Commercial Law in Australia: Understanding Contracts and Legal Principles

Individual project

Table of Contents
Introduction..........................................................................................................................................2
Main Body............................................................................................................................................2
Part A- Finding Law........................................................................................................................2
Part B- Business, Law and the Australian Legal System.................................................................3
Part C- Operating a business and contracts-....................................................................................3
CONCLUSION....................................................................................................................................5
References............................................................................................................................................5
Introduction
To maintain peace and order in country the law needs to define the rule and regulation.
Under commercial law the trade and commerce of the country is being regulates. The commercial
law of Australia shape the rules and regulation which are necessary to comply with every company
who so ever is implied with the trade and commerce within Australia(Asher,(2020). The specific
laws which are related to to contract law, law of tort, consumer laws of Australia, law of agency,
insolvency and securities law. These are the laws which were made to regularise the trade and
commerce range of transactions in business. The parliament of Australia is in charge to pass
regulation for commercial laws. The report includes statutes and case laws which are applicable in
Australian law.
Main Body
Part A- Finding Law
(1) There are different online research sources through which the current Australian legislations
can be studied in order to understand the commercial laws for any business activity. It
includes the database based on legislative operations, government authority, legal outcomes,
etc. One of them is Federal Register of Legislation (FRL) which is regulated by the
Parliamentary Council and covers the Federal Register of Legislative tools. Second is
Australasian Legal Information Institute (Austlii) which provides information related to the
judgements of the courts and the various acts and laws made by the law making authorities.
It also helps in approaching the Australian primary and secondary legal subject matter.
(2) Australian contract Law is basically originated from the English Law other than any
codified law or statute. The fundamental principle of the Australian contract law is freedom
of making the contract under which the parties are free to pitch over the bargain of their
choice. The parties are required to enter with free consent to perform the obligations decided
in the terms of the contract(Charrett, (2021)). The contract can be formed in both written
and oral form, transfer of land is an exception where the contract must be in writing. Only
the parties to the contract are bounded by the conditions mentioned in the agreement which