Comparing Common and Statutory Law
Added on 2020-10-22
17 Pages5544 Words392 Views
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Business Law
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1TASK 1............................................................................................................................................1A) “Parliament is sovereignty” and various sources of law........................................................1B) Role of government in law making process and application of statutory and common lawsover justice court.........................................................................................................................2C) Impact of company, employment and contract law over the business...................................4TASK 2- (LO 3)...............................................................................................................................5Explaining the Nature and formation of different types of business..........................................5Critically evaluating the difference between unincorporated and incorporated business...........6Advantages and disadvantages of partnership and company .....................................................8SECTION 2 – (LO 4).......................................................................................................................8Case 1..........................................................................................................................................8Case 2........................................................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBusiness law is a set of rules that provides framework within which organizations arerequired to conduct their activities. In other words, business law governs trade and commerce inthe country. It has two broad sections in which one section regulates the commercial entitiesthrough company law, partnership, bankruptcy and agency law. The second section regulates thecommercial transactions by the way of contract law. The present project report is going to covervarious sources of law, role of government in law making process and how statutory andcommon laws are applied in the justice courts. Further, in this report explanation will beprovided on company, employment and contract law in order to analyse their potential impactupon business.Nature and formation of different types of business, with critical evaluation ofunincorporated and incorporated will also be discussed in this report. Moreover, legal solutionsof both the cases will also be discussed in this assessment.SECTION 1TASK 1A) “Parliament is sovereignty” and various sources of lawSovereigntySovereignty is the self governing state. With the help of which the authority gets vasupreme and dominating power within the country (Emery, 2016). Sovereignty power makes theauthority independent as to make the rules for overall country.Parliament sovereigntyIn UK, the parliament performs the core function of making the law foe the country. Nolaw can be made without consent of parliament. Further, the constitution of UK has bound eachperson of the UK to comply with the laws made by the parliament. Any non compliance maycause in attracting the legal penalties over the defaulter. Therefore, form the above examples, itcan be evaluated that the statement “Parliament is sovereignty” is correct. Sources of law:Sources of law are the legal factors on the basis of which the laws are being made in thecountry. UK also have decided some sources of laws as under:Statutory law: These are the main source of law. Statutory are the key legislations of thecountry that are applicable to each governing authority, individual, commercial1
corporation etc. of the country. These are originated through green paper of theparliament.Common law: Common laws are laws that are applicable to the lower divisional courts.In UK, common laws are defined as the combination of the justice of the higher judicialcourts (Hunter and Waterman, 2016). Therefore, justice of higher divisional courts arethe main source of common laws. Equity laws: Equity laws are made in UK as to ensure the equality among the populationof UK. These contains the rules by which the illegal discrimination can be eliminatedwithin the country. Trust, equality and anti discrimination laws are the main sources ofequity.EU laws: EU laws are euro prion union laws. As the UK is also a member of Europiununion, its laws are also a source of in UK. Any law made of amended by EU have a directeffect over the rules and regulations of the laws of UK.International laws: As many of the companies of UK works at international level,various international laws like WTO, WHO, etc. are also treated as a source of law inUK. As its rule relating to the international treaties need to be comply with these laws.Effectiveness of reformation of the legal system of UKLegal system of UK is effective as the UK government keeps amending the laws as perthe requirement of the country. For example, recently the government of UK has amended itsADR system with the help of which legal terms of the international business has become moreliberal. It has helped the country in enhancing the business operations of the internationalbusiness. Although, there is an ineffectiveness also in the UK's legal system that the constitutionof the UK is not in written format.In this regard, it can be evaluated that the legal system of UK is an effective legal systemin terms of recent reforms and development. B) Role of government in law making process and application of statutory and common lawsover justice courtRole of government in law making processGovernment agencies performs a core function of identifying the need to new law oramendments of any existing law. They make the bill as per the need of law in the country.Further, each stage of parliament for passing the bill and making the law is also performed by the2
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