Introduction
The English common law is a set of laws applied in England and some of its colonies, which are developed by judges rather than through the legislature; so as to enhance fairness in areas of disagreement. The European regime conducted a number of practices to protect its citizens and borders, which was within a well organized legal framework.The English common law system and the European regime had however contrasts in their law systems in given different areas. Further, there have been differences in areas like commerce and trade, financial laws, human protection, private sector and justice among others.
Discussion
The English common law ensures equity and fairness in the areas of business and commerce. With the advancement of electronic commerce, the English common law has been very clear that any business information must be open to all. This is in the endeavors to ensure that there is no prejudice in the process of conducting business. Further, all agreements made on the use of the internet are enforced by the government so as to ensure easy the operation of the electronic commerce. The common law has also facilitated the removal of trade barriers especially in making contracts, which has facilitated the passing of business information thus quickening transactions.
Further, the European regime has different laws and legislation on commerce and business; which are aimed at facilitating business and protecting the citizens from exploitation. Additionally, the European regime ensures fair dealings to investors so as to ensure the satisfaction of the consumers and also ensure the operations of investors are within the legal framework. The enforcement of the regulations in Europe has been very difficult due to the differences within the different European countries. The investigations in the market crimes which might have been committed are also very difficult, thus making sanctions on offenders impossible. The European regime has not clearly defined the extent of the market in terms of pricing and the passing of business information. The growth of the internet and e-commerce; more business crimes are being committed due to the inefficiencies of the European regime thus leading to unfairness within the market.
The European regime has been reinforced by the different summits conducted to come up with better market regulations. The agreements have necessitated the coming up of an integrated financial market, which ensures the fairness and standardization of the financial market. There has been a well planned legal framework to deal with the current market offences and abuse, where the implementation strategy of these regulations has also been revised thus to ensure further efficiency.
Further, a framework on the interpretation and passing of the information on these regulations has been devised and the strengthening of the commission to ensure the application of these regulations.
The English common law on matters of business has been very clear for instance the practice of a balanced business practices has been evident. Based on this, the common law hereby protects customers’ interests on areas like product quality, pricing, packaging and promotion among other areas. In this scenario the English common law ensures that the balance is realized between the products’ specification and consumers’ expectations. The English common law ensures fairness in the conducting of contracts, which consists of a well set framework governing cases of breaching of contracts and any disputes which may occur in conducting contracts. The court system also has a well defined legal framework which reinforces contracts, which is through the law suits. In addition the parties entering a contract can also make agreements involving a mediator who is liable to make decisions. In this scenario the parties entering into a contract are able to solve their disputes smoothly without incurring costs, which would have otherwise be involved in a court system.
In the US for instance; the constitution is very clear on matters of disputes regarding contracts, where in this case the court clerk, the prosecuting attorneys and the judges have the mandate to make ruling on contracts.
Court orders and sentences are strictly obeyed as per the law. Both the offended and the offender have legal right to defend themselves, where based on this discussion the judge uses his powers as per the constitution to allow the defendant accept another contract. In this case the interests of both parties are protected thus enhancing business and also ensuring the respect which should be accorded to contracts.
Further, the European regime has a well set framework regarding the free movement and competition provisions on intellectual property. The European system further examines the legal control of market power, agreements and also the uniting of different business in the form of mergers. The European regime also addresses adequately the scope of international commercial law and also the problems arising from international commercial arbitration. Moreover, in the European regime there is also a well defined framework on international transactions, which helps in the settling of payments thus making business more efficient.
Conclusion
After keenly following the European regime and the English common law, it’s clear that there are significant differences in the two systems. In order to attain efficiency, it’s important to borrow the strengths from the two systems and integrate them. Based on the research it is evident that the English common law is better than the European regime.
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