Bz203 Business Law And Contract Assessment Answers

Explain the original source of the law making powers in the Australian legal system and in doing so refer to the Doctrine of the Separation of Powers . Outline the difference between statute law and case law . Include in your answer two specific examples of how the law impacts on the conduct of business in Australia.

Discuss the meaning of this statement: "Even though all contracts are agreements, not all agreements are contracts." In your answer, outline the elements of a legally binding contract. Identify and briefly describe the different types of terms that may exist in a written contract. 

There are several uncodified and codified provisions that make up Australian legal system. They include the Constitution of Australia, Federal Parliament that enacts the legislation and the Parliaments of the Territories and states of Australia, Australia’s common law and the regulations that have been propagated by the Executive. There are two types of law used in a legal system which are case law or common law and legislation. Case law or common law is based on the decisions that are made by the judges of the superior courts and the legislation means the laws that the Parliament makes. The Australia’s Doctrine of Separation of Powers has been separated into three parts and that is Legislative, Executive and the Judiciary. The legislature makes the laws for the country, the Executive makes the law operate and the judiciary explains the law to the common people.  Australia does not have the complete separation of powers as the duties of the parliament, the judiciary and the Executive overlap to each other. As for an example, the ministers and the Prime Ministers are the part of the Parliament and the Executive and the Judges of the High Court are appointed by the Governor-General who is also the part of the Executive and the Parliament

The difference between case law and statute law are case law is also known as the common law is enacted by the judges and statute law is enacted by the state and the federal governments. Case law allows the judges to give the decisions that are based on the earlier cases whereas the statutory law is the written law that has been established by the legislature. The statutes are being revised by the legislature before it is enacted as law whereas the case law are guided by some regulations that are set before in the state or federal statutes

There are two most important examples on how the law impacts on the business in Australia and they are the contract law and the corporation law.  Contract law has a major impact in the business like there are contracts signed between the parties and there are some rules that have been given in the contract law and the parties have to abide by them. Corporation act 2001 provides the directors with some rules in which they need to function.  It provides reporting in relation of the businesses and therefore they must ensure the safety of the creditors.