Sources of Business Law English Legal System
Added on 2020-10-05
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Business Law
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Explain different sources of law...........................................................................................3P2. Explain role of government in law making and application of common and statutory lawin justice courts...........................................................................................................................4TASK 2............................................................................................................................................6P3. Using specific examples illustrate the potential impact of company, employment andcontract law on a business...........................................................................................................6TASK 3............................................................................................................................................7P4. Explore different types of business organizations that are legally formed...........................7P5. Explain how business organizations are managed and funded.............................................8TASK 4............................................................................................................................................9P6. Recommend legal solutions for resolving range of disputes using examples......................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness law is the laws relating to trade, industry and commerce. It is one of theimportant branches of Civil law and also called as “Commercial law or Mercantile law”. It haswide scope as it includes legal provisions which are applicable to contracts, partnership, sale ofgoods, negotiable instruments, companies, insolvency and many other areas (Allen andKraakman, 2016). This assignment covers various sources of law and role of government in lawmaking together with application of common and statutory law in justice courts. Along with this,explanation of impact of company, employment and contract law upon a business followed bydifferent types of business organizations and their management. Lastly, different types of legalsolutions have been discussed to resolve variety of disputes or conflicts arising in the course ofbusiness. TASK 1P1. Explain different sources of lawEnglish legal system is wide in scope and to use it without any difficulty, all theinformation about law must be gained and understood. Thus, it provides number of sourceswhich can be accessed to get the appropriate knowledge about application of law. The sourcesare as follows: Parliament/statue: The UK Parliament in Westminster is the supreme authority to enactlaws which extends to whole UK. It is compulsory for every citizens including businessorganizations to comply with acts which are applicable to it. Every year, a member fromParliament presents bill(s) at the opening speech ceremony, which goes through a process forreceiving royal assent (.Ashcroft, Ashcroft and Patterson, 2016). These are called legislationswhich are the foundation of English legalsystem. Furthermore, it comprises offences and theirpunishments or penalties which intend to provide justice. Every act includes effective date,scope, definition of terms, applicability and remedies. A person can go through all previousdetermination for getting knowledge about legal principles that prevails in the country.Furthermore, rules and additional laws can be read in conjunction to have better understanding.Also, government make amendments to eliminate loopholes and make the law more effective. Ithelps in bringing legal solution without any difficulty.
Judiciary/common law: Common law is the unwritten law which comprises number ofdecisions passed in by judges in the courts. There are different types of courts such as sessioncourt, high court etc. who provide decisions. Furthermore, principle of legal precedent isfollowed by the judges on which judgements are made. According to this principle, a case withsimilar facts and issues will be decided on judgements passed in previous cases (Bayern, 2016).There are case reports prepared in every case which consists issues, facts, legal principles anddecision so passed. It is also known as judge made law and bound by Parliament's power.Interpretation of acts should be the prime step for getting the right meaning so that it can beapplied in a correct way. Also, different judgements made by different courts must be consideredfor knowing the reasons of change in number of decisions. Interpretation is important to knowthe intention of Parliament behind implementing a law. European Union: It is a member of European Union which has issued number ofdirectives which are followed in UK. It covers matters of taxation, tariff rates, export or importto other European countries. However, it has proposed to exit from membership and work onindividual basis. But as long as the decision is not final, it has to comply with directives given byEU. The working of organizations in European countries which have potential impact in UK canbe understood through this source. Furthermore, in case of any doubt, EU directives will prevailover legislations under UK legal system. P2. Explain role of government in law making and application of common and statutory law injustice courtsGovernment holds the power to decide about the country. It formulates and implementvarious plans and policies for the benefits of majority of people. Similarly, it has three differenttypes of roles to play in making laws which will be applicable in UK. These are as follows: Executive role: This role is about the enforcement of various plans which has beenimplemented by the government (Beatty, Samuelson and Abril, 2018). All the acts that havebeen passed by Parliament must be abide by UK citizens. It comprises Crown, Prime Ministerand other cabinet ministers. These people have the authority to ensure execution of laws thathave been written by legislatures. Legislative role: House of Commons and House of Lords are the legislative bodies whopresent a bill to be gone through the process for enacting it as an act. They carry an assessmentand review of existing legislations in order to see the effectiveness. This helps in making
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