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Business Law Assignment [MKT5001] BPP Business School

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  • Level: Undergraduate/College
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INTRODUCTION

Business law is further known as commercial or mercantile law which is a set of rules made on convention, agreement, or national or international legislative body which facilitates in governs the dealings between two business bodies with respect to commercial concern. It is very important as it helps the management to realize and work in an ethical manner which must be in accordance with the rules and regulations of society. It helps in the proper functioning of the various business institutions. There are various laws which are for different entities and make sure the peaceful working of all companies.

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TASK 1

P1. Different sources of law

There are two types of sources which a company has to comply with to facilitate its function

Custom: a law is formulated on the basis of customs, beliefs and behaviours of the local society or nation. For eg:  in a case, it was stated by fishermen drying the finishing net of the beach is legal as everybody does the same. on the basis of such beliefs and customs laws are made.

Common Law:  with the general applicability of common laws in practice two laws are formed: civil and criminal laws. These are generality based on old customs.

Act of parliaments: this is a major source from which the UK gets its law and legislation. A prospective law is presented to both houses of parliament and then after that, it becomes a bill and with getting an assent from Monarch it becomes a law.

Judicial precedents: this doctrine provides legal status to the decision passed by judges in the case law in court proceedings. The law is refereed by all other courts in order of Hierarchy. A decision by a lower court is not referred by a higher court.

European Union: The UK is part of the EU so laws and legislation of the EU apply in the UK as well. Sometimes English law and the Law of the EU clash with each other and in such a situation EU always prevails. This does not mean it overrides the UK law it just gets priority over it.

International Sources

There are various  international sources which are discussed below

International Treaties

A company if operating at a global level have to sign various conventions and treaties. These treaties are made in order to protect the rights of every organisation belonging to various nations against exploitation and several measures that can be used to exploit them. There is a council of the European Convention for Human Rights which is enforced by ECHR in Strasbourg.

European Community Law

The European Union is a major example of a law which is operated internationally. All the European nations who joined the EU have adopted all the rules and regulations and their respective industries have to work in accordance with these rules.

National Sources

National sources of law play a crucial role in the growth of the constituent companies. These laws are discussed below:

Legislation

It is regarded as the prime source and consists of various declarations of rules by certain authorities. It has many purposes such as regulating, authorising, enabling, proscribing, providing funds, sanctioning, granting, declaring or restricting any organisation. They frame new laws and amend old ones. A company has to work according to the legislature which has formed certain law structures related to the functioning of the company which includes every aspect such as establishing, expanding, promoting etc.

Custom

It is regarded as the oldest source of law. In the ancient era, many social relations have given rise to various usages, traditions as well as customs. These were used as a tactic to solve disputes among individuals. Many rules of the nation are derived from the custom they follow which was converted into authoritative and binding rules. Also, every area has different customs and the company has to take care. This local source of law affects the functioning of the organisation at ground level.

Equity

It means a sense of justice and fairness. It is also regarded as the source of law. There are deciding cases which are interpreted and applied by the judges. But all the laws cannot be perfect for every case therefore every company has to depend on the concept of equity which means considering every aspect of labour and providing them equal rights which in turn provides relief to various parties that work for the same, such practices helps in the smoothing down the rules for future.

P2. Role of government in making law

Government is the regulating body within a specific geographic location which is considered to be dominating with respect to physical forces. It is required to ensure the proper use of force. For this particular reason, it must specify various objective laws which are used for clarifying the usage of these forces and one should have abilities to enforce these laws.

The purpose of government is to protect the rights of individuals and make certain policies and rules for protecting citizens. Rights can be assaulted anywhere whether within or even outside a country, the government should be able to deal with the related threats. The government forms various regulating bodies that control the working of every institution and make sure that every company is working within the limit of the rules and does not violate any of them. This leads to peaceful functioning of the industrial sector which is very important for the growth of every organisation. There are also certain judicial bodies known as courts where every individual whose rights have been exploited or faced any kind of violation or fraud from another company or a particular person. The government has already set up a structure that defines the punishments for all types of illegal activities to maintain an ethical scenario in an economy. It helps in representing the interest of labourers and every other employee who is working in any of the firms. It also makes sure that no organisation discriminate against any labour on the basis of gender, age or due to favouritism.

