Business Law Essay Example | Topics and Well Written Essays - 1000 words - 19

Business Law - Essay Example is not improper to consider European Communities Law before Legislation and Common laws as sources of English Law because, European Union has progressively passed the right to create laws which have effects in the UK since it joined European Union,. Kelley and Holmes (1997) considered Legislation as the second source of Law because Parliament within UK is sovereign and can create or alter the law whenever it determines to do so. European Law has three distinctive forms namely regulations, directives and decisions. Regulations have immediate effect without out the need for UK to produce its own legislation. On contrary, directives are those that require specific legislation to execute the proposals. Decisions of the European Court of Justice are applicable all over the European Union countries (Kelley and Holmes, 1997). Parliament has sovereign rights and powers to make or alter laws if European Union institutions are sovereign in its boundaries. The laws that are formed by the legislature (Parliament) are known as Statute or Legislation law. A law which has been passed by the legislature and it has received Royal Assent, it is known as Act of Parliament and it forms to be the primary form of Statute Law (Gillies, 2004). There are various types of legislation and its impacts also will be different. For instance, public acts affect public generally whereas private acts affect only limited groups of the public. The Common Law is the body of principles that are developed by the Common Law courts of England (Gillies, 2004). Common laws are those legal rules and principles that are created and developed by the courts in deciding legal cases. The primary hallmark of the Common law is that it is made by court judges. They, rather than creating laws, find, observe, declare and discover laws from case to cases. Equity is considered to be a branch of English Law, supplement to Common Law. It has been established and developed hundreds of years ago when litigants went to