Business Law The Legal System

Question: Describe about the Business Law for The Legal System. Answer: The main sources of law in the legal system of Australia are statute law, delegated legislation, treaties and the common law. The main function is to lay standards that help in conducting business with ease and flexibility. Further, the major benefits are discussed below. The main sources of law exist to provide strong support to the business of Australia. For example, the regulation and the law safeguard the consumers, community and leads to fair trade. The main function of the law is to get in touch with the suppliers, customers, etc. The right of the business is clearly defined so that whenever a difference or conflict arises, it can be resolved easily. The competition law is present to have a statutory framework so that trading is fair when it comes to business, as well as consumers (Koffman MacDonald, 2007). The framework is regulated by the ACCC. Along with the legislation, the state and territory law safeguards consumer. A fair trading office is available in every state and territory that provides a balanced guide in terms of rights and duties. Further, the presence of a national statutory structure that helps in regulation of product and information standard. The standards are framed in a manner that does not allow the harmful product to be traded in Australia. The enforcement of standards is done by the Australian Competition and Consumer Commission. Moreover, the state, as well as territory government offices pertaining to fair trading is associated with the enforcement of the rules. The primary role of the state and territory offices is customers assistance (Ewan, 2005). The presence of national privacy legislation in Australia is one of the chief advantages that help in regulating the collection, access, and storage of information. The legislation pertains to a variety of activity. Hence, the smooth conduct of the business in Australia is mainly through the law sources. References Ewan, M 2005, Contract Law - Text, Cases and Materials, Oxford University Press. Koffman L MacDonald E 2007, The Law of Contract, Oxford University Press.