BUSINESS LAW Essay Example | Topics and Well Written Essays - 2250 words - 1

BUSINESS LAW - Essay ExampleLegislation is the only antecedent to face the challenging situation.In fact, Law is de jure and is use by a country to regulate the family relationship between its people, government and business. Oliver Wendell Holmes, Jr., in his great truth book, The Common Law (1881) states The life of the law has non been logic it has been experience. This contradicts English jurist Sir Edward Cokes observation that logic is the life of the law.The legal system of Australia is governed by leafy vegetable law developed by mooring laws and precedents, and included in it atomic number 18 equity law and a little of statute law. Based on Grew (2002), the legal system of Australia has two sources. The first one is the sevens that is legislation, and the other is the judicial courts that are responsible for case laws. Legislations are created by parliament and the courts put introductory the law by means of precedents. Here, in this essay, we analyze the strength a nd weaknesses of common law and legislation along with the role of courts and legislature in regulating the contemporary business practices.Common law has its roots of evolution in England from 1066. It is an unenacted law written by judges in judgments or case law decisions (Latimar, 2007, p.4). In Australia the judges decide a case based on past decisions taken in a similar case. This method tends to be consistent and authentic as many cases have been decided in the past in a similar way. The principle of precedent is based on this concept that when cases are decided based on past decisions, the judgment is consistent. The lower courts are bound to follow the last courts and this leads to treating the case under similar circumstances in the same way as it was done before. The high courts decisions in passed cases, will have the lower courts legally bound (Barron & Fletcher 2001 p30).When precedents are followed in deciding a case it allows the judges to reduce the time taken i n passing a judgment. This is because the law is already applied in similar cases by taking into consideration the facts and the issuing of evidence, which makes the task of a judge voiced. The doctrine of precedent is defined as The common law principle which binds a judge or a magistrate to follow previous similar decision of higher courts in the same hierarchy also know as stare decisis (Vickery & Pendleton 2006), which implies the decision stands. The precedents whitethorn be binding and persuasive precedents. It becomes binding ratio decidendi when the closing law or res judicata is passed by the court on the affected parties, and has a legal consequence established on the central causes for the decision.Common law relies on precedent. However, precedent is an illogical and inefficient tool for the regal pattern of business. Legislation is much more effective in the regulation of modern business practices. This statement stands in effect(p) in the modern day judgments. Even though common law is tailor made and easy to follow, it still has its own pitfalls.The major weakness of common law is that, the precedent followed in sensitive cases may non be relevant for the present case. Also it could limit the development of law. As common law depends on past cases and the society is changing rapidly so it is obvious that history may not repeat itself in the same way and under the same circumstances. It becomes very difficult