Business Law Contractual System Business

Question: Discuss about the Business Law for Contractual System Business. Answer: Introduction: In the legal system of Australia, there are two main sources that govern the contractual system for conducting business or any other contractual actions. One of the sources is common or case law, which is trialed and decided in the superior courts. Other source of the Australian legal system is legislation, which is regulated by Parliament. In case of sources of common law, the decisions are undertaken by the federal courts or family courts, high courts or supreme courts of the territory. The common laws are used in accordance with the English law undertaken by many countries and regions in conflict to the equity and systems of civil law (Quinlan et al. 2015). On the contrary, Statute law enacted by the parliaments under the legislation of commonwealth like, Competition Act, Consumer Act and Corporations Act. Under this source, the authority of regulating relevant laws is delegated on the subordinate bodies that are local or at the university level. Australian Parliament contains main elements to regulate the several commonwealth legislations that include lower house, upper house and representative at federal level (Santaella-Tenorio et al. 2016). For instance, the Australian law governs the fair-trading for the benefit of business organizations and consumers in consideration with the competition law. It provides protection to the consumers with respect to the rights and obligations considering the business regulations. On the contrary, consumer law offers protection in terms of unfair contracts between the parties by imposing penalties and interest for safety of products and consumer rights. Accordingly, it can be said that the Australian legal system regulates the formation of business with respect to generating the trading license, production process, consumer protection and other government requirements. Both the sources of the Australian legal system provide protection on consumers and business organization in terms of GST for trading of products (Quinlan et al. 2015). Reference List Quinlan, M., Fitzpatrick, S.J., Matthews, L.R., Ngo, M. and Bohle, P., 2015. Administering the cost of death: Organisational perspectives on workers' compensation and common law claims following traumatic death at work in Australia.International journal of law and psychiatry,38, pp.8-17. Santaella-Tenorio, J., Cerd, M., Villaveces, A. and Galea, S., 2016. What do we know about the association between firearm legislation and firearm-related injuries?Epidemiologic reviews,38(1), pp.140-157.