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BUSINESS LAW - Coggle Diagram
BUSINESS LAW
SOURCES OF LAW
WRITTEN.
FEDERAL CONSTITUTION. >The highest and supreme law of Malaysia. Came into force in 1957 when Malaysia achieved independence.
STATUTORY LEGISLATION. >Sometimes called the Act of Parliament, these laws are passed by members of the Parliament and often called statues.
STATE CONSTITUTION / LEGISLATION. >These are rules and laws passed by members of the State Assembly or Dewan Undangan Negeri (DUN).
SUBSIDIARY LEGISLATION. >Sometimes referred to as by laws, these laws are made by authorized bodies for instance local authorities permitted by the main statute or act.
UNWRITTEN
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JUDICIAL PRECEDENT/DECISIONS. >Past decisions of Higher Courts in the hierarchy which are used as reference in the future.
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INTRODUCTION
Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. Legislation is the making of law.
CONCLUSION
The common law will continue to play a significant role in the modern Malaysian State although many new pieces of legislation have been enacted and many more are in the pipeline. Many of these new written laws are based upon or adapted from similar legislation in other Commonwealth countries. The role of judges in interpreting and giving the desired meaning to the written word is still important.
Parallel to the continued development of the common law would be the development of Islamic law. As Malaysia develops its competitive potential in Islamic finance and the Islamic capital market, Islamic insurance and other areas of Islamic commercial undertakings, this will result in the mainstreaming of Islamic law principles, especially principles of Islamic commercial law. However, this does not displace the common law, which forms the basis of “mercantile law” generally under the Malaysian legal system.
THE COURT SYSTEM
The hierarchy of courts of Malaysia starts with the Magistrates Court as the first level followed by the Sessions Court, High Court, Court of Appeal and the Federal Court of Malaysia. The Federal Court of Malaysia in the highest court of the land.
The Magistrates Court, the Court for Children and the Sessions Court are subordinate courts. The High Court, Court of Appeal and the Federal Court are superior courts.
Outside the court hierarchy are the Syariah Courts, Penghulu’s Courts and the Native Courts. The Juvenile Court is paralleled in jurisdiction with the Magistrate’s Court.
