Business Law: Legislation Common Law And Conventions

Legislation. Legislation is another word for law created by the law-making branch of a government. Acts of Parliament are the most crucial piece of legislation. In the UK Parliament, the only body that possesses the power to pass legislation in England, Scotland, Wales, and Northern Ireland is the principal legislature. The two houses; the House of Commons and the House of Lords make up the UK Parliament.

Common-Law. Common law is a judge-made law that is based on the customs and social traditions of the UK. It is created by judges sitting in court and is completely separate from parliament. Since the UK is part of the EU, laws that are made by the European Union, therefore, EU law is followed rather than laws made by the supreme court

Conventions. Conventions are laws that are regarding how things should be done however it is not legally enforceable. The three major aspects of the convention include ‘the separation of power’, ‘the supremacy of parliament’ and ‘the rule of law’ (Honeyball, 2016). The separation of power involves the idea that state power consists of three levels of power; executive, legislative and judicial. The executive level is represented by the government, whereas the legislative level is represented by parliament. The judicial level is represented by judges.

The effects of non-compliance include the piercing of the corporate veil. If a company does not fulfill “its compliance requirements, a court might decide that the corporate veil has been pierced and that the individuals who own or oversee the business are personally accountable for the debts or legal wrongdoings of the company” (Akalp,2020) As a result, this calls for a full inspection of a company’s processes and financials. Besides this, financial penalties including fines, back taxes, interest, and other penalties will be given out and the company will face these heavy charges. Moreover, a company may be suspended or terminated as a result of non-compliance warrants and imprisoned if personal actions were unlawful or negligent (Akalp, 2020). Lastly, the reputation of the company will be damaged as a result of a company hurting customer and vendor confidence and limit future opportunities (Akalp, 2020).

The role of the government in lawmaking. For legislation to be passed it must go through the Houses of Parliament; House of Commons and House of Lords. In the House of Commons, there are six-hundred and fifty members of Parliament also known as MPs. Individuals in the UK use the first past of the post system to vote for an MP in their constituency. On the other hand, in the House of Lords, there are eight hundred members of parliament of which six hundred are appointed by the Queen herself. The remaining members of parliament in the House of Lords are people who inherited aristocratic titles.

In the UK all parliaments are involved in drafting legislation before it being adopted, recommending changes to draft laws. The lawmaking process is dependent on the type of parliamentary system. For Example, in British systems, the executive branch of the government creates the majority of draft laws and the main responsibility of the parliament is to review, amend and pass legislation. Besides this, Members of Parliament can introduce draft laws but a small minority of these draft laws will reach the committee stage and even less of these draft laws are passed.

On the other hand, in presidential systems, Members of Parliament have a greater chance to create draft laws before the review, amend and passing stage. More hybrid systems have been introduced which give parliamentary committees the ability to create and present draft laws.

For a parliament to pass a law, it is Vital MPs are capable of understanding and assessing draft legislation, modifying the laws as well as analyzing new rules that have been put forward. Whereas the staff of parliament specifically the committee staff must be able to legally draft and review legislative processes.

The main difference between common law and statutory law is that common law are laws that have been developed via rulings by judges whereas statutory laws are written legislation that is adopted by the legislature., the country’s government as well as individuals who are part of society. Common law originates from “the judgments made in the past couple of hundred years whereas statutory laws have statuses as their base” (Diffen, 2020). Common law is of ‘two types’; the “one where judgments passed become new laws where there are no statutes and the other where judges interpret the existing law and determine new boundaries and distinctions” (Diffen, 2020). ‘Statutory laws’ can be adopted by several government agencies of a country, therefore “there are laws passed by federal and state governments, ordinances passed by towns and cities all having the power of the law” (Diffen, 2020).

Common law “begins with research analysis, location of previous relevant cases, extraction of statements and sentence passed to finally determine the common law applicable whereas statutory laws are already written and need just to be applied to a specific case” (Diffen, 2020). Statutory laws are adopted by the “government of a state or nation and these are organized and codified into law” code (Diffen, 2020).

