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Business law - Essay Example

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Author Date Introduction There are many varieties of business laws all over the world and they interrelate in various and diverse ways. For instance, some business dealings are mergers, contracts, leasing, and acquisitions, among many other cases but the way these transactions are made is administered by Business Law and in addition, how the businesses are created and carried out is the bulky part of Business law…
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Business law

Download file to see previous pages... 1 Kelly & Holmes (2011, pg. 123) says a good example of how the business law works is for in Joined Cases 6/90 & 9/90 Francovich and ors v Italian Republic, where the ECJ extended the force of the law concerning directives by stating that ‘Community law lays down a principle according to which a Member State is liable to make good damage to individuals caused by a breach of Community law for which it is responsible’. This was a historical ruling which in many ways changed the precedent of future rulings in the European business law. 2 Community law body The European Union law which is also termed as the European Community law is an organization of legislation and treaties, for instance Directives and Regulations, which have indirect or direct effect on the laws of the European Union member countries. The three foundations of the European Union law are basic law, supplementary laws, and secondary laws. The chief foundations of primary or basic law are the Treaties establishing the European Union, while the secondary foundations comprise the directives and regulations which are founded on the Treaties. However, the legislature of the EU is predominantly composed of the Council of the European Union and the EU Parliament which under the Treaties can set up secondary law to follow the purposes which are stipulated in the Treaties. The EU law is practiced by the courts of where a member countries for less important rights may be imposed by the courts of member countries , for instance the Directives, European Commission may take actions against the member country under the European Commission Treaty. The Court of Justice of the EU is the most supreme and is competent to interpret te European Union law. 3 The supplementary foundations law consists of case law by the Court of Justice, the general doctrines of the European Union law and the international law. The supplementary bases of the European law are unrecorded bases consisting of the Court of Justice of the European Union case law, general principles and international laws. The supplementary foundations are normally of judicial derivation and are applied by the Court of Justice of the EU in cases where the secondary and/or primary legislation may or can not resolve the matter amicably. From during the 1970s, fundamental rights which are acknowledged as the general principles of the European Union law have been incorporated into the principal legislation in the EU. The EU and its member countries are compelled to abide to the international law, as well as its customary law and treaties, and this fact by itself has particular made it to manipulate the growth of the universal principles of the EU. Nevertheless, the Court of Justice of the EU may reject some particular principles of the international law that it regards as contrary with the composition of the EU, for instance the principle of reciprocity in the achievement of state requirements. The Court of Justice of the EU is founded through Article 19 of the Maastricht Treaty and comprises of specialized courts, General Court and Court of Justice. The duty of the court is to ensure that in the ...Download file to see next pagesRead More
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