Business Law: Nature of Legal System & Impact on Business

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK ONE......................................................................................................................................3
P1, P2 & P3: Nature of Legal System & Impact of Law on Business...................................3
TASK TWO.....................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERNCES...................................................................................................................................7
TASK THREE.................................................................................................................................8
P6: Legal Solution..................................................................................................................8
REFERNCES...................................................................................................................................9

INTRODUCTION
Business law is the body of law which deals with commercial and business matters. The
legal regulation of commercial enterprises and the legal regulation of business activities are two
distinct areas of business law. It's also referred to as business law or commercial law. There are
many different types of legal entities, varying from sole proprietorships to partnerships, profit-
making enterprises to non-profit organisations, all of which have been regulated by the law and
must not operate in opposition of it. Thus, the report delves into the essence of the legal system
in the United Kingdom as well as relevant business legislation. Whereas, the essay examines the
legal solution and support for resolving dispute.
TASK ONE
P1, P2 & P3: Nature of Legal System & Impact of Law on Business
Effectiveness of English Legal System
In the United Kingdom, there are three separate jurisdictions: one each for England, Wales,
Scotland, and Northern Ireland. The constitution of the United Kingdom is drawn from a range
of sources, some written which are known as statute laws and others are unwritten referred to as
conventions. The English legal system is structure in such a way that higher court judgements are
legally binding on the courts inferior to them. The judgements can be overruled if it is in public
interest as stated by Lord Chancellor. The Supreme Court is the country's highest court, and the
European Court of Justice's decisions have major sway, with binding effect on all the courts of
UK. In the legal system, the Court of Appeal is a lower court than the Supreme Court. The civil
and criminal divisions of the court are two divisions (Binder, 2021).
The rulings of both courts are enforceable on the courts beneath them. The Civil division is
subject to specific criteria and exceptions in connection to the binding effect rule, as stated in
Young v Bristol Aeroplane Co. Ltd [1944]. In the Criminal Division, if the court decides, as in R
v Greater Manchester Cororner ex p tal [1983], that the earlier decision was based on ignorance
of the law, the court is not obligated to adopt that decision. In addition, the Divisional Courts are
one of three divisions that make up the High Court Division, as appellate jurisdiction. These
legal institutions are bound by the Supreme Court and Court of Appeal's decisions under the
doctrine of stare decisis. With the exceptions indicated, the High Court ranks above divisional
courts and binds their decisions. Whereas, the Crown Courts deals with the offences which are of