Understanding Agency and Competition Law in the UK
Added on 2019-09-22
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[Author name][COMPANY NAME] [Company address]BUSINESS LAW
Business Laws1. Different Types Of The Legal System In The UK, Contract Law And TheirImpact1.1 In the context of the United Kingdom, there are a number of laws that has been taken into practice. These are briefly described below:Statutory LawStatutory Laws are the laws that has been created by the Parliament of the nation. These laws are basically codified. (Jones, 2017). In the United Kingdom, the statutory law has been codified by the Government taking into consideration all other laws at one place for reference. In addition to this, it is generally designed is designed to keep citizenssafe and enable them to function in their everyday life. The court rulings under the statutory laws are framed by the Parliament itself. It is followed by the lower courts Common Law and EquityThelawofequityis set of rules that has been created by the Chancery courts for the purpose of mitigating the ruthlessness that thecommon lawsystem provides to the nation. In jurisdictions that follows the common law system, equity is the body of law administered contemporarily with the common law. (Kelly et al, 2011).
Business Laws●Criminal LawCriminal Law has been established to deal with the cases involving activities suchas theft, murder, fraud and the like. In dealing with the criminal law, financial crimes are also taken into consideration. The burden of proof under criminal law is on the person to prove themselves innocent when caught by the law enforcement officers. Property lawProperty law generally deals with the functions of transfer, buying and selling of tangible and intangible assets. These can occur between legal entities like individuals, body corporates or charitable funds. This may also deal with ownership rights.1.2 Contract laws have a very significant impact on businesses (Beale et al, 2019). This isbecause business means a transaction between two legal entities (Beale et al, 2019). According tocontract laws, the rights are duly protected in every agreement (Knapp et al, 2019). Apart from this, these rights are enforceable by law and hence if, during the tenure of the contract any damage is incurred, the party can claim compensation. Contract law diminishes the risk factor in the business and keeps uncertainty at bay (Poole, J. (2016).Under the EU contract law, the legislationaffectsbusinessfor the it takes precedence over nationallaws. For instance, in case anyone deals with abusinessin EUcountry, there is a choice about where thecontractis made or the jurisdiction where the terms of the contract has been agreed. In addition to this, there is a huge impact on cross border transactions as well. On
Business Lawsthe other hand, the impact of UK contract law on business is also aggressive due to the Brexit paradigm which has created a sense of panic among the members of the UK. It is an evident fact that contracts are must for any business, however, the restrictions and the clauses that are listed under the UK contract law must be followed strictly by the business owners else they would have to face the consequences mentioned thein which might lead to bankruptcy. In addition to this, there are a number of terms and conditions involved in the contract law pertaining to business transactions. In due course, contract law and defines the essence of any business.It is an evident fact that a contract is a promise which is legally binding among the partiesto contract (Poole, 2016). However, failure to meet the terms and conditions or failure to follow any rules or principles would lead to breach of contract. Failing to perform any part of the clauses in the contract hinders the objectivity of the agreement (Poole, 2016). When any breach of contract is alleged, any of the parties can have the contract enforced on its terms. (Beale, et al, 2019). In addition to this, any pf them may try to recover for any losses ascends as a result of the alleged breach. Beale, et al (2019) also emphasized that in case any dispute over a contract ascends the parties may file lawsuit. The remedies that have been secured for the victims or for the guilty are under the law enforcing system and the principle rules governing the court rulings. 1.3 Intellectual property rights are basically those rights which allow creations or creativeideas to be given the stature of physical assets (Barrère & Delabruyère, 2011). These may have a
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