American and the EU Competition Law - Essay Example

?American and European Union Competition Law The purpose of competition law is to ensure that the consumers pay the lowest possible price for the high quality of goods and services they consume. This objective will be achieved through introduction of healthy competition amongst the products owners. The other effect of the competition law is to discourage unhealthy practices in the business. It also eradicates the inefficient, incompetent and slow businesses, which do not respond to the changes of present day requirement. The American economy depends on capital and free enterprises. A private entity may file a suit against the court of law on violation of competition law that caused property or business for monetary compensation. Antitrust law refers to a federal and state system, which promotes competition and blocks the roads of monopoly. In the US under mentioned sanctions may be imposed on violation of competition law a) confiscation of property b) suspension of right for a period of one year c) fine up to the extent of one million USD and above in case of corporation d) for others fine up to 0.100 million USD and imprisonment for a period of three years at least. The aims and objectives of said law is to discourage i) monopolization ii) conspiracy to monopolize and iii) attempt to monopolize by way of merger and acquisition of other business entity. American Legal System The American court system is run at two jurisdictions a) federal level and b) state level. The Supreme Court is the highest court. Two courts have to work under incumbency of Supreme Court of Pakistan a) trial courts and b) appellate courts. The Supreme Court is working under one chief justice and their eight associate justices. Their selection is the prerogative of the competent committee of the Senate. The supreme court of USA each year hears limited number of cases wherein important questions of constitution and the federal law has been raised. The trial court is empowered by the constitution and the law making body to hear criminal or civil cases of all sorts. The court of appeal hears appeal received from trial court of respective jurisdiction to decide the case. It has country wise jurisdiction to hear the specialized cases of appeals such patent laws, the court of international trade and the court of federal claim. Magistrate court helps a lot to minimize the workload of federal circuit courts. The said court has the limited jurisdiction to hear the minor cases of civil or criminal nature. Bankruptcy case deals by the court of Bankruptcy court since the creditors are not in a position to pay more after liquidating their assets. The USA Tax courts entertain the cases of tax disputes between the parties. The mentioned court comprised of 19 judges appointed by the President who have the expertise on the tax laws. The English Legal System The Great Britain is always referred to a country where common law is prevailed irrespective of other continental country such as France where the mentioned law is called Civil law. A major portion of UK Law is based on legislative acts. It can be primary or secondary legislation. The acts of parliament are considered as Primary legislation where as the legislation of government bodies that the parliament is empowered to legislate is called secondary legislation. Bill in fact is a proposal which is presented in the house of commons or house of lords for debate by the members of Parliament before its passage by the both the houses mentioned hereinabove before becoming an act / law. However, Royal final assent is required for an act / law passed by the House of Lords and House of Commons. Hence, three decisions are expected from the Queen a) assent the law b) dissent the law and c) deferred the law for an appropriate time. Since the Great Britain is the member of European countries, therefore the most laws of the said countries are influenced by English laws. In case of disputes between the EU countries and the UK the law of EU will have an edge over the British laws. Anglo American Common Law Employment & Labor Law Five decades back there were no rights for the employees. Employers treated their employees the way they like to. No working hours were determined. The employees compelled to work a lot on a minimum wages. Working conditions were cannot be explained in words. No medical facilities were available to the employees in case of illness. No employee insurance cover was provided to the employees for compensation in case of accidental injuries and death. Even the children were not spared from being exploited. After the advent of industrial revolution in the European Countries, the employment law came into being to protect the rights of the employees in terms of gender discrimination, working hours, fair wages, working condition and prevent children from exploitation. Due role of trade unions or collective bargaining agent is to bridge the gap between the employees and the employers. The Trade Unions negotiate for a better charter of demands with the management. Trade Union is empowered by the government to sort out the issue of a) pay and pension b) major changes in the workplace c) sort out the concerns of the employees with the management d) accompany the management committee in the meeting with the management e) provide legal and financial advice to the employees f) ensure provision of educational facilities, medical facilities and insurance cover to the employees. Anglo American Legal Practice and Profession The practice of law in the United States of America is monitored by each individual state and their respective bars. Prior to joining law school one has to obtain undergraduate degree. The four degree law course is categorized as: a) initial two years on different subjects and b) the remaining two year course comprised of majors. Thereafter it requires 3 years full time work with a law firm to become juries doctor. However, many of the juries doctor go for LLM degree, which is a one year programme for specialization in income tax and intellectual property. Before starting practice, one has to enroll with the respective bar. The American lawyer may choose to work as corporate counsel or in house counsel for corporations or for business as paid employee, as public prosecutor in governmental organizations, as law professors in legal aid society, as sole practitioner in their own legal firm and as attorneys at law in private firms. The legal fee charged by the American lawyers taking into consideration the time spent on the case, the money involved in the case, complexity of the case, lawyer’s competency, experience and the popularity in terms of success. At present, the fee structure comprised of a) flat fee b) hourly fee c) referral fee d) retainer fee e) statutory fee and the f) contingency fee. Business Law Structure In the United States of America as in the other parts of the world, the businessman or business woman at the time of initiating new business has to decide whether he or she starts business as a sole proprietorship, partnership or corporation. The category of corporation is a) public sector corporation b) semi public corporation and c) non-profit corporation. In private sector, the liability of a corporation is limited to purchase of the share, its investment and capital contribution. The authority of corporation is exercised through its Board of Directors. The key Persons of