CRITICAL ANALYSIS

Critical Analysis of Australian Business Law

Critical Analysis of Australian Business Law

Australian Legal Framework Australia, such as many other countries in the world, is a parliamentary democracy. Being a parliamentary based democracy, the country has a legal framework promulgated by the parliament. The basic tenets of the Australian legal framework are belief in the rule of law, justice and free from coercion, undue influence & other non-free consent fundamentals. Every individual living within the boundaries shall be treated on the basis of equality. In order to ensure equality, the safeguards are placed so that if anyone translates that an act of inequality has taken place with him/her, he/she can appeal in the court of law. The fundamental principles of Australian legal system are fairness in the procedures, judicial precedent and segregation of powers (DFAT, 2012). Australian Law is sketched from other various countries such as a major portion of it is on the mercy from United Kingdom. The Australian jurisprudence is based on the basis of “common law system”, as it prevails in United Kingdom. It is different from the Roman law and civil law systems extracted from such Law as those promulgated in countries such Japan, South America, Europe, etc. However, there are countries in the world that has used various sources to develop their common law systems such as Canada, New Zealand, United States, India and Malaysia. One of the very important and unique features in the Australian's common law system is that all those decisions that are pending are informed by the precedent settled cases decisions. In 1901, the Australian Constitution was developed and implemented. A federal system of government was then elected which was governed by the 1901's Constitution. The powers were then transferred to the federal government and to the states. Federal government was held responsible to developing and executing laws related to various fundamentals of an economy such as trade and commerce, foreign affairs, defence laws, taxation laws and immigration & citizenship related laws. The states were held responsible to enforce laws. If there may be some discrepancy is found between the state or territory laws and federal laws, federal laws tend to be the last decision. Federal laws are applicable to each and every part of Australia. In total, there are nine legal systems in Australia i.e. eight states or territorial systems and one is related to the federal system. State and territorial laws are more closely related to the routine lives of Australian than federal laws. The three systems are necessary to enable law systems to function correctly i.e. parliamentary (legislative), executive government and the judiciary. Parliament promulgates or develops the laws, executive government administers the law and the judiciary systems assist others in enforcing it appropriately.

Criminal Law in Business Ethics Apart from Civil law, there are special laws such as criminal laws, which are promulgated in order to ensure that there is no disobedient act is performed in regard to prohibited criminal activities. Criminal laws govern the repercussions for a citizen whose ...