of EU. The ultimate power lies with the Queen ofUK. The law is implemented by the government. UK has a partially written constitution. To pass abill, the consent of two houses in parliament, House of Commons and the House of lords isnecessary. Constitutional Reform Act, 2005, divided the executive and judiciary powers. LordChancellor to head was appointed to head the judiciary part and various judicial committees wereconstituted for the appointing judges (Ayios, 2018). Sources of law: 1.Primary Sources: These are the sources which has not been used before and are first handinformation which is required to be interpreted. Case Law: These are the best primary source as they includes facts, issues and judgement.To understand a current situation, one may use the previous case law to understand the scopeand consequences of a particular situation. The case laws are to be used for futurereferences. Legislation: These contains the laws that governs the people and activities conducted inUK. Parliament passes the laws to be enacted in UK. Nobody can challenge the Acts passedby Parliament (Deakin, Johnston and Markesinis, 2012). European law: European law is applicable to the extent of matters covered by EuropeanUnion. The derivatives of EU law can be used as a primary source. 2.Secondary Sources: The information already used and interpreted previously. Legal Encyclopaedia: Halsbury's laws are the most popular and preferred lawencyclopaedia that is used in UK to have the knowledge about various laws (Dolzer andSchreuer, 2012). Parliamentary Publications: The publications is about the law enactments made in the

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