Business Law: Sources, Process, and Impact on Business Organizations

Carters LLP

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Sources of law.........................................................................................................................................3
Law making process in UK legal system.................................................................................................4
How statutory and common laws are applied in court system.................................................................5
Potential impact of contract, employment and company laws on business using specific examples.......6
How business organizations are legally formed?.....................................................................................7
How business organizations are managed and funded?...........................................................................8
By using examples of various business situations, recommend legal solutions.......................................9
CONCLUSION.........................................................................................................................................11
REFERENCES..........................................................................................................................................12

INTRODUCTION
Business law is considered as the set of legislations which regulates the working of the
businesses. It is wide ambit which consists of many statutes which governs many areas of
organization’s working such as the contract law which governs the agreements of business,
company law which governs the working of companies, employment law that regulates the
relationship of employees and employers and many others. The English legal system consists of
the three branches which include a legislature that is the supreme law making authority,
executive which executes the enforcement of laws in the country and the judiciary which
interpret the existing laws and make new legislations as per the needs of society (Rezaee, 2017).
This report shall cover the English legal system, sources of law and its process of making and
how statutory and common laws are applied. Further it will include the overview of business
laws, how business organizations are managed, funded and legally formed and different alternate
dispute resolutions.
MAIN BODY
Sources of law
There are different sources from where the law of the country is evolved. Law is the set
of rules which regulates the actions of the people and punishes the wrongdoer. The English legal
system does not have the written Constitution which sets out rights of people and how the
government must act (Nogueira, 2020). It consists of different sources of laws which are
discussed below-
Primary
These are the authoritative and original statement of the law. These are enacted by the
supreme law making authorities of United Kingdom. It comes under the following forms which
are discussed below-
 Legislations- The UK have the partially written and un-codified Constitution and the
large part of it is written down in the legislations which are passed by the Parliament
which consists of two houses which includes firstly the House of Lords and secondly the

House of Commons. Parliament is considered as the supreme law making authority who
have power to enact law and it cannot be challenged in any court of law.
 Case laws- It is the legislation which forms doctrine of precedent in English legal system.
It is published in the law reports. The judiciary is entrusted with the responsibility of
interpreting the existing laws and make new laws as per the requirement of the society.
The lower courts are bound by the decision of the higher courts.
Secondary
It mainly consists of the commentaries on law. These are not actual legislations but
consist of the documents which support the law making. These include the following-
 Legal encyclopedia- These are considered as the best way to start the research on any
topic of law as it consists of the key points, cases, issues and the laws. It is mainly
written by the lawyers, academicians, etc.
 Parliamentary and Non- Parliamentary documents- It mainly comprises o the
background of any law which is enacted by the superior authority of law making. It
includes the debates, discussions of members of Parliament during the enactment of
any law.
 Law journals- these are very extensive as it may cover general or specific area of the
law. It is mix of the case commentaries and articles which helps in understanding the
legal issues in a detailed manner (Wills, 2017).
Law making process in UK legal system
As the Parliament is the only authority to make the laws, its process of law making
begins from either of its house where the bill is generally introduced. If it is passed by both the
houses, it is made a law. This process involves several stages to make a bill, a law. These include
the following-
 First reading- This is the initial stage where the formality is done to read the name of the
bill in a chamber.
 Second reading- in this, the debate is initiated on key areas and purpose of the bill. The
members discuss the specific area or concerns where the changes may be required. No
votes are taken at this stage.