Business Law: Understanding Legal Frameworks and Their Impact on Business Operations

Business Law
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Table of Contents
Introduction...................................................................................................................... 3
Task 1.............................................................................................................................. 4
LO1.................................................................................................................................. 4
Task 2.............................................................................................................................. 5
LO2.................................................................................................................................. 5
LO3.................................................................................................................................. 5
LO4.................................................................................................................................. 8
Conclusion..................................................................................................................... 10
Reference List................................................................................................................ 11
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Introduction
Business law or mercantile law is the set of conventions and regulations that a company
has to follow in order to inaugurate its business and endure in the market. These
decrees are made up of diverse principles, contracts; nationalized and global
legislations and the dealings that take place in the company. This study will be focusing
on the legal systems of different countries and their nature. The different sources of
laws that the organizations must follow and the different roles of the government in law-
making and the application of these common laws will also be highlighted in this study.
Moreover, an illustration of the potential impact of the law on business will be studied in
accordance with the different laws that a company has to follow. Lastly, some of the
legal solutions for the business problems will be studied and its impacts will be
emphasized.
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Task 1
LO1
a) Discus the meaning of this statement and the various sources of UK Laws
b) Explain the role of government in the law making process and how statutory
and common law are applied in the justice courts
a) The constitution of UK states the statement that the “parliament is sovereign”. By
these words, it means that the parliament is the superlative lawful authority of UK and is
authorized to produce or finish any law or act. Laws are said to be the rules that can be
enforced by the justice of the state administration. The laws can be classified into two
different types, namely, the public laws and the civil laws (Gordon, 2015). These rules
are enforceable by any court of law and these can be adopted by any nation to bring
any company laws to order. No courts in UK can overrule the legislation of the country
and no parliaments can pass any law that cannot be followed by future courts. The
parliament of the UK is entitled to change any laws at the periods of emergency and/or
adopt a new law for the improvement of the nation. For example, during the time of the
increasing cyber threats, the parliament had passed a law against cyber crimes and
different acts have been introduced for the punishment of the cyber criminals.
The different sources of laws include the Customs(Pre 1066), Case laws (Common law
and equity law), legislation(Statutes) and the EU law (Roininen, 2015). These laws will
be described as follows.
Legislation
This is the major source of law and it consists of a variety of assertions of legal laws by
a knowledgeable power. Legislations are entitled with many responsibilities and power
which includes the regulations, authorizations, enabling and proscribing, providing funds
and sanctioning them, declarations and restrictions. A parliamentary legislature is
provided with the power to construct fresh laws, modify them or revoke previous laws.
The legislature also has the authority to hand over law-making powers to the
subordinate bodies.
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