the business law assignment help

the business law assignment help

The Role of Business Law in Modern Society

1. Introduction to Business Law

The essence and purpose of business law are to regulate personal, economic, and social relations arising in the course of business and commercial activities. Under the legal point of view, business law is a phenomenon and a versatile legal science. Business law includes, among other things, the premises and requirements for running a business, achieving and documenting profits, as well as risks and losses associated with it. Business law has different effects on the world in the minds (personal culture, norms, values, opinions) and effects (economic, legal, political). The externalization and the material side of business law include, among other things, contracts, enterprises, companies, corporate governance, taxes, banking, tariffs, investments, securities, competition, innovation, consumer protection, intellectual property, industrial property, industrial secrets, industrial designs, etc. In European Union law, business law is also known as “industrial property” and “know-how”.

Business law is a body of law that regulates business and commercial transactions. It provides an overview of some of the possible legal aspects of starting, managing, and nurturing a business from the start-up stage of its existence to its ultimate and desirable terminal stage of operation. Business law is crucial for all new and established enterprises, old and young people, and professional business consultants or advisors. The business activities in modern societies are structured by legal regulations. The development of entrepreneurial culture and business competencies is also affected by other phenomena and processes occurring within the legal culture, which includes, among other things, economic, social, psychological, and cultural factors and processes. It also strives for precisely analyzed and organically constructed personal and social relationships in the broad systems of national, international, and global law. Such relationships and interactions between different branches of law affect the general condition of societies, nations, and the world.

2. Key Principles and Concepts of Business Law

In short, business law is more than just dealing with stuff and can also involve heavy-duty intellectual property issues.

At its core, of course, business law addresses the “law of things,” meaning property law. However, business law also addresses an array of other business concerns, primary among them the binding of future expectations. Commercial dealings almost necessarily involve meta- or hyper-considerations, that is, the parties to a business agreement are often making agreements about the way in which they will conduct business in the future and about the ways in which their business interests will be protected and augmented. Any schoolchild can see the importance of such a promise in our economic system, yet the workings of contract law are perhaps more mysterious than intuitively obvious. The legal rules on various issues are multilayered, complex and often hotly debated. But a good manager must at least have some appreciation of the business background on these legal issues.

Unlike other areas of the law, the fundamental principles and concepts of business law are virtually uniform from state to state. In other words, there are many aspects of the law that are the same whether a given business owner is operating in New York City or San Jose, California. As such, this section is quite general and provides only a taste of some of the legal rules and principles that will be of concern to most small business people. The role of this section is merely to prime the business owner, to pave the way for more in-depth consideration of various business law concepts in the future. Included in this section are the main elements of contract law, a discussion of property law, and an introduction to a number of other legal topics of interest to small business owners and managers.

3. Application of Business Law in Different Business Settings

The application of law takes on quite a different character in different settings, and not all characteristics are beneficial. One feature of interest is how, as the settings change, lawyers are seen to segue from an interest in bedrock principles and black letter rules to a sensitivity orienting salient markets and practice, often within a variety of legal regimes. For instance, a minute read of the practice notes in The Australian Financial Review (AFR) and discussions occurring across media (including web-based) raise the often-heard allegation of “shonky valleys” in the market on the assumption that the regulator has not pulled up his/her socks. Corollary to this, we believe, is the line between, on one hand, an unjustifiable reliance or playing a hard strategic game, and being ‘mugged by mandate’ as the law stands.

In today’s economy, business law spans a variety of distinctive business settings with the goal of effectively addressing the interests and practical needs of all relevant parties. The legal principles of business law are applied in the following real-world situations: planning to purchase a new business or franchise; operating a sole proprietorship or partnership seeking to attain a particular goal; small and medium enterprises programming to expand by way of stock offering, partnership, or corporation; corporate managers overseeing a major restructuring or retrenchment; or through entrepreneurs creating a small business start-up. Business law is seen, accordingly, to be useful, practical, and eclectic in the confluence of their method. The Department of Business Law views business law as an eclectic mix of “classical” legal principles as well as new “cutting-edge” topics worldwide. For this reason, a variety of classes are offered in a typical semester that spans operating a business governed by Federal Trade Commission and Antitrust law at the federal level to the day-to-day operation of a “mom and pop” retail establishment.

4. Challenges and Ethical Considerations in Business Law

One of the primary challenges in business is not that the law is complex, but doing the right thing often involves weighing competing motives and deciding which option is “better” based on a large number of business variables so that ethical questions become paramount. If you answer that the legal advice you give is shaped primarily by statutory and case law, then you must consider that a wide range of laws and regulations may govern a business decision. In addition to the legal rules contained in the constitution of a country, governments typically create administrative agencies which generally provide more detailed regulations by way of rule-making, enforcement, and adjudication to resolve disputes. It is therefore clear that businesses are really struggling to meet all legal requirements and recommendations. In addition to legal issues, ethical issues may also arise in organizations. Ethical principles of honesty, fairness, and justice are especially difficult as situations presented to ethical decisions often are not of great importance.

One challenge in addressing business law is that legislation can be complex and may be determined differently by different courts or agencies. The law usually does not provide clear answers but specifies general aspects. Business people, such as you and your advisor, should be able to apply general principles to specific situations to reach the most appropriate solutions for your organization. Another complex challenge of legally regulating businesses is determining the proper balance between governmental power and free market rights. Ethical questions might arise over whether the government should have power to regulate businesses or, conversely, whether the power of the free market should be limited so that laws protecting stakeholders prevail.