Employment law is a law that refers to the contract of employment. It is “the agreement between an employer and employee that one will work for the other in return for financial remuneration” (SlaterGordon, 2020). It ensures that workers and employees are protected. Employment law covers a broad variety of areas concerning the work environment such as “age discrimination, bullying, and harassment, disability, discrimination based on race, religion, sexuality or gender, dismissal and employee grievances, employment contracts, equal pay, holiday pay, minimum wage, parental leave, redundancy and working hours” (Croner,2020) An example of employment law is the national minimum wage. It ensures that all workers are paid a minimum wage depending on their age. Employment law affects businesses as it can affect employee’s productivity. According to Kim & Jang who are professors of the Tourism and Hospitality industry, an increase in the minimum wage has resulted in increased productivity in the restaurant industry (Kim & Jang, 2018). As a result, they advise restaurants to continue increasing their minimum wage every two years to continue employee motivation and productivity. This benefits a business as increased productivity can directly affect a business’s sales, brand reputation, and customer experience.

Moreover, contract Law refers to the law which “is an agreement between two or more parties”(Legal Career Path, 2020). According to a former solicitor, a contract that is ‘legally binding’ is a ‘voluntary agreement between the parties that is enforceable in law’ (Laver, 2020). Individuals are faced with contracts daily for example going to an off-license. A customer who enters and chooses to purchase something enters into a contract with the off-license; payment of money for alcohol and cigarettes. Besides this, businesses are in “commercial contracts with their suppliers for goods in exchange for money to enable them to fulfill customer orders” (Laver, 2020). Contract Law affects businesses as businesses must ensure all contracts they enter whether that is with other suppliers, employees or customers agrees. A contract or agreement can strengthen business relationships as it reassures a supplier that the businesses will agree to the terms and keep to them. This will boost supplier confidence, trust and encourage them to continue providing goods or services to a business.

Company law refers to “the body of laws, rules, regulations, and practices that govern the formation and operation of corporations” (Legal Career Path, 2020). It’s ‘the body of law that regulates legal entities’ that are in business with companies (Legal Career Path, 2020). The laws refer to the ‘rights’ and ‘obligations’ of all individuals who form, own, operate, and manage a company. Examples of company law include providing legal advice for sole traders, businesses, and corporations or paperwork when registering with a company (Axiomstone, 2015). Company Law affects businesses as legal advice helps business owners complete and file paperwork and facilitate the legal processes involved in attaining financing from private individuals (Axiomstone, 2015).

Business Law: The Basics Of Business Contracts And Agreements

The agreement, in the most immediate definition, is a confirmation executory by law. The statement might be to achieve something or to stop something. The perception requires the normal permission of at any rate two people, one of them, for the most part, making an offer and another liberal. On the off chance that one of the social events neglects to keep the confirmation, the other is prepared for genuine change. The understanding law consists of such demands as to whether a getting exists, what its similarity is, regardless of whether permission has been broken, and what remuneration is typical of the harmed party.

Understanding law is the outcome of a business human headway. It would not be found, in any significant degree, in noncommercial social insistence. Most foul social solicitations have different procedures for keeping up the commitments of people; for instance, through ties of family relationship or by the authority of religion. In an economy subject to trade, most exchanges are self-endorsing considering how the exchange is done on the various sides at a tantamount second. Issues may arise if the item traded are later seen as imperfect, yet these issues will be managed through property law—with its orders for taking or wrecking the property of another—as opposed to through getting law.

The credible structure wants to allow those subjects to the law to manage their direct with sureness and to shield those subjects to the law from self-conclusive utilization of state control. Bonafide sureness tends to a need that choices be made by authentic standards, for example, be legitimate. The chance of legitimate attestation might be firmly connected with that of individual self-rule in national goals. How much genuine conviction is interlaced into law changes relying on the national model? All things considered, genuine conviction reliably fills in as the focal guideline for the improvement of lawful strategies by which law is made, deciphered, and applied (Gagliani, 2018).

