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International Business Law - Common Law and Legislation

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Common law which is also known as case law which is the law developed case by case in the courts (Du Plessis 1999). Thus, this law is laid down by the courts and refers more specifically to the origin of the law as compared to the other forms of laws. The English legal system is a common law at its best and is a living law that was developed in court decisions and adapted to practical purposes. Of paramount importance, in this case, is the fact that common law is developed by the outcome of certain cases.

It is developed by the judges and is adopted as the law that can be used in similar cases. It can be noted that a closer analysis of the meaning of common law shows that it is more authentic since it is based on the outcome of court cases and is something agreed and written by the judges. Common law is commonly regarded as a legal norm. Common law and legislation have a role within the English legal system are to play.

To a larger extent, English law is uncodified common law and the legislation primarily regulates matters of a more modern technical nature or else it amends, systematises, consolidates or supplements common law in areas where it is inadequate or ambiguous or where renewal is necessary (Du Plessis 1999). Common law in this regard is an important source of law where the legislation can be used to formalise some sections of the law which may not be very clear. For instance, in some countries which use the English legal system, acts to formalise the protection of natural resources were only put into legislative law after it was discovered that they formed an important component of the natural wealth of the country.

Koffman & McDonald (2007:1) define a contract as, “ a legally enforceable agreement giving rise to obligations for parties involved. ” This entails that whenever two different parties enter into an agreement which becomes the contract, there would be binding terms of the contract that would make them keep their obligation to meet the agreed terms and conditions. Simply put, if you promise that you will do something for another person and in return, that person agrees to pay you something, then you and that person have made a contract.    

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preview essay on International Business Law - Common Law and Legislation
  • Pages: 12 (3000 words)
  • Document Type: Essay
  • Subject: Law
  • Level: Undergraduate
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