BUSINESS LAW Essay Example | Topics and Well Written Essays - 1250 words

BUSINESS LAW - Essay Example The Parliament of United Kingdom can make whatever laws it wishes. There are number of areas where the legal rules of the Parliament of United Kingdom are applied. Public Acts are made by the Parliament of United Kingdom, and they are related with the issues relating with the general public. On the other hand, Private Acts are those Acts that encompasses the legal structure for the private or particular institutions or individuals. Furthermore, the Acts of Parliament can be identified with the functions. For example, sometimes, the members of Parliament are required to discuss new rules, to change or amend or modify the existing legal provisions. Also, Consolidating Legislation is made to consolidate the provisions previously consisted of different Acts. It was the use of this Consolidation Legislation that created the Companies Act 2006. Case Law This type of law is created by the judges during the process of deciding cases. In the case law, there are two important doctrines. One is stare decisis or binding precedent and second is obiter dictum. Stare decisis or binding precedents are the previous decisions, which are those precedents that are needed to be followed by the courts, which are either equal or above them in the court hierarchy. The doctrine of binding precedents lies at the heart of the legal system of United Kingdom (Exam-kit, ACCA F4, 2007-08).And in the case of obiter dictum, the courts are not bound to follow them. In the legal matters, the case law are of great important and they provide sufficient amount of guidance to carry out the process of legal nature in case any legal problem is arrived. The European Union The United Kingdom is a part of the European Union. After joining the European Union, the citizens and the United Kingdom have obligation to follow the related rules of the European Union. The important areas where the rules of European Union are applied and which are relevant are: international agreements, internal treaties and inter nal protocols and the decision of the European Court of Justice. Custom Custom is a set of old laws. ‘Much of how Parliament does its business is not determined by rules but has become established through continued use over the centuries’- this is known as custom and practice (UK Parliament). These laws are followed for years. These are the local customs which have been in existence since time immemorial. There are many limitations in this source. As a result, there are less chances of this source to provide a reasonable current and future source of the contemporary law in United Kingdom. Effects of Legislation on business Legislation has some positive and some negative impacts on business. As we know there are two types of legislation- primary legislation and secondary legislation. Primary Legislation is carried out and done by the Parliament of United Kingdom. And, the Parliament has delegated the process of secondary legislation to some person or somebody, or a busin ess. Secondary legislation is also called as delegated legislation. The rules and laws made by with the help of secondary legislation have same legal force and have some legal effect as the Acts of Parliament. With the availability of delegated legislation, a business can make any rules and regulations that it finds reasonable and appropriate as long as they do not contradict with the rules and provisions of Acts of Parliament. If the rules passed with the help of