Business Law: Context and Implications on Business
Business & Corporate Law - 2021
Date of Submission:
Table of Contents
TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc93094152 \h 3
Task 1 PAGEREF _Toc93094153 \h 4
Task 2 PAGEREF _Toc93094154 \h 5
Task 3 PAGEREF _Toc93094155 \h 6
Task 4 PAGEREF _Toc93094156 \h 7
Conclusion PAGEREF _Toc93094157 \h 7
References PAGEREF _Toc93094158 \h 8
When it comes to formal human behavior and human activities, law may be described as a set of rules that are used to regulate them in a community or a nation. Sri Lanka's legal structure is complicated, and it is a mash-up of laws from several countries, including Rome, England, Holland, South India, and Old Ceylon. The ecclesiastical and colonial history of the country, which can be traced back to 1505 and 1948, is the driving force behind this voluminous legislative legacy.
When it comes to the sources of law in Sri Lanka, it is possible to consider the statutes issued by the Parliament to be the major source of law in the country. Additional sources for Sri Lankan law include court judgments, customary law, and juristic literature, among others CITATION Asa15 \l 1033 (Asanka, 2015).
Sri Lanka's common law is based on Roman-Dutch principles. Criminal law and civil law are the two departments of law that make up the legal system. Apart from that, there are a few more unique laws in Sri Lanka, such as agency law, contract law, which falls under the business law category, labor law, environmental law, and so on. These are all examples of special laws.
Firm law encompasses everything from business formation to operational difficulties such as taxation, intellectual property, real estate, sales, employment, bankruptcy, and contracts. The core elements of business law are discussed in detail in the following sections.
Intellectual property is any concept developed to create items or services that will be sold to consumers and produce revenue for the person. Business concepts, goods, services, innovations, trade names, and trademarks all fall under the category of intellectual property. The Intellectual Property Act No. 36 of 2003 is the applicable legislation in Sri Lanka. Commercial High Courts have jurisdiction over this.
A contract's primary role is to provide a group of enforceable promises or a single enforceable promise. Any agreement consists of two components: an offer and an acceptance. The offer is the first stage in the contracting process since it contains the agreement's conditions. The offeror is the person who makes the offer, and the offeree is the person to whom the offer is made CITATION Chi93 \l 1033 (Chiba, 1993).
In Sri Lanka, a contract is defined as an agreement between two or more parties that creates legally recognized and enforceable rights. A contract cannot be legitimate unless there is a "agreement"; an agreement occurs when one party accepts another's offer. There must be a purpose to establish legal relations, which means that the parties' agreements must be intended to result in legal relations. Generally, parties to business agreements want to create a legal connection. That is, if one of them breaches the agreement, the other shall have the right to enforce the agreement via legal processes.
Negotiable instruments, often known as commercial paper, are a type of payment that may be used in lieu of real money. Commercial paper is the use of money as a means of contracting. Negotiable instruments are essentially orders to pay money and commitments to pay a certain sum of money for a transaction. All negotiable instruments are controlled by the Bills of Exchange Ordinance, which was enacted in 1927. This Ordinance is an exact copy of the English Bills of Exchange Act of 1882, which is widely recognized as one of the best-written legislation in the world. Promissory notes, drafts, and checks are all instances.
Typically, sales contracts include the sale of products, which entails the transfer of ownership of tangible personal property in exchange for money, services, or other items. A contract of sale of goods, in the Sri Lankan legal system, is a contract in which the seller transfers, or agrees to transfer, the seller's property in goods to a buyer in exchange for a monetary payment called price.
Historically, Sri Lankan company law has been founded on English law. T