Fundamentals Level – Skills Module, Paper F4 (ENG) Corporate and Business Law (English)

Jul 8th, 2015
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This is law produced through the Parliamentary system. This is the most important source of law today for two reasons. Firstly, in terms of quantity, Parliament produces far more legal rules than any other source. Secondly, and perhaps even more importantly, the doctrine of parliamentary sovereignty within the United Kingdom means that Parliament is the ultimate source of law and, at least in theory, it can make whatever laws it wishes.

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AnswersFundamentals Level Skills Module, Paper F4 (ENG)Corporate and Business Law (English)1December 2008 AnswersThis question requires the candidates to consider the various sources of United Kingdom law.LegislationThis is law produced through the Parliamentary system. This is the most important source of law today for two reasons. Firstly, interms of quantity, Parliament produces far more legal rules than any other source. Secondly, and perhaps even more importantly,the doctrine of parliamentary sovereignty within the United Kingdom means that Parliament is the ultimate source of law and, atleast in theory, it can make whatever laws it wishes. It is an effect of this doctrine that the courts cannot challenge, either theauthority of Parliament, or the laws it makes in the exercise of that authority. Although the Human Rights Act 1998, whichintroduces the European Convention on Human Rights into the United Kingdom, does not directly challenge parliamentarysovereignty, it remains to be seen what effect it has on the long-term relationship between judges and Parliament.Parliament consists of three distinct elements: the House of Commons, the House of Lords and the Monarch, but the real sourceof power is the House of Commons which has the authority of being the democratically elected institution. Before any legislativeproposal, known at that stage as a bill, can become an Act of Parliament it must proceed through, and be approved by, both Housesof Parlia

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