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P3.Application of statutory and common laws in courts

Statutory laws are those which are issued by various agencies of government and are also known as written laws. These are predefined laws which are made under certain acts and can be very old. Many acts such as employment act, labour act, industrial act etc. come under statutory laws. These are substantive at an operational level which is prescriptive in nature and originated from government or legislature whereas common law is defined as the particular law which have been derived from the preceding ruling of judges. These are procedural at the operational level and are also known as case law which are instructive in nature. These laws have originated from the precedent or judiciary. Common law is of two types in which the judges introduce some new laws and there are no statutes while the other is where judges interpret the laws which already exist and determine certain boundaries and distinctions which are new. On the other side statutory laws can be passed by several government agencies of the country, thus there are certain rules and regulations which are passed through federal and state government. News laws are introduced that aim to meet the needs of civilians, resolve issues and amend existing laws. Determining common law for cases includes the process which begins with the research analysis, location regarding the earlier relevant cases, and extracting the statements and sentences which are passed for determining the common laws which can be applied. There is a hierarchy which is associated with the regulation of each court where decisions of the high courts prevail over the lower courts. These laws are formed already which are only required to apply for the cases. Common laws are developed on a regular basis which do not cause any separation in the society or create any expense. Those statutory rules are also codified to convert into law codes. This term means that several statues are being formed or organised through subject matter.

TASK 2

P3  Potential impact of employment and contract law

Employment law defines the rights which are associated with employment. It has been introduced to protect the rights of workers and includes all aspects of employer and employee relationship. It is very essential for all companies to comply with these laws to avoid any costly claims which are associated with certain disputes. Employment laws cover the following factors which ate contracts of employees and their conditions, their treatment, pay and working hours which are being provided to them, absence for sickness and time off work and also transfers & takeovers. With respect to these aspects employment law also affects more issues which are discipline and grievances, harassment and bullying, equal pay, maternal and parental rights, discrimination on the basis of age, disability or due to status of marital or civil partnership, gender, religion, culture or belief; pregnancy or maternity, redundancy and dismissal, employment tribunals, protection of data and terms and conditions which are related to employment. These are the criteria on the basis of which the employer and even the employee are protected which facilitates the proper working of the company and maintains its decorum and peace.

Whereas Contract laws of business define general principles which are used for regulation of enforcement and performance of various contracts between two or more business parties which are privately operated and generally enter to establish a commercial relation. Its impact is related to the approach of jurisdiction towards law. These approaches are based on the common law which is a legal system which are promoted by the British and certain civil laws which are mostly related to non-common wealth systems of rules. Besides all these contract law binds the two parties that are forming legally valid relations and cannot take any step against illegal contractual relations. All the transactions which are legal are governed by the contract law and courts force parties to perform their role ethically. These laws have an immense impact on the working of a business institution and lead to coordinative functioning with other companies also.

P4. Suggestions for solving business problems

There are several steps which are suggested for an effective problem-solving process

Identifying issues

One should know what is the problem and remember that every individual can have different perceptions on a particular issue which might create conflict among them. so to avoid these conflicts there should be a separate listing of all the issues from the interest of people so that a neutral decision can be taken.

Understanding the interests of everyone

This is regarded as a critical step which is always missed. Interests are the needs which every individual wants to satisfy by the provided solution. The best solution for any problem is that people equally agree on it. To make this happen one must have active listening ignore all the differences for a while and listen with the intention of understanding the other person by thinking on his behalf.

Listing of possible solutions

Some brainstorming is always required because it can lead to providing some solutions which are completely out of the box and can be considered as creative as compared to obsolete solutions. Several aspects and the solution can be listed down and further followed by evaluation.

Evaluating available options

As with the availability of several options to resolve any particular problem; every solution has some pros and cons which is very important to evaluate as the solution which is to be chosen should be time and cost-effective. All the plus and minuses of the solution should be examined to make sure that there are no or less negative consequences which are associated with it.

Selection of an option

It is very important to choose the correct solution among the choices available while considering which is the best and balancing out all the odds which are related to the problem. Choosing the best solution will lead to effective and efficient working of an organisation with the proper usage of the resources available and avoiding conflict with the other business parties too.