Genuine belief is a set up legal thought both in the custom-based law systems and point of reference-based law legal structures. In the precedent-based law show, real sureness is portrayed similar to the most prominent consistency of specialists’ lead. In the standard law show, legitimate sureness has regularly explained to the extent that occupants’ ability to organize their endeavors so that doesn’t exceed the law. In both legal traditions, genuine confirmation is seen as building up an impetus for the legitimateness of definitive and administrative evaluations taken by open specialists.

The genuine philosopher Gustav Radbruch regarded legitimate sureness, value, purposiveness as the three key backbones of law. Today legal affirmation is internationally seen as a central essential for the standard of law. As indicated by the Organization for Economic Co-movement and Development (OECD) the possibility of the standard of law ‘above all hopes to complement the need of setting up a standard based society considering a genuine worry for legitimate conviction and consistency.’ At the G8 Foreign Ministers’ Meeting in Potsdam in 2007, the G8 concentrated on the standard of law as a middle principle including attachment to the rule of legal affirmation (Gagliani, 2018).

A sound business law condition is of crucial noteworthiness for expanding. Most likely, without it enhancing can’t work. A ‘strong business law condition’ may be described as one with general sanctioning on business contracts, with an agreeable association law, where there are sufficient thoughts of joint undertakings, where authorized development rights are set up and maintained, and where associations can rely upon obligation regarding and know-how similarly as on characterization understandings. Foundation plans are reliant upon a great number of laws and rules despite those controlling business understandings or secured advancement rights. In fact, these extra laws and rules fall into two separate classes. The essential request wires laws and decides that are applicable to contracts when everything is said in done, the second those that are fitting to the particular understanding concerned (establishment express organization, where it exists, for instance). The nuances of the established understanding that may be ensured by rivalry law are those that identify with the value that a franchisee should charge for the things and associations it offers. Those recognize with the select rights that allow franchisees to establish relationships, as they may offer to ascend to inquiries of market sharing or development between the individuals from the system. The issue in growing is guaranteeing that the franchisee is given the best attestation to generate its region, for instance by being yielded explicit regional rights, in any case without the focal points of the understanding falling under the nuances of the test authorizing. Care ought to as such be taken in drafting the understandings.

Sources Of Business Law In England

Introduction

The system in England area unit created on common law which suggests precedents area unit given binding authority besides statutory laws. It conjointly considers customs, parliamentary conventions and books as sources of law. English system needs business organizations to follow multiple laws. The laws area unit created by taking the assent of each homes and Monarch. English courts area unit guaranteed to apply the statutory similarly as common laws.

Sources of law

The sources of law in UK (hereinafter shall be referred as UK) square measure the legislations created by parliament and judicial precedents set by the courts called common law, parliamentary convention, customs and books of authority.

Legislation

Legislation in GB is dispensed by the parliament that is taken into account sovereign and it consists of Queen having a proper role, the house of commons that is that the main forum wherever statues are created, the house of lords ensures that the laws are well written and that they effectively work. it absolutely was the best court of GB until October 2009.

Common law

As European country may be a common law country so precedents have binding nature rather than persuasive. it’s pattern and is subject to continuous modification through new judgments.

Customs

This supply of law is begun from the Anglo-Saxon amount. The validity to the customs as supply of law was granted by the Norman conquerors. Customs ar divided to the “customs of realm” and “local customs.” Custom of realm became English common law and native custom is needed to meet some conditions to be thought-about as law.

Parliamentary conventions

These conventions area unit totally different from the international conventions. The conventions like collective and individual responsibility of presidency and Royal privileges together with the facility to dissolve or appoint parliament. These are not enforceable by law but cannot be refused.

Books of authority

This refers to the first legal textbooks. The books were thought of authoritative supply of law by the courts taking in account the authority of their authors.

