Importance of Business Law in Business : Report
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Added on 2020-07-22
Importance of Business Law in Business : Report
Added on 2020-07-22
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BUSINESS LAW
Table of ContentsINTRODUCTION...........................................................................................................................1TASK-1............................................................................................................................................1P1 Various sources of law that organisation need to comply with.........................................1P2 Government role in law making procedure.......................................................................2M1 Legal system effectiveness..............................................................................................3TASK-2............................................................................................................................................3P3 Advices under different cases...........................................................................................3Collin and David case based upon common law....................................................................3M2 Analyse potential impacts................................................................................................5TASK-3............................................................................................................................................6P4 Legal solutions..................................................................................................................6P5 Justifications regarding appropriate solutions...................................................................6M3 Positive and Negative impacts.........................................................................................7TASK-4............................................................................................................................................7P6 Legal Rights of AFG oil company....................................................................................7M4 Compare and contrast the effectiveness of these recommendations given to AFG OilCompany.................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................8
INTRODUCTIONThere is a great importance of business law in business. It is very necessary for the business toconsider all the factors related to this which is going to make an impact on business operationseither directly or indirectly. It is very vital for the business to follow the business law and itsrelated rules and regulations and apply it while conducting down operations which helps them inconducting their business operations successfully (Allen,2016). So, it is essential for theorganisation to have knowledge regarding the business laws factor and in case if any discrepancyarise in their mind, then they can take legal advice from their advocates and attorney who guidesthe organisations. Therefore, it directly helps them in conducting their smooth range ofoperations. The present report is based on Stuart and Little LLP which is one of the reputed lawfirms and conduct their operations in UK.TASK-1P1 Various sources of law that organisation need to comply withIn UK, there are different sources of law and it is very important for the businessto apply certain law factors during conducting their operations so any uncertainty will not ariseand work can be conducted appropriately. The various sources of law that the business need tobe complied with are as follows:Legislation or statutory laws: It is a structure under law set by the legislation in UK. Itessentially said that the legislature laws are the acts of parliaments. It is the responsibilityof parliament to bring the changes in law no matter whether it will be new law or existinglaws. It covers the society and person and it is important for them to follow the acts madeby parliaments and then only they can conduct their effective working. It covers thearticles, schedules, section and sub section (August, Mayer and Bixby, 2017). Firstly, thebill is essentially discussed under both the houses of parliament and after that, debate isconducted by both the houses and then only it is approved and once the royal assent ismade by parliament on that approved bill then that bill is converted into an act. The localbodies and authorities received authority from legislature and in case of interpretation ofstatues, international treaties and customary law, the parliament assigns those authoritiesto the local courts.1
Common law: The legal system which is going under UK is based upon the commonlaws and in this law the senior appellate made the decision according to their capabilitiesand knowledge and the decision made by them are considered to be a part of law.European Union law: In this concept, the law-making decision powers is in the hands ofmember states of the European Union and European law is prioritised as compared to theUK law.Convention on Human Rights: It is an international treaty and it talks about theindividual’s rights and their freedom and said that it is the fundamental rights provided bysociety and country to them and such rights cannot be restrained by anybody because it istheir fundamental rights.P2 Government role in law making procedureIt is a complex process and in that regard various procedures are to be followedunder this by every authority and every one of them having its own responsibilities andaccording to that manner only they carry their work. The process starts with the passing of billsand ends with the acts and it can be described as follows:Bill: In this process, the civil advocates drafts bill and the bill prepared by them isassessed by the government. It includes different bills in form of public, private andprivate members bill. The public bill involves the society, community and theresponsibility regarding such bill is made by cabinet (Brown, 2013). The private billimpact on individuals so, it is the responsibility of local authority and private memberbills are those which involves different bills and some bills which are passed becomes anact or law so, it is essentially the duty of MP.First readout: In this, the law-making procedure and its preparation is read under theHouse Of Commons and in that process only the bill is reading.Second readout: The certain debate upon such bills and their feasibility is also tested andthe amendments made on the basis of conclusion only (Stemler, 2013). Furthermore,voting is done by members and it helps them to decide whether the bill is accepted orrejected.At stage of committee: In House of Commons, the bill is sent again for checking thedetailed process conducted by its members and the assessment is also done.2
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