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Various Sources of Law

University: University of Suffolk London

  • Unit No: 5
  • Level: Undergraduate/College
  • Pages: 20 / Words 5069
  • Paper Type: Assignment
  • Course Code: bbun2103
  • Downloads: 296
Question :

There is provided some specified assessments which is mentioned hereunder:

    1. Give English legal system and its vary nature?
    2. Outlines the potential impact in law with commercial business practises?
    3. Examine appropriate formation of company
    4. Recommend various alternative legal solutions for disputes
    Answer :

    INTRODUCTION

    Business Law refers to the body of laws of government that runs the commercial activities. This governing body deals with both the private and public law issues. It major regulates the hiring practices, corporate contracts and sales of customers’ goods. Trade laws are the commercial law that has impact over the businesses in terms of sales, trade and merchandising (Velenturf and Jopson, 2019). Business laws bounds the businesses of the organization in the way in which they do business. To run a company, the enterprise needs to follow the laws and ethics of the business. Any newly start up business needs to adhere the business laws.

    The project report will explicate various sources of law. It will determine the role of government in law making. The study will illustrate the example of company about how contract law has potential impact on enterprise. Report will elaborate by doing differentiation between regulations, legislations and through standard analysis for identifying the potential impact upon the business. Furthermore, it will explain how various types of organizations are legally formed, funded and managed. Assignment will provide recommendations in order to resolve range of disputes through using examples. Lastly, report will provide legal solutions in order to resolve range of disputes and conclusion.

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    TASK 1

    Various Sources of Law

    UK's constitution refers to parliamentary sovereignty as their key principle. Parliament is said to be a legal authority that is supreme in UK. Members of Parliament has the power to pass any law or to end. Legislation of the parliament cannot be over ruled by the courts (Vagts, Kohand Buxbaum, 2015). It is supreme in against of the government institutes that includes judicial bodies and executive. Parliament has also power to change any previous laws that has been written by their ancestors. Thus, the Parliament can be said as "Sovereign".

    Source of law – It refers to an origin from where a law is being obtained. These are the constricting rules that helps to govern a territory. United Kingdom of Northern Ireland and Great Britain consist of four countries namely, Scotland, Northern Ireland, England and Wales. Here, some laws are applied in UK as whole but some laws are applied only for three countries. Various sources of law are explained below -

    • Legislation and Parliament – The parliament in considered as legal authorization in the UK that can end or create any law. None of the court can overrule its laws and legislation. Thus, it is considered as a source of law. This is the authority that has power to approve the laws for applying in four countries. 650 members are present in House of common in Parliament. They elect the members by using the Post system and first past. The candidate is being chosen that has the highest number of votes by the electors. 800 peers are preset in House of Lords (The Legal System of the United Kingdom, 2019). Queen has the right to appoint 600 out of them. Other members are the people in House of Lords that has given title of Lady and Lord and one of them is a senior priest in Church of the England. Some countries have the power to pass the law in devolved matters. It includes Scottish Parliament, National Assembly and Northern Ireland. The countries in which these laws are passed are applied on only those countries.
    • Common Law – Common law is being made under the legal system of England and Wales. The decisions which is being taken in the courts of the England and Wales are used as a base for making other laws in the region. (Scholes, 2015). These laws are made on the basis of the cases that has passed over the centuries. At the time of starting of laws in the Wales and England since from the 11 of the century.
    • European Union – The directive is being appointed for implementing the state, national law and regulations that has influence over member states. UK is a member state of European Union. Thus, this means that laws out there have also had implications in United Kingdom.
    • European Convention on Human Rights – Being a member state of European council, UK is signer of the European Convention on human Rights (Solomon, 2017). Human Rights Act 1998 comes into the force. Thus, it makes courts enables in order protect the rights of European convention in UK.

