Fundamentals of Business

A statutory right

A statutory right is a right granted to a person by authority of a statute. Statutes are created by legislative (and in certain countries executive) bodies, and form the codified law of a jurisdiction. For example, a statute governing court process might contain provisions giving an election on either party to an appeal, and that right to appeal would be considered statutory.

Trading occurs when an enterprise buys input goods or services from a supplier and when an enterprise sells its output goods or services to its customers. When an enterprise buys goods/ services it enters a contract with its suppliers and when it sells its goods/services it enters a contract with its customers.

Legal side of trading
Consumer law
Body of law dealing with issues arising from retail transactions involving one or more persons acting as individuals or as a family.
There are different laws governing trade depending on country and region.
Depending on the nature of your products/services and distribution (marketing) channels, The following are necessary laws In United Kingdom that govern sale of goods and provision of services, that anyone who want to start a business have to understand.
√ Sales of Goods Act 1979, Supply of Goods and Services Act 1982. 1982.,Sale and Supply of Goods Act 1994
√ Consumer Credit Act 1974 amended Cons Consumer Credit Act 2006.
√ Rights of Third Parties Act 1999.
√ Unfair terms of contract Act 1977, Unfair Terms in Consumer Contracts Regulations 1999.
√ Family Law Reform Act 1969

Statutory
The rules by which many contracts are governed are provided in specialized statutes that deal with particular subjects. The most important legislation implying terms under United Kingdom law are the Sale of Goods A Act 1979
ct the Consumer Protection (Distance Selling) Regulations 2000 and the Supply of Goods and Services Act 1982 which imply terms into all contracts whereby goods are sold or services provided.
To learn more visit: http://www·berr·gov·uk/consumers/fact-sheets/page38311·html