Business Law and Investment Studies
Added on 2020-10-22
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BUSINESS LAW
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................4Description of sources of law and the role of government in law-making.................................4Impact of Company, Employment and Contract law on business..............................................7Exploration of how different types of business organisations are legally formed and how theseorganisations managed and funded...........................................................................................10Identification and Recommendation of appropriate legal solutions for resolving disputes......12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONBusiness law sometimes also called as commercial law is the legislation that provides theframework for business and trade in a country. The business or commercial law provides therules and regulations of companies contract, manufacture and sale of consumer goods and hiringpractises of corporates. The present project report will be going to discuss the different sourcesof law in United Kingdom, the role of government in law making and how the common laws andstatutory law applies in the justice courts. The study will further highlight the impact of contractand employment law on the business entities. It will show how the business organisations arelegally formed and how they are managed and funded. Lastly, the study will show legal solutionsfor resolving the range of disputes in the business context. MAIN BODYDescription of sources of law and the role of government in law-makingLaw can be defined as a set of rule and regulations that provides a system which dealswith the aspects such as crime, business, trade and social relationships in a country. There are various sources from where the United Kingdom forms its legislation. These can bedescribed in brief below :Legislation : This is the most powerful and reliable source of forming laws andregulations. The legislation is established by the legislative body of the government in UK. Thislegislative body comprises people who are elected by the citizens of the country for representingthem. These members of the legislature forms and create legislation for the entire state. The lawsthat are created by this legislative body are mandatory and are called as statutory laws of UnitedKingdom.Customs : Customs are the ancient beliefs of the country is another source of businesslaw (Beatty, Samuelson and Abril 2018). The ancient custom rule which are reasonable andwhich are endlessly followed since ages are binding on the state. Such customary rules areobligatory to perform by a business person. From this, it can be said that law sometimes derivesits meaning and essence from custom.Judicial decisions/ Common Laws : Decisions of courts sometimes becomes a sourcefor the law makers for establishing business rules and regulations in the country. For example, Dunlop Pneumatic Tyre v/s Selfridge and Co. Ltd made a confirmationon privity to contract that says, only party to a contract can be sued on it.
English Law : The business law that was originated in England has its influence on manyother countries around the world. For example, Indian and Nepal's legal system for business is based on some principles ofthe United Kingdom in relation to constitution, statutes and judicial decisions.Conventions : International conventions plays a crucial role in forming a law for thecountry. Various international treaties and conventions related to business and trade becomes abasis upon which the rules and regulation are drafted in the state by the law makers (Beatty,Samuelson and Abril, 2018). For example, Convention on Discrimination in employment andoccupation, that provides the provisions for prohibiting discrimination in employment practisesand at workplace. This international treaty has been signed and ratified by the United Kingdomthat gave rise to law for prohibiting such practises. Statutes : These are the laws that are the result of need, time and demand of thepopulation of the country. These laws are created after a series of discussions in the parliament. For example, Companies Act, 2006 provides the legal framework for the companies operatingin United Kingdom.Role of Government in Law-makingLaws in the United Kingdom are when the bills are passed by the parliament and whenthis passed bill is duly signed by the President of the country.Bills are drafted initially as a proposal for creating a new legislation in the state. It alsoincludes the proposal for amending the existing law. The government's role in bill drafting is thatproposals are firstly approved by the government after which said the proposal is drafted as bill. There are various stages involved in law making:Drafting of bill : A proposal is drafted to be called as bill for the purpose of creating newor amending the current laws in the country (Coulon, 2018). These are proposals have to beapproved by the government first. Presentation of bill : When the proposals are drafted, they are presented in the House ofLords. These bill have to go through three different readings on different dates. In first reading, no debate takes place and vote is taken whether the house wants to takethe bill further.
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