    Law making process and role of government as statutory laws are applied in justice court

    The role of the government in law making process is to pass the law and evaluating and monitoring the actions of the courts. The role of the government is to decide which laws need to be implemented and to manage those laws is the responsibility of the government. The new law introduced in UK is known as bill. The bill needs to be agreed by the houses of parliament (both) as well must receive a Royal Agreement by the queen. In order to become a law of parliament the above conditions should be essential to be followed. Initial an introduced bill is termed as “First reading”. This is said to be an official notice that bill is being proposed in the court. At the flour of houses this bill is said to be “Second reading” where the principles points are being considered MPs looks an examined this bill in detail (How are laws made in the UK?,(2015). The bill is being voted by the members of the parliaments and this is called as “Third Reading”. If it has majority of the votes than it is gone through House of lords. Lastly the Queen gives Royal assents to this bill and it becomes Act of Parliament in UK. There are two ways through which laws can be formed in UK. This is explained as follows -

    • Common Law – This refers to the case laws and are of two types first one is the law which is passed by the judgements to becomes the new law. Second one is existing laws that are passed by the judges that creates new distractions and new boundaries based on their interpretation (Morley, 2016). Various government agencies also frame laws that are called as regulatory laws. They have the authority to follow up the laws that are created by the legislature.

    • Statutory law – There are the laws that are passed by different government agencies in various countries. State government and federal passed the laws. Cities and towns has the power of laws that are passed by the ordinances. The motive behind introducing the new laws is to meet the needs of citizens in order to resolve their issues and for formalizing the law that is already in existence.

    Contract, Employment and Company law has potential impact upon enterprise

    Basis

    Contract Law

    Employment Rights Act 1996

    Company Act 2006

    Legislation

    It is body of laws that governs the contract's in Wales and England. It refers to the engagement among the two parties. It bounds the two parties by an agreement and it is also enforceable by law.

    This law is an Act of parliament in UK. This law includes the fair dismissal, reasonable notice and time off for progenitor. The redundancy of the unfair dismissal is also included in the Employment Rights Act. This Act mainly deals with the rights of the employees. The business needs to consider this law by providing the fair wages and remunerations to the workers (McCorquodale, Lise and Brooks, 2017).

    It is also the act of the parliament in the UK. This act includes the legal formulation, termination and the entity. This act defines incorporation process of the companies that are newly formed. It describes that companies can now fulfils their submissions and duties by communicated with their shareholders through electronically (Laudon and Traver, 2016). This act now has described the director duties as to do promotion of their success to the shareholders. There is right to sue the director of the organization in this act by the indirect shareholders. The nominee shareholders could receive the company's information through electronic medium.

    Regulations

    This contract Act has potential impact on the businesses. For making a contract valid the parties should consider following elements of valid contract -

    • Acceptance and offer – An offer must be made by one of the party to another one as it shows the willingness that must be acceptable by the other party. Acceptance means that the other party has to agreed upon the conditions and terms which is being written by the one of the party. Without making any negotiations if the party agreed on the terms and conditions than it is said be as the contract is accepted by the both of the parties (Merry, Davis and Kingsbury, 2015).
    • Consideration – The consideration must be present in valid contract. This is important from the perspective of both the parties. For example, if one party sales the goods to the another party than there must be something in return. Without having adequate consideration no party will enter into the contract.
    • Intention to create legal obligations – The parties needs to be make an agreement that is bound by the law and has legally formed. Without having any legal obligations, the agreement can be said as contract. For example, A Ltd sold goods to B on the faith that he will pay the amount of goods which is £25 after a month this contract is not legally bound. Thus, a has no rights to claim money from the B as there is no legal document is being signed between them.
    • Terms and conditions – The parties which are entering into the contract needs to be mentioned the terms and conditions of the contract which is specific and in clear manner so that it can be bind by the court. The court will not approve the conditions if it is ambiguous and vague. For example, a claim to B that he will bring moon for her than this contract is not valid the conditions are not possible.

    This law is also associated with the flexible working conditions of the employees. Employers are ensuring that the employers are obliged with the flexible working in their organization. As per the employment particulars, the employers need to serve the conditions and terms of the employment in the written form to the employees. The organizations need to disclose the information of their business for the public benefit. Paid off time is also be given to the employees as per this act. Before the company is planning to make their employees terminated from the job they need to give a prior notice of 1 week. The employees may have notice period of long duration under this act. The employees are also protected from the right that they are not unfairly dismissed. Minimum wages of the workers need to be paid of by the employers. At the time when the employer is in insolvency conditions and fails to pay their staff in this condition the secretary of the state will pay some amount of the loss on behalf of the government. According to this act redundancy amount will be paid through calculating the service period of the employees and their age.

