A B Business Management E Study Manuals business growth S T U D Y M A N U A L P R I Diploma in N C I P L Business Management E S O F B U S I N E S PRINCIPLES OF S L A W BUSINESS LAW The Association of Business Executives The Association of Business Executives 5th Floor, CI Tower • St Georges Square • High Street • New Malden Surrey KT3 4TE • United Kingdom Tel: + 44(0)20 8329 2930 • Fax: + 44(0)20 8329 2945 E-mail:
[email protected] • www.abeuk.com i Diploma in Business Management PRINCIPLES OF BUSINESS LAW Contents Unit Title Page Introduction to the Study Manual v Syllabus vii 1 Nature and Sources of Law 1 Nature of Law 2 Historical Origins 5 Sources of Law 8 The European Union and UK Law: An Overview 11 2 Common Law, Equity and Statute Law 21 Custom 23 Case Law 24 Nature of Equity 30 Application of Principles of Equity 32 Equity and Common Law 34 Classification of Equity 35 Legal and Equitable Rights 36 Nature of Statute Law 37 Interpretation of Statutes 39 Codification and Consolidation 43 Appraisal of Statute Law 44 Delegated Legislation 44 3 The Administration of Justice 47 Organisation of the Courts 48 Administrative Justice 59 Public International Law 70 Judges and Juries 71 Organisation and Role of the Legal Profession 73 4 The Law Relating to Associations 79 The Concept of Corporations 81 Corporations in Law 81 Companies 83 Companies in Law 91 Unincorporated Associations 111 Partnerships 111 ii Unit Title Page 5 Contract Law 1: Fundamentals of Contracts and their Creation 125 What is a Contract? 127 The Agreement 131 Classification