business law homework help free

business law homework help free

Exploring Key Concepts in Business Law: A Comprehensive Guide

1. Introduction to Business Law

I. Introduction: Next to accounting (which provides information to the public regarding an entity’s financial status), the study of business law is essential to prospective business professionals. Frequently, business managers will engage in law every day – even if they do not call it “law.” When discussing U.S. business practices, the emphasis in this paper will certainly be the U.S. legal system – probably the most applied, yet certainly not the most just, portion of the law. Further, the focus of what follows will be upon the business law of the United States: both individual states and jurisdictions, as well as federal law.

This section provides a comprehensive view of business law by covering several key concepts that are indispensable for understanding the depths of this area. By the end of this section, you will be in a better position to comprehend the subsequent sections that explore how business law functions and applies in different contexts. In this paper, we will offer readers the basic building blocks of understanding in this important, fast-growing field. In other words, we will study the “concept” of business law.

Business law is an expansive area of study with a plethora of key concepts essential for getting a good grasp of the subject. These concepts include the nature and types of laws, global perspectives, legal conflicts, and key applications. This white paper aims to shed light on these and other associated aspects to help business students and practitioners get a big-picture view of business law. In the subsequent sections, we will delve into these concepts and topics in detail.

2. Foundations of Business Law: Legal Systems and Sources of Law

There are many legal systems in the world. But while the labels of the legal systems are different, it is widely recognized that there are only three primary legal systems. The English common law is the legal system upon which European countries and former British colonies, including the USA, Australia, Canada, New Zealand, India, and South Africa, base their legal systems. The civil law systems of Scotland and Louisiana are based on Roman law, but have been developed or amended by the common law systems of England and America. Civil law is based on the concept of Roman law and its application to the interpretations of statutes. Religious law is the system on which Islamic states and jurisdictions base their legal systems. It applies to the interpretation of the Koran and the Hadith. These have been codified into a set of civil and criminal laws. Note, however, that our reference to Islamic law will be, as mentioned, very brief because we have no religious law countries.

In order to critically assess the complexities of business law, it is necessary to have an understanding of the legal framework in which business is conducted. This is because business law is based on the general principles of law that apply to personal and commercial activities, and not on the economics of business. This foundational legal framework governs the business transactions of individuals and companies around the world. This part of the text is therefore devoted to explaining legal systems and sources of law.

3. Key Principles in Business Law: Contracts and Business Entities

The main benefit of the theory of conveyance practiced in corporate theory is limited liability. The debts of the corporation are its own and generally do not reach either the bank accounts or property of its owners or officers. There are exceptions to the doctrine of limited liability. For example, liability might be personal in the case of not following corporate formalities, in the case of fraud, with regards to obligations that exist vicariously, and so on. Corporations can terminate existence either by the statute or by an administrative process. In addition, the former and modern practice of termination usually is based upon concepts of equity and principles of fairness. At the death of a shareholder, the property of the shareholder descends to heirs and relatives. With regards to whole share holdings and regarding real estate shares and companies, a shareholder does have the personal freedom to transfer equities.

Contracts are agreements between and among individuals and other groups. The requirement of consideration serves as an important element in the law of contracts and reflects the fundamental principles of contract obligations. Business consists of enterprises. Moreover, sole proprietors have the option of doing business under a trade name or doing business using a fictitious business name. The sole proprietor ordains as to the form of enterprise and has the option of doing business in his or her own legal person, as a sole proprietor. Each of the recognized entities has its advantages and disadvantages. In terms of limiting liability alone, a corporation is the most protective to owners and officers. In terms of setting up an entity with fewer formalities than a corporation but still having more choices than a sole proprietorship, a limited liability company is popular and common under the laws of the various states.

In this section of the study guide, we discuss key principles in business law. We turn first to the subject of contracts and later consider business entities.

4. Regulation and Compliance in Business Operations

4.2. Compliance Compliance is an ongoing process in which a business ensures that operations and procedures are in line with the relevant laws, policies, and regulations. Achieving compliance is not always easy, while legal compliance is relatively unbeneficial in the sense that not acting lawfully can lead to fines, penalties, and prosecution. Meeting regulatory standards does not necessarily help an organization to be more competitive in the marketplace or to stand out. To ensure compliance, a business may establish an internal compliance unit or consult a responsible consultant or law firm to advise on what is required. Or, they may do both if they perceive a need for an intermediary layer between the advice they receive and business practice. In large organizations, the compliance role should be at a sufficiently high level, say, as an executive director, to influence policy; in a smaller company, the managing director or the company secretary may take on this function. The position taken should also help ensure that an adequate level of resources is devoted to compliance.

4.1. The Regulatory Framework The regulatory framework circumscribes the conduct of business. It takes the form of primary legislation, notably the Companies Act 2014 which has extensive provisions dealing with corporate governance and other commercial matters, supplemented with secondary legislation by way of statutory instruments. The focus of regulation is to ensure that business activities are conducted in a transparent, ethical, and legally compliant manner. The objective is to protect consumers, employees, and the interests of wider society. Regulatory compliance can be proscriptive or goal-oriented. The regulatory regime can also be sector-specific, such as the Charities Regulator or the Central Bank.

5. Emerging Issues and Trends in Business Law

Emerging issues and trends in business law must be thoroughly incorporated into any study of law. They include globalization, electronic commerce, intellectual property and international law, environmental law, socially responsible law and global anti-corruption law, and alternatives to conventional law such as arbitration, conciliation, and mediation. Acknowledging the heart of the local and international dynamics that pose a challenge to our understanding of business organizations and the law is key to the development of policy-making tools for prospective business leaders. And it is inclusion by exclusion that will help future professional business leaders to be continually transformed themselves in changing legal circles. Democratizing the ownership and conduct of enterprise could then conceivably reach the multitude by teaching legal culture in law schools, thus leveraging business and intellectual culture through our societal leadership on the management capabilities of our leaders.

Business law is constantly evolving to adapt to technological change, market disruption, and the ever-transforming regulatory environment. Today, gaps have opened in conventional legal systems and are paving the way for newer, more modern legal paradigms. Issues related to national and international trade, mergers and acquisitions, utility, electronic and digital commerce, international financial systems, and foreign investment the world over arise daily. People interacting in these disparate economies must be familiar with laws that regulate these transactions. The study of business law is a branch of civil law that is informed by various social disciplines, including economics, history, philosophy, criminology, and the behavioral and natural sciences.