Business Law Assignment – An Introduction
The term Business Law is a combination of two words business and law, where Business means anything that employs an individual. Law can be defined as an enforced principle which every citizen should abide by and violation of which might result in a penalty.
Business Law often called Mercantile Law or Commercial Law. It covers laws that administer the dealings taking place between people and commercial matters. It is considered as a branch of Civil Law and deals with issues pertaining to both private as well as public law.These laws can be enacted by International or national legislation, either agreement or convention.
Understanding few more aspects of Business law we learn that Business Law includes all the laws that deal in how to form and run a business. Business law is comparatively a complex topic to study and it covers an array of legal sub-topics viz. protecting rights and liberties, maintaining order, establishment of standards and resolving disputes in context to businesses.
Understanding Business Law from different perspectives
According to Black’s Law Dictionary , law comprises of different rules of action or conduct. These rules are enforced by an authority. Furthermore, these rules act as the binding force and are to be obeyed and followed by citizens.
Business law falls in two areas, Firstly, the regulation of the different commercial entities with the help of agency, company, partnership and bankruptcy. Legal business entities include a wide array of participants, starting with a sole proprietor to registered companies with limited liability and Multinational Corporations.
Another aspect is supporting the various commercial transactions by using the laws of contract and other related fields.
The two fundamental legal concept that form the foundation for the entire company law are
- The concept of legal personality,
- The theory of limited liability.
All the Statutory rules are aligned in one direction which is protection of the investors.
Scope of Business Law
One needs to comprehend that studying Business Law provides the learner with a better understanding of the different enforceable rules and regulations. This in turn help to avoid any sort of issues and conflicts.
Business Law encompasses an array of topics such as laws relating to contract, sale of goods, companies act, partnership, negotiable instrument.
Our experts cover all the possible topics of Business Law such as Contract law, Commercial Law, Intellectual Law, Employment Law, Immigration Law, Securities Law, Labor law, pensions and benefits, bankruptcy, Corporate Law and many more. You name and our experts are here to help you top quality content and that too within the given timelines.
Why is Business Law an important aspect for students pursuing professional courses
We have a preconceived notion that law is meant for lawyers only. However, with the changing scenarios it is expected that managers posses adequate knowledge pertaining to various legal issues. It is of prime importance to understand the legal aspects associated with your business this helps to safeguard your business from unwanted illegal activities, enhance the credibility as well as reliability with your suppliers and customers.
Thus, it is better to prevent legal issues arising in the business rather than retaining lawyers to help resolve problems arising due to legal issues, which is definitely considered as the safest method for good business practice.
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