    This act provides rights to the limited company that now there is no need to hire a company secretary, the one director is enough to run the business operations. Naming rules of the company is being upgraded under this act. Directors of the company can now keep their residential address secret from the public record by providing the service address. Annual General Meeting is not compulsory obliged by the private companies. Private companies is now not bounds to organize Annual General Meeting (Zhou and Wen, 2019). Share Capital rules in the private companies is also being changed. At the time of company formulation, the memorandum of the association and articles of the association needs to comply by the company under this act.

    Standards

    It will affect the entrepreneurship business. As per the contract law the entrepreneurs are bind with the terms and conditions of the contract. There must be an intention to create legal obligations. The company while making the contract ensures that they must write terms and conditions of the contract on legal document.

    The company needs to ensure that the employees get proper facilitates in the organization as per the employment rights act. They need to give reasonable wages and remuneration as per this act. The Employees are facilitated with the flexible working condition. As per this act reasonable notice is being given before dismissal.

    As per the company's Act 2006, the enterprise needs to follow the rules and regulations regarding Company Act. As per this act one director is mandatory needs to be appointed. This act is now providing flexibility to the enterprise. They doesn't need to organized, Annual General Meeting.

    TASK 2

    Various types of organizations are formed and legally managed

    Types of organizations are as follows -

    Sole Proprietorship – This refers to the sole trader. This type of business is carried out by only one person. The legal authority is also of one person. Any business losses is to be carried by the single business owner (Beatty, Samuelson and Abril, 2018). Thus, it is a major drawback of the sole proprietorship business. The profits and losses of the business is carried out by the proprietor. The owner makes arrangements of the funds by taking help of their friends and relatives. Total control of the business is hands of the proprietor. Here the owner has limited liability.

    The business of sole proprietorship is being formed by registering the business name. The owner of the business needs to grant licence from the government. They need to establish separate finances. The owner needs to report the taxes correctly.

    Partnership – Two or more partners when entered into the business can be termed as partnership. The losses are to be shared by the partners equally. Profits are being divided equally among all the business partners or as per their capital contribution ratio. The partners need to pay off income tax returns based on their profits contribution. Liabilities of the partners are also limited in the partnership. In this the partners can bring their own money to start up their business. One of the benefit of the partnership is that risk is being shared. Thus, the loss of the business is not overloaded on the single person. The terms and conditions of the business can also be adjusted by the partners as per their suitability and convenience. This conditions may include the withdrawal of the money by the partners. The money that is being withdrawal for the personal use by the partners needs to be repaid by them.

    The partners need to registered their names as per the formation criteria of partnership. At least two of the partners needs to share ownership. They need to mention each partner name in memorandum of association and need to mention their contribution in the business (Beatty, Samuelson and Abril, 2018).

    Corporation – This type of the business has separate lawful entity from its owners. The liability is unlimited under the corporation. The cooperation control is in hands of the directors of the business. Cooperation can be incorporated by filling the articles within the state in which the firm is interested to run the business. The article contains the information that is related to the business. It includes the business address, total number of shareholders and number of the directors of the board which are responsible for handling the management operations.

    Number of shares needs to be issued by the corporation and the type of the business they are running need to be mentioned in the article of association (Epstein, 2018). For looking day to day operations of the business the president is being appointed by the directors of the board. In the case of the small corporation the shareholder is one and it is also the director and sole officer of the business. This can be of three types Public, private and one person. The corporations can be sued by their own name as they are apart from the business shareholders. The corporation does not end by the death of the shareholders, its keeps on going. Shareholders even doesn't pay off the obligations of the corporation or debts by using their personal assets. Thus, this is one of the benefit to being in the corporation.

    Corporation is being formed by appointing the directors of the company. They need to submit articles of incorporation to the government. Fee of Paper filing ranges from £100 to £800, it depends on where the business is being incorporated (Epstein, 2018).

    Difference between Unincorporated and incorporates business firms

    Basis

    Unincorporated business

    Incorporated business

    Business obligations and liabilities

    In case of unincorporated business, the losses of the business needs to be paid by the owner itself through using their personal property. If the one of the owner of the business sue against the corporation than it is for all of them (Bacon, 2017).

    This type of business protects their owners by making them free from the liability. Payment of the debt must be come from the business investment not through making owners obliged to pay from their own personal property. If one of the owner sue for the corporation than it is for business in separate terms not for the owners of the business.