Business Laws

The business organisations ought to adjust to multiple laws below English system. These laws embrace however aren’t restricted to the businesses Act, 2006 if the business is surpassing a corporation, economic condition laws, material possession laws, setting laws, shopper laws, competition laws, employment laws, insurance laws, tax laws, contract laws, sales of products laws and investment laws.

Law Making Process

The method of law creating starts as a bill which may be of various varieties the bill needs to process through set of various stages in each homes of the parliament then a standard text to that each the homes have united gets Royal consent by the Monarch. Bill is given to either of each homes. Following area unit the various stages of a bill.

  1. First Reading: It is the correct introduction of bill to either house. during this stage the bill is then given a date for presentation and order for its printing is formed to form it accessible to all or any members and general public.
  2. Second Reading: It is the primary barrier for a bill to pass as a result of the core purpose of explicit bill is debated and voted thenceforth. once the bill is passed during this step then it’s forwarded to the committee stage.
  3. Committee Stage: In this stage, the bill is examined very well. Opinion of the specialists is taken. Chairman of the committee collects the suggestions for amendments. each clause of the bill is mentioned very well and is resultantly approved, amended or aloof from the bill.
  4. Report Stage: After the alterations, the bill goes back to the house in this stage. The whole house reviews the amended bill.
  5. Third Reading: At this stage final opportunity is given to each house to discuss and vote on the bill as a whole.
  6. Assent of both houses: The assent of each homes is obligatory for a bill to become a law. once a bill is distributed from initial house to the second house then second house will create amendments and thenceforth shall send it back to the primary house for discussion. This method moves on till each the homes offer assent to the amendments.
  7. Royal Assent: After the parliamentary stages this bill is given the assent of Monarch then it becomes an act of parliament.

Application of law in court: In the justice courts of England, the statutory and case law each area unit applied within the cases. case law has the binding authority when statutes. when case law the preference is given to the customs, then parliamentary conventions then the books of authority.

Conclusion

The system of the Britain has given the binding authority to the precedents and therefore the courts got to follow the settled case laws that has benefits yet as disadvantages. The arguments in favour square measure that common law system is truthful, expedient and economical as they follow the case laws. Disadvantages embody continuation of dangerous rulings and issues within the cases wherever no precedent is accessible.

References & Bibliography

  1. Personnel Today. (2018). Immigration – right to work in the UK. [online] Available at: https://www.personneltoday.com/employment-law/immigration/ [Accessed 1 Nov. 2018].
  2. Hse.gov.uk. (2018). Employer’s responsibilities: Workers’ health and safety. [online] Available at: http://www.hse.gov.uk/workers/employers.htm [Accessed 1 Nov. 2018].
  3. GOV.UK. (2018). Employers: preventing discrimination. [online] Available at: https://www.gov.uk/employer-preventing-discrimination [Accessed 1 Nov. 2018].
  4. GOV.UK. (2018). Data protection. [online] Available at: https://www.gov.uk/data-protection [Accessed 1 Nov. 2018].
  5. explained, O. (2018). Employing someone with a criminal record | Nacro. [online] Nacro. Available at: https://www.nacro.org.uk/resettlement-advice-service/support-for-employers/employing-someone-with-a-criminal-record/ [Accessed 1 Nov. 2018].
  6. Anon, (2018). Modern Slavery and Employers’ Responsibilities in the UK. [online] Available at: https://www.co-oplegalservices.co.uk/media-centre/articles-jan-apr-2018/modern-slavery-and-employers-responsibilities/ [Accessed 1 Nov. 2018].
  7. GOV.UK. (2018). Workplace bullying and harassment. [online] Available at: https://www.gov.uk/workplace-bullying-and-harassment [Accessed 1 Nov. 2018].
  8. GOV.UK. (2018). Discrimination: your rights. [online] Available at: https://www.gov.uk/discrimination-your-rights/discrimination-at-work [Accessed 2 Nov. 2018].
  9. Staff, I. (2018). Liquidated Damages. [online] Investopedia. Available at: https://www.investopedia.com/terms/l/liquidateddamages.asp [Accessed 2 Nov. 2018].
  10. Tipton, S. (2018). Types of Damages Available for Breach of Contract | LegalMatch Law Library | LegalMatch Law Library. [online] Legalmatch.com. Available at: https://www.legalmatch.com/law-library/article/types-of-damages-available-for-breach-of-contract.html [Accessed 2 Nov. 2018].
  11. All Answers ltd, ‘Explain the sources of English law’ (Lawteacher.net, October 2018) accessed 15 October 2018

