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American and European Union competition law - Essay Example

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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…
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American and European Union competition law
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Download file to see previous pages 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 ...Download file to see next pagesRead More
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