(Doc) Sources of Business Law
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Added on 2020-10-22
(Doc) Sources of Business Law
Added on 2020-10-22
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BUSINESS LAW
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1. Sources of Laws...............................................................................................................1P2. Role of government in law making and application of statute and case laws..................3TASK 2............................................................................................................................................4P3 potential impact of employment and contract law..........................................................4TASK 3............................................................................................................................................6P4. Legal Solutions for Business Problems............................................................................6P5. justifications for the use of appropriate legal solutions....................................................8TASK 4..........................................................................................................................................10P6. Recommending Legal solutions based upon a different country’s legal system...........10M1. Effectiveness of the legal system .................................................................................12M2 Differentiate and analyse the potential impacts of regulations, legislation and standards.12M3 positive and negative impacts of legal solutions to business problems........................12M4 Effectiveness of these recommendations.......................................................................12D1 Coherent and critical evaluation of the legal system and law........................................12D2 Importance of appropriate legal solutions......................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONBusiness law is a type regulatory framework which helps in regulating business activitiesto make them run in effective and in legal manner as well. There are different laws andregulation which every organization has to follow properly to maintain their legal structurewhich can help them in running their business smoothly. This includes all the laws that governhow to start, buy, manage and close or sell any type of business. Business laws establish the rulesthat all businesses should follow. Present report will talk about various business law to workeffectively. It will discuss about various sources of English law available and the role ofgovernment in law making process and how common and statuary laws are applied in justicecourt is also be discussed in it. Apart from these topics, it will also explain about potential impactof employment and contract law on any business and providing legal solutions and itsappropriate justification is explained. This report also provides some legal solutions based upon adifferent country’s legal system. TASK 1P1. Sources of LawsSources are known to be an origin point from where law has been derived. Every statemust work within these rules for governing their territory. It also provides validation for variousregulations. It is of two types as follows:International Sources- It is considered as external factors from where the rules are madeor assigned to various nations.Treaties- Government of a state or a country can sign many international treaties but theyare used for some circumstances only (Scarborough, 2016). These can be related to maintenanceof peace among neighbouring countries or successful conduction of trade activities that can bebeneficial for both member nations and their natives. European Community Law- It is known to be an important example of InternationalLaw. Any European country that joins European Union has to follow every rule, which is relatedto this community such as directives, precedents, decisions and other treaty provisions. Itprovides them an opportunity to coordinate together for several purposes.National Sources- These are the origin points, that are present in a nation and laws areoriginated from other internal sources. 1
Some of them are discussed as below:Legislation- It is considered to be a prime source. Law under this criterion is derivedfrom competent authority. It can have several purposes such as regulation, authorization,enabling, proscribing, and provision of funds, sanctioning, granting, declaring or restricting anyparticular regulation. Parliamentary legislature formulates many new rules, which includes Act of Parliamentthat involves amending, repealing laws that are obsolete. Legislature may provide powers toother legal lower bodies sanctioning in different areas across a particular nation. In UK, suchdelegation comprises of Orders in Council, Statutory instrument and Byelaws. These can be openfor challenging on the grounds of irregularity in processing and power can be withdrawn for anyfaults. There are many legislatures whose powers are restricted by constitution.Apart from this, legislature legislates its power but court has authority for interpretingstatutes, regulations as well as treaties.Case Laws- These Judicial precedents are based on doctrine of stare decisis and they arerelated to Jurisdiction which relies on Common Laws (Anderson, Brodie and Riley, 2017). Theseconcepts are adopted by system of civil law. Precedent can be defined as law principlesformulated from decisions made earlier. Judgement which are passed, are generally recordedwhich becomes significant for application in practical scenario. Every authoritative precedent actas a guide for those individuals who are involved in decision-making. As compared to other lawsources, ithas advantages of flexibility as well as adaptability, which may allow a judge forapplying the concept of providing justice rather than implementing law.Equity- It is a peculiar origin source for deriving several rules and regulations. They areformulated by Court of Chancery but their applications are regarded as discretionary (Cheng,2018). Major achievements of Equity can be trust, probate, charities and equitable remedies.There are many equitable maxims, which are present in it.Parliamentary Conventions- These are not strict in nature but their breaching can be aserious concern. They are found in legal system. It generally governs many relationships amongHouse of Commons and House of Lords. They are generally passed by introducing bills, whichare implemented by the government in their respective territory.2
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