Agreement Essay

Introduction

An agreement is a fundamental aspect of human interaction, serving as the backbone of various relationships and transactions. Whether it’s a formal contract between businesses or a simple verbal understanding between friends, agreements play a pivotal role in maintaining harmony and facilitating cooperation in society. In this essay, I would like to explore the importance of making correct agreements, the benefits they offer, and how they contribute to the overall growth and stability of individuals and communities.

How to Make a Correct Agreement?

Making a correct agreement is essential to avoid misunderstandings, conflicts, and legal complications. The process begins with clear communication between the parties involved. Each party must express their intentions, expectations, and responsibilities openly and honestly. This transparent exchange of information will help identify common ground and potential areas of contention.

Next, it is crucial to document the agreement in writing. Putting the terms and conditions on paper ensures that both parties have a tangible reference to fall back on if disputes arise. A well-drafted agreement should encompass all relevant details, such as the parties’ names, the purpose of the agreement, the specific terms and obligations, the time frame, and any contingencies.

Additionally, seeking legal counsel before finalizing the agreement can be prudent, especially in complex or high-stakes situations. A legal expert can review the terms, identify potential pitfalls, and ensure that the agreement aligns with applicable laws and regulations.

Furthermore, both parties must enter into the agreement willingly and without coercion. Genuine consent is paramount for the agreement to be valid and enforceable. Any sign of duress or manipulation can render the agreement null and void.

To foster a correct agreement, it is vital to consider the possibility of change or unforeseen circumstances. Including clauses for amendments or contingency plans can help address evolving situations and maintain the agreement’s relevance over time. 

It is essential to conduct thorough research and due diligence before finalizing an agreement. Understanding the legal and financial implications of the terms can help parties make informed decisions and avoid unintended consequences. Properly educating oneself about the subject matter of the agreement ensures that all involved parties are on the same page and reduces the likelihood of disputes arising due to misunderstandings.

Benefits of Agreement

Agreements offer a multitude of benefits that extend beyond mere documentation. First and foremost, they establish a sense of trust and reliability between the parties involved. By clearly outlining each party’s responsibilities, an agreement ensures that all participants are committed to fulfilling their end of the bargain, fostering a harmonious relationship based on mutual respect.

Moreover, agreements provide a foundation for resolving disputes and conflicts. In case of any disagreement or breach of terms, the parties can refer back to the agreement to ascertain the appropriate course of action. This prevents situations from escalating into costly and time-consuming legal battles and promotes amicable resolutions.

Correctly crafted agreements also promote accountability and discipline. When individuals are bound by a documented agreement, they are more likely to act responsibly and adhere to their commitments. This sense of accountability contributes to enhanced productivity and efficiency, especially in business and professional settings.

Agreements also serve as powerful tools for risk management. They help parties anticipate potential challenges and outline preventive measures, reducing the likelihood of unexpected losses or negative consequences. In this way, agreements act as shields, protecting the interests of all parties involved.

Furthermore, agreements play a significant role in fostering collaboration and cooperation. When individuals or entities work together towards a common goal, a well-structured agreement acts as a roadmap, guiding their collective efforts. This cooperation often leads to innovative solutions and shared successes.

Conclusion 

So, to my mind, making a correct agreement is vital for a flourishing society and successful interactions between individuals and organizations. By following the principles of clear communication, written documentation, legal consultation, voluntary consent, and adaptability, agreements can serve as powerful instruments in promoting trust, accountability, and cooperation.

