Business Law in UK Assignment (Solution)

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................1
SECTION 1- Nature of legal systems and legislations impacting businesses.................................1
Task 1...............................................................................................................................................1
Task 2...............................................................................................................................................6
SECTION 2 – Legal solutions to business problems.....................................................................10
Case 1.............................................................................................................................................10
Case 2.............................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Law is a system of rules which governs a society. Business law is also included in this
which deals with the matters of contracts, commercial transactions, agreements and social
relationships. It protects people involved in organization against any misconduct, fraud,
negligence etc. In UK, many legislations have been passed for regulating business affairs. Some
of these covers law relating to contracts, companies, and many more (Baker, 2019). This report
is drawn upon business law which has explained main principle of UK along with its sources of
law, role of government, application of statutory and common law, impact of company,
employment and contract law. Along with this, various types of business organizations by
putting emphasize on limited company along with funding and management of each one of
business types. Also, different methods for disputes resolution has been described with the help
of case studies for forming better understanding.
SECTION 1- Nature of legal systems and legislations impacting businesses
Task 1
a) Explain the meaning of 'parliament is sovereign' and discuss sources of UK law
Parliament is sovereign is also called parliamentary supremacy or legislative supremacy
is the principle of UK which gives the highest authority to UK Parliament to make, reject or
amend laws. The decisions of the Parliament is above all government authorities, courts and
tribunals. Also, there is no restriction on it to strictly follow the written law or by precedent. In nt
shell, this principle means:
 Parliament has full authority to create laws and statutes.
 No power has been conferred upon the courts to declare any legislation invalid.
 Precedents passed in the past have no binding on laws to be passed by the Parliament at
present or in future (Lipton, Herzberg and Welsh, 2014).
 Lastly, Parliament can never pass any law which a future Parliament cannot undo.
Parliament can be a good source of law for getting information about legal provisions
regarding various acts. However, there are other sources as well which can be taken into
consideration for increasing the knowledge about existing as well as new legislations along with
amendments taking place. Same are as follows:
1