A complete assignment based study of Business Law

A STUDY OF BUSINESS LAW




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,Table of Contents
1.1 INTRODUCTION ....................................................................................................................... 3
1.2 DIFFERENT SOURCES OF LAW .............................................................................................. 3
1.2.1 LEGISATION ...................................................................................................................... 3
1.2.1.1 PARLIAMENT .................................................................................................................... 4
1.2.2 JUDICIAL PRECEDENT .................................................................................................... 4
1.2.3 CUSTOMS LAW ................................................................................................................. 5
1.3 ROLE OF GOVERNMENT IN LAW MAKING ......................................................................... 5
1.3.1 HOW STATUTORY AND COMMON LAW APPLIED IN THE JUSTICE COURTS ............... 6
1.3.2COURT SYSTEM OF SRILANKA ............................................................................................. 7
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1.3.2.1 MAGISTRATE COURT ...................................................................................................... 8
1.3.2.2 PRIMARY COURT ............................................................................................................. 8
1.3.2.3 DISTRICT COURT ............................................................................................................. 8
1.3.2.4 HIGH COURT ..................................................................................................................... 8
1.3.2.5 COURT OF APPEAL .......................................................................................................... 8
1.3.2.6 SUPREME COURT ............................................................................................................. 8
1.3.3 COMPARING SRI LANKAN COURT SYSTEM TO UK COURT SYSTEM ............................ 9
1.4 HOW LAW IMPACT ON BUSINESS ............................................................................................ 10
1.4.1 EMPLOYMENT LAW ............................................................................................................. 10
1.4.2 COMPANY LAW .................................................................................................................... 12
1.4.3 CONTRACT LAW ................................................................................................................... 13
1.5 RECENT REFORMS AND DEVELOPMENTS IN LEGAL SYSTEM ..................................... 15
1.6 DEIFFERENCE BETWEEN LEGISLATION, REGULATIONS AND STANDARDS ................... 16
1.7 CONCLUSION ............................................................................................................................... 19
1.8 REFERENCES ................................................................................................................................ 20
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, 1.1 INTRODUCTION
The law can be defined as a structure of rules which are developed by the society or government
to deal with business agreements, social relationships, and crimes (Toppr, 2019). Similarly, Okezi
(2017) states Law is a set of rules built by the political superior man, which are followed and
obeyed by everyone. The purpose of this study is to create a law handbook on the nature of the
legal systems and the potential impact of the law on a business as a law firm adviser. At first
different sources of law will be explained by the author. Moving on, the role of government in law
making and how statutory and common law are apply in the justice courts will be explained. Then
the author will examine how company, employment and contract laws have a potential impact
upon business. Forwardly effectiveness of the legal system in terms recent reforms and
development will be explained. Finally, the author will differentiate between legislation,
regulations, and standards to analyse potential impacts upon business. At last author will provide
a coherent and critical evaluation of legal system and law with examples.


1.2 DIFFERENT SOURCES OF LAW
Each and every country has own legal system. Every legal system has different sources of law.
When a company starts a project in a country, it is important to know which sources of law apply
in the host country. Legislation, Judicial Precedent, European Community Law and Customs are
some common sources of law which most of other countries use (World Bank Group, 2016). Sri
Lanka use Religion and Equity as an indirect source of law (Kalanthar, 2018).

1.2.1 LEGISATION
Legislation is consisted of declaration of legal rules by a competent authority. Parliament is the
main stream body to make legislation (Ray, 2017). Legislation is the major source of laws because
there is no statute that parliament cannot make. Even a law is inappropriate to some case or
situation the court cannot be question the validity of the legislation because they are approved and
bound to apply the pertinent statutory (ICLR, 2018). Legislation can be divide in to two parts as
primary and secondary legislation. Primary legislation includes the Statues or Acts of the
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