The benefits of agreements, such as dispute resolution, risk management, and fostering collaboration, highlight their indispensability in modern life. As we continue to navigate complex and interconnected global landscapes, cultivating a culture of making and honoring correct agreements will be crucial in sustaining harmony and progress.

The Affect of Power and Political Factors on Costco’s Business

Costco Known as Costco Wholesale Corporation is one of the well-known retailers in the world that supplies more than a million quantities of goods in a discount amount meeting customers satisfaction (Lewis, 2009). Costco has it’s own organization polices with the main objective to bring our customers to the most affordable costs on quality brand-name (Lewis, 2009). With many areas around the world like Canada, United states, Australia, Mexico and Japan, Costco provides a wide range of product, Costco has intended to make your shopping experience a pleasurable one in different parts. Costco store regularly supplies grocery store things and an ever-changing choice of other product, including some luxurious goods as well (Lewis, 2009).

The organization’s first opened in 1976 under the Price Club name, was in a changed over plane shed on Morena Boulevard in San Diego (Through Its history, Costco has keep progressing, 2009). Initially, Costco started up with small organizations, later on it discovered it could accomplish more better prominent purchasing clout by suppling goods to selected customers of different places (Lewis, 2009). With that change, the development of the distribution centre club industry was making excellent progress so far. In 1983, the first Costco stockroom area was opened in Seattle (Through Its history, Costco has keep progressing, 2009). Costco turned into the primary organization ever to develop from zero to $3 billion in deals in under six years (Lewis, 2009). When Costco and Price Club agreed to launch a partnership firm in 1993, working under the name PriceCostco, they expanded altogether 206 areas in various parts producing $16 billion in yearly deals. Besides that, Costco is regularly considerable for being more representative more than other 500 organizations by hiring employees in reasonable wages and choice advantages (Through Its history, Costco has keep progressing, 2009). The Costco has made a working environment culture that draws into positive, high-energy and skilled representatives.

Power and political factors partly influence the Costco Warehouse based on its remote or macro-environment. The Costco warehouse has to be concerned about legal rules and political environment before set up their business in respective area and should be ready to deal with local and international outcomes of politics (Political factors affceting business, 2015). The frequent change in the government make up of political factors. The political factors could be:

  • Increase or decrease in tax: Sometimes the government will charge high tax on Costco and lower it for others. The decision will have direct impact on Business. So, Costco must stay up-to-date with such political factors.
  • Political stability: political Instability of a country has become major factor which affect a business. The uncertainty associated with an unstable political environment may decline the investment and pace of Costco’s economic development become economic and political are like a two parts of a coin (Political factors affceting business, 2015). They are interconnected with each other. (HUSSAIN, 2014). Besides that, Political stability can take the form of complacency and stagnation that does not allow competition.
  • Change in regulation: Regardless of whether you like regulations or not, consistence is significant. Keeping steady over the regularly changing rule is fundamental to maintain a competitive edge. If Costco fails to do so, the government will implies penalties and potential legal issue, which could make business fall behind the opposition (HUSSAIN, 2014). So, it’s important to periodically refresh your knowledge about what’s happing and what’s changing.

Besides that, Political behaviour also includes individual factors (personality traits, needs) and Organizations factors (resource change, low trust exist, high performance pressure and the opportunity of promotion) has positive and negative impacts on the Costco Warehouse. Organizations additionally are political structures which give chance to individuals to create profession and hence provide platforms for the declaration of interest and motives (Political factors affceting business, 2015).

References

  1. HUSSAIN, Z. (2014, june). Can political stability hurt economy? Retrieved from blogs.worldbank.org/endpovertyinsouthasia/can-political-stability_hurt-economy-growth
  2. Lewis, R. (2009). Costco American Comapny. Retrieved from The costco wholesale operation: britannica.com/topic/costco
  3. Political factors affecting business. (2015, feb). Retrieved from pestanalysis.com/political-factors-affceting-business/
  4. Through Its history, Costco has keep progressing. (2009, august). Corporate history branches, 26(13), 40.