Business law Essay Example | Topics and Well Written Essays - 1500 words - 4

Business law - Essay Example The statutes are significant because they provide flexibility to the written constitution of a country and empower the government to introduce legislations to effectively meet the challenges of the evolving time. There are two types of statute: General Public acts which are applicable to people across the board; and Private acts which are confined to particular place, organization or group of individuals. In the contemporary times, decentralization of power has become necessary for effective administration. Therefore, the parliament often empowers local government and agencies to introduce rules appropriate or suited to particular set of local conditions. This is generally made possible through ‘enabling’ Acts of the Parliament. These Acts of Parliament create a broad framework of reforms for the local bodies to enact their own rules, best suited for the local conditions. The rules enacted through such delegation of powers to the local bodies are known as ‘Statutory Instruments’. The Statutory instruments can be challenged by the Parliament or even repealed if not found reasonable. The parliament has the overall control over the Statutory Instruments. The legal rules, which are made by judges on the basis of doctrines that have been in existence for more than 700 years, come under the precincts of ‘Common Laws’ (LLS1). These laws are neither enacted in the parliament nor were made by the delegated legislation of the local authorities but primarily developed over a period of time and adopted by the judges as such from the statements of principles from the earlier court cases. These common laws have justified their existence by successfully facilitating resolution of disputes in the areas that have seen maximum conflicts of interests in the life of the general public. Though common laws can be seen in almost all areas of