Unit 7: Business Law Assignment

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Unit 7Business Law
Table of Contents
IntroductionThe term business law has been reasoned as the intellectual study of the constantlychanging legal scenario that access firm to operate its problems in the legal manner. Businesslaw is considered as the statutory legal document which encompasses the owners of the firms tostart, buy, manage or close the business operations. As the protocols are formed by thegovernment of nation, this helps owners of the business to protect themselves from differentpenalties which are imposed in case of noncompliance (Allen and Kraakman, 2016). Whileworking at the post of the top management and dispute law advisory in the law firm globallawyer which is based in London hence this requires the advice on the nature of the legal systemof rules that prevails in country as well as different sources of legal system from which the law ismade. Also, the effect of the employment law, company law and the contract law would beexamined in this report. It would also give the reader the information about how the businessorganisations are formed and at last the appropriate legal solution would be given for resolvingthe disputes.Task 1P1 Different sources of law in UKThe UK is reasoned as one of the best provinces while taking into consideration the legalstructure. Legal structure in UK are divided into the three separate systems which includes oneeach for Scotland, England & Wales and covering Northern Ireland. This helps in showing thehistorical origin of the legal system of UK. This has been seen that constitution is an unitarybody and the legislative assembly is considered as the supreme law-making authority. As it isseen that the basic concept of law is to keep a good structure of society with some of the writtenprovisions (Allen, 2017). The constitution of UK is considered as unwritten constitution whichupdates as and when requires for the betterment of the society. This has been seen that thefundamental law of UK is unitary body. English legal system is divided in to various types oneof which involves the common law, statutory and equity law. These are as follows:Statutory-law: It is termed as the law which is in the written form. This law is made bythe legislative assembly or the governing authority of the country. The law is enacted bythe legal entity of the country. It is the law that differs from regulatory and administrativefunction of the government. Different government agencies and prior discussions made1
on issues forms the structure of these law. This law also helps in setting a generalproposition of law which helps them in specified issues which arise in the court. Forenabling this law and implementing it to society various steps must be taken bygovernment which are considered as the legislative process.Common law: A legal structure for England and Wales has been considered according tothe common law. They have reasoned as the body of unwritten laws which are based onthe legal cases established by courts (Bacon, 2017). This law is reasoned as the lawwhich helps in influencing the decision-making process in case of any unusual eventoccurs which cannot be ascertained on the basis of existing statuses or written rules. Theprimary aim of the common law is to yield a constant principles so that similar conceptscan give similar outcomes to the society and the court rooms while discussing any issue.This law is framed only when the society requires it to be framed or in the case to casebasis.Equity law: The countries in which common law is considered as main principles thenequity also prevails and is built on judicial assessment of fairness. Such laws themselvesdo not address an issue or are considered as inadequate in a way this law is used. Theterm equity refers to a set of remedies and associated activities entangled with certaincivil law. These are in form of doctrine and procedures which are differentiated from thelegal terms. As It is seen that the legal remedies basically involve the monetary damageswhile on the other hand equitable relief includes injunctions, specific performance or aterm of vacaturs. This is a law which is made while keeping in mind the remedies that areneeded to be solved for society. The chancery is the head of this system and has thepower to settle the dispute which arise between them.M1 Evaluation of effectiveness of recent reforms and development in legal systemThere are various laws that are made in UK and are considered to be followed by thecitizens of the nation. The laws should be made and must be revised timely so that thedevelopment take place in the country. The government has to perform various functions so as toupdate the laws in the country and to provide the benefits to the people. Various advantagesrelated to UK legal system includes the following:2
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