a corporation are i) Chairman ii) Directors iii) CEO iv) CFO and the v) shareholders. The shareholders have the limited liability; therefore, they have nothing to do with the acts of omission of the company. In UK, the legal framework determines sharing of profit and loss, how taxes are paid and where legal liability of a business rests. It also identifies the nature of business and its relationship with other trade bodies, investors, creditors and employees. The structure of business in the United Kingdom is composed of a) sole trader b) partnership c) limited liability partnership d) incorporated companies e) limited liability companies and f) franchises. The company’s act 2006 is a primary source of UK company law. The act in question provides comprehensive codes of company law for the running businesses in the United Kingdom. Common Law: Criminal Law Criminal law or in other words penal law usually deals with the criminal activities that endanger the life and property of an individual. The punishment in criminal activities decides by the competent court of law taking into account the nature of crime that committed. The punishments in criminal cases vary from case to case. Criminal procedure is to determine how the criminal law is to be implemented. The punishment in criminal cases is to ensure a) deterrence b) rehabilitation c) retribution d) denunciation e) incapacitation and f) restitution. The British criminal law is based on a) case law and b) statutes. However, its contents have the influence of two fundamental rights a) European community law and b) European convention on human rights. In the USA, criminal law is derived from common law, statutory law and administrative regulations. The most important American laws, however, flows from its constitution. The crimes fall under the federal offences category are i) bank robbery ii) drug trafficking iii) kidnappings iv) terrorism and immigration violation etc. Criminal offenses are classified keeping in mind the seriousness of the offense. Historically three offenses are known at common law which are: i) treason ii) felony and the iii) misdemeanor. The treason is being treated as the highest crime whereas the misdemeanor is at its lowest ebb. Common Law and Contract Law A contract is an agreement between the two or more signatories to perform or not to perform their assigned duties. Failure of defined duties may lead to the court of law to decide the case on its merits. If there is no express or implied agreement on the essential terms in the agreement by the interested parties, as per law, such agreement cannot be considered as an agreement. The binding force of a contract is based on the fact that it should reflect the meeting of minds who execute it in good faith. The stake holders of an agreement can not set aside the agreement unilaterally. In the United States of America, contract relating to sales of goods is termed as Uniform Commercial Codes where as in the United Kingdom it is considered as Sales of Goods Act. In case of breach of any term or terms of the contract may attract the jurisdiction of the competent court of law under the common law. The types of contracts are a) contracts under seal b) express contracts c) implied contracts d) executed and executory contracts e) bilateral and unilateral contracts and f) unconscionable contracts g) adhesion contracts h) void and voidable contracts However, mentioned people cannot execute the agreement a) minor b) mentally incapacitated c) intoxicated. Common Law: Tort Law As per the Latin terminology, tort is a private wrong done to other person by parting ways of the assigned duties as enumerated in an executed agreement. An individual who has suffered at the hands of others in shape of monetary damages may file suit in the competent jurisdiction for monetary compensation. The aim of tort law is to compensate the aggrieved party monetarily for the wrongful conduct of others. We may fulfill the following objectives through law of tort a) compensate for injuries at the hands of others b) cost to be borne by the responsible person c) discourage carelessness and risky behavior of others d) effectuate legal rights and interest. As far as business is concerned, tort law provides legal remedy for the business entity whose business is ruined or received considerable damages by the unfair or unhealthy practice of other competitor. Further, it provides relief to the workers at work place against emotional distress and ensure viable environment for smooth working. Law of torts can be classified as a) intentional torts b) negligent torts c) strict liability. Prima facie to establish a case under intentional torts, the petitioner has to substantiate a) act of defendant b) causation and the c) intent of defendant. Comparative Legal Civil Proceedings Civil procedure is the body of law that deals with the cases of civil nature in the court of competent jurisdiction. The judicial system of the United States of America and the United Kingdom deals with two types of cases a) Civil and b) Criminal. Civil procedure is to protect the legal rights of an affected party by awarding monetary compensation if it is proved that the victim has to suffered colossal loss or losses due to the act of the defendant or the defendants. In the criminal proceedings the rights of general public is ensured by awarding punishment to the criminals. Civil law is a component of a) contract law b) real estate law c) law of tort d) testamentary law and e) business law and the f) constitutional law. It is primarily concerned with the monetary compensation. The criminal law is to deal with the basic issue of law and order in the country or in the states and to punish the violators of criminal laws. In the United States of America, the civil procedure in the federal system has to follow the Federal Rules of Civil Procedure. Each state has its own civil procedure to follow by the competent courts in their area of operations. It is worth mentioning that in the USA approximately 90% cases are settled before reaching the trial stage. International & Anglo American Intellectual Property Law Intellectual property meant for legal rights relating to intellectual property in the arena of industry, Science, Technology, Art and Literature. Many countries have made up laws in order to protect intellectual properties taking into account the following reasons: a) Governmental expression to the moral and economic rights of a creator in his or her creation b) To establish the rights of public to have an access to the creation c) To promote creativity d) To encourage fair practices in trade for economic development of the country. The intellectual property law has the mentioned distinctive features of intangible property i) patent ii) trade mark iii) copy rights and iv) trade secrets In view, the rising economic relations between the countries it was felt that some laws are to be in place to address the issues of forfeiting and piracy in terms of intellectual property around the globe. Trade related aspects of intellectual property rights in fact are an agreement executed between the member countries engaged in international trade and commerce. This came to surface in the year 1994 duly signed by United States of America, United Kingdom, France and the European Union Countries and ratified in the year 1995. The WTO TRIPS is an effort to narrow the gaps that are in the way of intellectual property rights. Read More