Business Laws. [Author name]. [Company name]. [Company
Added on - 22 Sep 2019
[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 takeninto 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 statutorylaw has been codified by the Government taking into consideration all other laws at oneplace 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 thestatutory laws are framed by the Parliament itself. It is followed by the lower courtsCommon Law and EquityThelawofequityis set of rules that has been created by the Chancery courts forthe purpose of mitigating the ruthlessness that thecommon lawsystem provides to thenation. In jurisdictions that follows the common law system, equity is the body of lawadministered 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 arealso taken into consideration. The burden of proof under criminal law is on the person toprove themselves innocent when caught by the law enforcement officers.Property lawProperty law generally deals with the functions of transfer, buying and selling oftangible 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 fromthis, these rights are enforceable by law and hence if, during the tenure of the contract anydamage is incurred, the party can claim compensation. Contract law diminishes the risk factor inthe business and keeps uncertainty at bay (Poole, J. (2016).Under the EU contract law, the legislationaffectsbusinessfor the it takes precedenceover nationallaws. For instance, in case anyone deals with abusinessin EUcountry, there is achoice about where thecontractis made or the jurisdiction where the terms of the contract hasbeen 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 Brexitparadigm 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 andthe clauses that are listed under the UK contract law must be followed strictly by the businessowners else they would have to face the consequences mentioned thein which might lead tobankruptcy. In addition to this, there are a number of terms and conditions involved in thecontract law pertaining to business transactions. In due course, contract law and defines theessence 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 followany rules or principles would lead to breach of contract. Failing to perform any part of theclauses 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 enforcedon its terms. (Beale, et al, 2019).In addition to this, any pf them may try to recover for anylosses ascends as a result of the alleged breach.Beale, et al (2019)also emphasized that in caseany dispute over a contract ascends the parties may file lawsuit. The remedies that have beensecured for the victims or for the guilty are under the law enforcing system and the principlerules 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