Documentations

When a solution for a particular problem is searched out it would lead to the final documentation of agreements within the company or along with other business bodies. As one should not rely on the memory or witnesses proper legal documents must be signed in order to provide a proper way to implement the solution. Also one should pen down all the important points so that one should not miss any critical step of the solution which can create an adverse impact which can totally opposite of what has been expected.

Agreeing on contingencies, monitoring and evaluating

Conditions can be changed they may not remain the same as it was expected. Making contingency agreements for uncertain future circumstances. How one will monitor compliance and will follow through. Therefore, creating opportunities for evaluating those agreements and their implementation.

Nature of registered company: A company on its registration get the legal status of a separate legal entity.  It gets its own assets and liabilities and gains to right to sue and be sued.

 Registration of a company:

 Documents required for registration:

  • Article of association
  • memorandum of association
  • Statement of capital and initial shareholding
  • Statement of the proposed office
  • Statement of compliance

Duties and responsibilities directors

  • To act in the best interest of the company.
  • To promote the success of the company
  • To exercise reasonable skills and judgements
  • No benefit from third-party

P5.Justification for the solution

The solutions which are provided need to be implemented very well as the director of the company needs to understand the problem completely and its consequences which could lead to a proper understanding of the scenarios. Various meetings should be called comprising of specialist which are known to give various solutions and their consequences that would help the company to find out the best solution among the available options as every organisation has an aim to provide a solution which requires less time, cost and resources and can provide effective result. All the solutions or agreements must be converted into documents so that proof must be present physically for future needs if required.

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P5.Solutions recommended for the country's legal system

Different legal systems for the different areas

As there is always a difference between the areas on the demographical aspects which plays an important role in the implementation of a business in that area. Every area requires different resources and functions to operate in that region. Therefore government should make rules and regulations according to the geographical aspects also.

Role of various unions

Unions are formed to make sure that no member of that particular is been exploited or exploiting others. Union laws should be made with respect to the individual members so that everyone has equal rights and can work efficiently

Advice of citizens and setting up of various institutions for problem-solving

Before introducing new laws with respect to the country government should conduct a survey or take advice from the citizens regarding that particular rule so that they might be aware of the facts and provide full support.

Alternative dispute resolution:

This can be defined as a solution to a dispute between parties without going to court.  This is a less expensive and less time-consuming method to solve a dispute. There are three methods of ADR:

Arbitrations: this method in which a third party is appointed as arbitrator and that person after taking into consideration all faces and evidence from both parties passes a decision which is agreed upon by both parties and has a binding effect on them. No apples lie for a decision under arbitration.

Negotiation: this is a method in which parties mutually reach a decision without going to third parties this negotiation is done by them and an amicable decision is taken.

Mediation:  This is a method in which a third party is appointed as a mediator to resolve the dispute but the decision does not have a binding effect and parties can deny it at any time.

CONCLUSION

It has been concluded that there are different sources of laws which can be internationally as well as nationally based which every company needs to comply with for their smooth working. Also, the role of government has been described in law making which is an essential aspect of every economy. The importance of employment and contract law has been described to understand the role of these rules for the employer and employee.

 

REFERENCES

  • Beatty, J. F., Samuelson, S. S. and Abril, P. S., 2018.Business law and the legal environment. Cengage Learning.
  • Daily, J.E., Kieff, F.S. and Wilmarth Jr, A.E., 2014. Introduction. In Perspectives on Financing Innovation(pp. 13-16). Routledge.
  • Graw, S. and et. al., 2016. Understanding business law.
  • Jones, L., 2017. Introduction to business law. Oxford University Press.
  • Kubasek, N. and et.al. 2015.Dynamic business law. McGraw-Hill Education.
  • Mann, R. A. and Roberts, B. S., 2015.Business law and the regulation of business. Nelson Education.
  • Twomey, D. P., Jennings, M. M. and Greene, S. M., 2016.Anderson's Business Law and the Legal Environment, Comprehensive Volume. Nelson Education.
  • Van Uytsel, S. and Wrbka, S. eds., 2016. Networked governance, transnational business and the law. Springer.

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