TYPES OF LAW

Question 1

Primary legislation

Answer 1

Parliament - companies house act 2006

Question 2

Secondary legislation (delegated)

Answer 2

Specialist individuals create as directed by parliament e.g. county council creating ‘statutory instruments’ (finance act).

Question 3

Case law (common law)

Answer 3

1. Judicial precedent - consistent through lapse of time through recording cases and legal decisions, applying strict rules.
2. Parliament can override by primary legislation.

Question 4

International law - what laws apply?

Answer 4

Parties can agree which laws apply in the case of dispute OR can adopt rules from UN & ICC.

Question 5

UNCISG - United Nations Conventions on the International Sales of goods act.

When does it apply?

Answer 5

Contract law for parties in different counties:

APPLIES:
- Contracting states
- Refer to CISG in contract

NOT APPLY:
1. Buyer buys most of the materials for the goods
2. Personal or household use
3. Labour / services
4. Auction
5. Electricity, aircrafts, investments.

Question 6

UNCISG - United Nations Conventions on the International Sales of goods act.

Rights & obligations?

Answer 6

BUYER:
- Pay price and comply with payment terms

SELLER:
- Deliver goods as set out in contract.

• Where there is an absence:
  1. Place set out in convention
  2. Reasonable time
  3. Quantity, quality & packaging - as in convention

IF THE ABOVE IS NOT MET EITHER PARTY CAN CLAIM FOR DAMAGES.

Question 7

Passage of risk?

Answer 7

Convention decides when risk is passed from one party to another so companies can obtain the appropriate insurance.

• Carriage included in contract - time in contract or goods passed to carrier.
• Carriage not included in contract - buyer takes over goods.
• Goods sold in transit - when contract is made.

Question 8

ICC incoterms (obligations of seller), what is the min and max.

Answer 8

Ordinary:
Min - EXW
Max - DDP

Ship:
Min - FAS
Max - CIF

Question 9

Sharia law (riba - concept of unlawful gain ‘interest)

Answer 9

Interest - no
Profit - yes

Question 10

SUSTAINABILITY:
Impacts & dependencies - who are they useful for.

Answer 10

Impacts - how actions and decisions effect - useful for ‘broader stakeholders’: consumers, society, employees.

Dependencies - current and future issues may effect ‘organisations ability to maintain value’ - useful for investors.