Business Law: Sources, Implications, and Management

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Various Sources of Laws.............................................................................................................3
Law making Authority.................................................................................................................4
The Effectiveness of the English Legal System..........................................................................4
Business Laws and Their Implications on business....................................................................5
Formation of Different Types of Organizations..........................................................................6
Sources of Management and Funding.........................................................................................8
Dispute Resolution through Legal Means...................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In enterprises and corporations, business laws are extremely significant. Business law is the
body of law that deals with business or commercial issues. Controlling corporate entities and
managing company activities are two different areas of business law. It's also known as business
law or commercial law (Bernaz, 2017). There are various additional types of legal entities,
ranging from single proprietors to partners, profit-making enterprises to non-profit organizations,
all of which are controlled by the law and should not operate in violation of it. As a result, the
paper delves into the principles of the legal system in the United Kingdom, as well as relevant
commercial legislation. It aids in the comprehension and knowledge of numerous sources of
laws, as well as the implications of numerous laws on company and its operations. Finally, it
explains the numerous legal options accessible in the event of a dispute between parties.
MAIN BODY
Various Sources of Laws
In the UK, secondary data sources include publications, journals, and official webpages,
whereas main sources encompass statute, judicial interpretation, and European Union law. Here's
a quick rundown of the most essential sources.
 Legislation: It refers to the actions of the legislative, or the laws passed by the
legislature. Only the UK parliament has the authority to pass laws that effect all four
countries. The United Kingdom's two houses of parliament are the House of Commons
and the House of Lords. No one has the power to amend or repeal laws, and no one has
the right to object to them.
 Common Law: The legal system in England and Wales is referred to as common law, as
stated earlier. Courts have had the authority to legislate based on a statute's
understanding. The function of the judge is to analyze the material or phraseology of a
law that has been enacted by the government.
 The European Union's Law: Being a part of the European Union, domestic law is
superseded by EU law (Hooper and Holtbrügge, 2020). In those other sense, the
European Court of Justice's decisions are binding on all UK courts (ECJ). The European
Court of Justice's decisions, including the one guaranteeing convicts voting power in
return for their liberation.