    Deductions and tax rates

    One individualism return of tax is being filed by the unincorporated business. Tax rate is high for this type of business. Personal tax credits can be claimed by the unincorporated business they have the flexibility. For decreasing the personal income of owners, they can use the business losses.

    On the other hand, incorporate business files the tax returns on separate terms. They can also extend the taxes for later on. Lower tax is being paid by the corporation than the individuals. Incorporated business does not have any flexibility, they cannot claim the personal tax credits.

    Cost for the incorporation

    Costs of the business can be high. For the legal help the business owners can pay the considerable fees. They can even higher the lawyer for maintaining the operations of the corporation and for setting up the business.

    The maintenance costs must be paid by the incorporated business. This includes the accounting records, federal tax and financial statements preparations. Beyond this incorporated business needs to provide legal assistance and professional assistance. Typically, the sole proprietorship doesn't include this costs.

    Fillings and Paper working

    Unincorporated business doesn't need to prepare the quarterly and annual report. They are free from the paper work which also includes preparation of financial statements.

    Incorporated business needs to make the annual and quarterly reports where intensive paper working is also being included. It includes financial statements (Bayern, 2016).

    Other difference

    Even though the business owner of unincorporated dies they keep on going. The investor purchases the corporation even though they are existed. Unincorporated firms can skip the reporting to show in-front of the public. They can keep their business private.

    Through issuing the stock large in number the incorporated companies can raise money. Incorporated business needs to show their business reports in front of their shareholders.

    Funding

    Unincorporated business can increase their funding through and business incubators and a start-up business loan (7 sources of start-up financing, 2019).

    The funding in incorporated business can be done through venture capital and angle brokers. The business can also raise capital through retained earnings.

    Advantages and Disadvantages of the Partnership

    Advantages

    • The capital of the business is equally contributed. Large amount of the capital is being contributed as there are lots of the partners in the business. Thus, the funds of the business can easily be raised.
    • The partnership business can easily be formed. The legal formalities are less in the business.
    • It is cost saving as loses of the business is being shared among the partners (Ashcroft, Ashcroft and Patterson, 2016).
    • The risks of the business are also being shared among the partners.
    • Having a partner of the different mind set and creative skills can be productive for the business. Thus, more business opportunities are being created in the partnership business.

    Disadvantages

    • Liabilities of the partners is high due to debt burden on them.
    • There is loss of autonomy in the partnership.
    • There are chances of disputes and conflicts among the partners.
    • Stability is lacking among the partnership. Partners need to cope up with the unpredictable changes of the business.

    Thus, from the above discussion it can be concluded that 3 of the friends has successfully ruining their JPM Publishing business and as their advisor has said to registered their business as limited company can be helpful. By adopting the accountant’s suggestion, the firm can easily raise their fund from the public.

    TASK 3

    Recommendation of appropriate legal solutions for resolving a range of disputes

    Recommendation

    Alternative disputes solution — This is generally classified into four stages which is negotiation, mediation, collaborative law, and arbitration. It allows the parties to come up with the more creative solutions that court can be legally allowed to impose. This is one of the effective term that aids to addressed the issues and setting parties outside of the court. (Zhou and Wen, 2019).

    Case 1 — In this case firm are not able to pay the amount to their creditors because Champion Ltd faced the financial problems due to decline in its customers so, Firm are not able to pay the loan amount to the bank as well they not able to pay their liberalities to creditors. Thus, creditors are afraid that firm not pay their money timely, so they apply for court and the low is winding up petition.

    Solution — In this case the creditors apply the winding up petition. It is a legal action taken by a creditor or creditors against a company that owes them money (although others can also petition). Thus, court is favoured the creditors as firm pay all the money to creditors in any situation. Thus, to reduce the creditors firm sale their assets and shares in the market and firstly they payment all the money to creditors as reduce the creditors. Therefore, this act is favoured the creditors because creditor has valid reason to obtain their money. In this given case, the creditor can ask for the negotiation so that they can claim for their money that have invested in company. Henceforth. Creditor has to negotiate them and for this they must sell assets of the firm. So, compensation can be given. Therefore, Champion Ltd should sale their assets and make payment to the creditors to reduce the liability.

