Business Law Essay

3883 words - 16 pages

AbstractInternational trade has existed since times immemorial and can be dated as long back as 2000 B. C. With the increasing complexities and volumes in international trade, an urgent need for a uniform code for regulating these transactions was keenly felt in present day economy where domestic and foreign politics play their influencing role in conducting transnational business. International Law for business aims at providing the regulations required for execution of international transactions involving more than one nation. Every country has its own set of laws for regulating business. Therefore, it is apparent that every international business transaction has to comply with provisions ...view middle of the document...

Doctrine of Precedent
Fundamental to the common law system is the doctrine of precedent, which at its simplest form means that like cases are treated alike on fairness to reduce court time and disputes by making law more certain thus limits judicial law-making. Judges do not offer their own views when they hand down a decision but instead apply a distinctly legal mode of reasoning to bind the present to the past on similar cases and reference against the previous judicial decisions made. According to Derham, Maher and Waller (1986), doctrine of precedent comprises a complex set of rules which are defined into five basic principles; first, the courts are bound by the decisions of the higher courts within the same hierarchy; second, legal arguments presented to the court may be based on the decision of any superior court; third, the vintage of an authority or precedent does not diminish its effect; fourth, the court may hear arguments based on precedents from any reliable source though they must be the best available in the court's reckoning; lastly, courts are not bound by their own decisions and so may overrule themselves if convinced that the previous decision was wrong. These rules of precedent will give lawyers a good deal of scope to go through both long-past and recent cases to find precedents which support their arguments. As clearly mentioned by Laster (2001, p. 118), the doctrine of precedent is a flexible legal tool generally considered by legal professionals to strengthen law's claim to consistency, predictability and impartiality. A system based on precedent must be rational and adaptable to changing circumstances with logical reasoning in order to deliver a fair verdict. In Rylands v Fletcher (1868) LR 3 HL 330, the wrongful intervention of a third party which had not occurred before, was a material fact upon which the precedent could not be distinguished, thus any decisions will need to be reasoned. One must consider all parties & facts before the court, any past relevant precedents, the decision that will stand up to any criticism, and the effect of the final outcome. All these are identified as ratio decidendi, that is the reasons for deciding a case in a particular way which are binding, not the obiter dicta which are the remarks or opinions made by the judge not relating to the case that was the basis for the decision. In Australia, there is still a need to maintain the use of the doctrine because it provides a level of cohesion and consistency in the law and society (Bird 1988).
The Concept of IncorporationIt's a must for anyone starting up his or her own business to understand the concept of incorporation, which gives legal advantages such as corporate tax breaks, import tax/duties exemption, tax-free dividends, protection of personal assets, selling shares to raise funds, credit ratings, ease of transferable ownership, etc, in return for accepting specific legal responsibilities. Incorporation is a process of registration...

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