    Case 2 — In this case, Mr Anderson was the CFO in Amber Ltd. On the other side, A competitor, Beta Ltd offered Mr Anderson a more attractive role as its CEO. Thus, Mr Anderson cannot apply the resignation letter according to the procedure and contract. In this contract of employment that Mr Anderson should give them 12 months' notice to the organization, but they do not give the notice and firm are not accept because they not follow procedure so this is creates the disputes among Mr Anderson and Amber Ltd. Thus, to resolve all the issue firm can suit the Mr Anderson.

    Solution — According to the Alternative disputes' solution firm can used the arbitration method. In this method firm go to the arbitrator and solve their problem outside the courts. The dispute will be decided by one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"), which renders the “arbitration award" (Velenturf and Jopson, 2019).

    In This case study arbitration method will be used to make judgements on the parties as per the given case study according to their knowledge. This is the third party decision both parties are legally binding up, and they both follow the decision of arbitrages. Thus, Arbitration is often used for the purpose of resolution the problem of commercial disputes, particularly in the context of international commercial transactions. In certain countries such as the United States, arbitration is also frequently employed in consumer and employment matters.

    In this case arbitrator has listened the both parties, afterwords, they made judgement in the favour of Amber Ltd. From this, it can be stated that Mr Anderso was in fault as he didn't follow all the procedure that has already mentioned in company contract. So, he cannot leave the company before competition of the notice period of 12 months. If he do, so then he has to pay the penalty. Thus, Amber Ltd should use the arbitrator method to resolve the problem. Therefore, the solution of the arbitrator will bind both of the parties. In this given case study, Mr Anderso is in fault as he breaches the company contract so the decision of arbitrator will bind on him.

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    You May Like This: Statutory and Common law applications

    CONCLUSION

    From the above project report it can be concluded that Business law refers to legislative body of the parliament in the UK that governs the trade and E-commerce business. It has been summarized that the bill can become a law of the parliament when it receives the royal approval from the queen and from both the houses of the parliament. It has been determined that employment law has potential impact upon the business operations as the corporation need to adhere the rules that includes fair dismissal, fair wages and redundancy polices related to their employees. The companies Act has generally rules regard to its incorporation. It has been determined that there are three types of business namely, sole proprietorship., partnership and corporation and each and every business is legally formed and managed.

    REFERENCES

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    • Bacon, M. 2017.Taking care of business: Police detectives, drug law enforcement and proactive investigation. Oxford University Press.
    • Bayern, S. 2016. The Implications of Modern Business–Entity Law for the Regulation of Autonomous Systems.European Journal of Risk Regulation.7(2).pp.297-309.
    • Beatty, J.F. Samuelson, S.S. and Abril, P.S. 2018.Business law and the legal environment. Cengage Learning.
    • Epstein, R.A. 2018. A Common Law for the First Amendment.Harv. JL & Pub. Pol'y.41.p.1.
    • Laudon, K.C. and Traver, C.G. 2016.E-commerce: business, technology, society.
    • Levine, S.J. 2016. The Law: Business or Profession?: The Continuing Relevance of Julius Henry Cohen for the Practice of Law in the Twenty-First Century.Fordham Urban Law Journal.40(1).p.1.
    • McCorquodale, R., Lise, S.M.I.T., Neely, S. and Brooks, R. 2017. Human Rights Due Diligence in Law and Practice: Good Practices and Challenges for Business Enterprises §.Business and Human Rights Journal.2(2).pp.195-224.
    • Merry, S.E., Davis, K.E. and Kingsbury, B. eds. 2015.The quiet power of indicators: measuring governance, corruption, and rule of law. Cambridge University Press.
    • Morley, J. 2016. The Common Law Corporation: The Power of the Trust in Anglo-American Business History.Colum. L. Rev.116.p.2145.
    • Scholes, M.S. 2015.Taxes and business strategy. Prentice Hall.
    • Solomon, L.D. 2017.The privatization of space exploration: Business, technology, law and policy. Routledge.
    • Vagts, D.F., Koh, H., Dodge, W.S. and Buxbaum, H.L. 2015.Transnational business problems. West Academic.
    • Velenturf, A.P. and Jopson, J.S. 2019. Making the business case for resource recovery.Science of the total environment.648.pp.1031-1041.
    • Zhou, P. and Wen, W. 2019. Carbon-constrained firm decisions: From business strategies to operations modeling. European Journal of Operational Research.
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