Business law is acollection of standards that govern the activities of a business. These laws protect the interests and money of the business, as well as the interests of customers. Without business law, most businesses failed to follow the rules of good behavior, and this led to many lawsuits.
What are the basic concepts of Business Law?
business law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters. Business law falls into two distinctive areas: (1) the regulation of commercial entities by the laws of company, partnership, agency, and bankruptcy and (2) the regulation of commercial transactions by the laws of contract and related fields.
What are some business laws?
Some specific examples of business law include: The Sherman Antitrust Act of 1890: Most antitrust laws originated from this Act. Antitrust law helps to regulate the organization and conduct of businesses, to ensure fair competition, and to protect consumers from oppressive business practices.
What is business law considered as?
Business law is a broad designation for legal problems and dealings involving businesses and corporations. In a practical light, there are a variety of topics covered both under business law and under related types of law that can shape a company. These may include business formation, tax classification, or contract violations, for example. In these cases, the generic term “business law” may actually capture corporate law, contract law, and administrative law and more.
What are the rules of Business Law?
tax (the Internal Revenue Code is “sparked”),coin money and regulate its value (banking,the regulation of it,cryptocurrency),promote science and the useful arts by securing rights of authors and inventors (the concept of the patent and the regulation (and encouragement) of innovation),andMore items…
How much did McDonald’s pay in Liebeck case?
Liebeck initially asked McDonald’s to pay only her actual and anticipated bills. This was $20,000, but McDonald’s refused to pay any more than $800. At a trial, McDonald’s was found negligent, and Liebeck was awarded $640,000. Both parties appealed and later settled out of court for an undisclosed amount. This case demonstrates the importance of providing safe, reliable and competent products and services. McDonald’s didn’t purposefully harm anyone, but this business could have been more careful to consider possible scenarios and ensure that no one was harmed. It’s certainly not unusual that customers might spill coffee on themselves. Experienced businesspersons are forward thinking and take preventive measures while using the law as a guide.
How old was Stella Liebeck when she spilled coffee?
McDonald’s Restaurants. Seventy-nine-year-old Stella Liebeck purchased a cup of coffee at a McDonald’s drive-through. After parking to add cream and sugar, she accidentally spilled the entire cup of coffee in her lap. She suffered third-degree burns and spent eight days in the hospital.
What is tort law?
Torts are private, civil actions for wrongful deeds. Tort law is usually state law. This is an extensive area of the law and includes things like work injuries and negligence claims. For example, product liability cases are tort claims.
What does it mean to enroll in a course?
Enrolling in a course lets you earn progress by passing quizzes and exams.
What happened to Green Scooter’s store?
Green Scooter’s store was found to be on contaminated land. The company wants to sue the individual who sold them the land.
What is the meaning of bankruptcy?
Bankruptcy is a legal term and means that a court has determined that a person or organization cannot repay the debts it owes. The court will govern the repayment of debts and perhaps discharge some of the debts.
What is debt collection law?
This is a debt collection law question. Debt collection laws are mostly federal laws. For instance, many of our debt collection laws are found in the Fair Debt Collection Practices Act, or the FDCPA, which is enforced by the Federal Trade Commission.
What is a partnership in business?
In a partnership, members “associate,” forming collectively an association in which they all participate in management and sharing profits, bearing the liability for the firm’s debts and being sued jointly and severally in relation to the firm’s contracts or tortious acts. All partners are agents for each other and as such are in a fiduciary relationship with one another.
What is an association in a partnership?
In a partnership, members “associate,” forming collectively an association in which they all participate in management and sharing profits, bearing the liability for the firm’s debts and being sued jointly and severally in relation to the firm’s contracts or tortious acts.
What happens when a business is insolvent?
It is inevitable that in certain circumstances business entities might be unable to perform their financial obligations. With the development of the laws surrounding commercial enterprises, a body of rules developed relating to bankruptcy: when a person or company is insolvent (i.e., unable to pay debts as and when they fall due), either he or his creditors may petition the court to take over the administration of his estate and its distribution among creditors. Three principles emerge: to secure fair and equal distribution of available property among the creditors, to free the debtor from his debts, and to enquire into the reasons for his insolvency.
What are the three principles of business law?
Three principles emerge: to secure fair and equal distribution of available property among the creditors, to free the debtor from his debts, and to enquire into the reasons for his insolvency. Business law touches everyday lives through every contractual dealing undertaken.
What is contractual relations?
The terms must be legal, certain, and possible of performance. Contractual relations, as the cornerstone of all commercial transactions, have resulted in the development of specific bodies of law within the scope of business law regulating (1) sale of goods—i.e., implied terms and conditions, the effects of performance, …
What is an agent?
An agent is a person who is employed to bring his principal into contractual relations with third parties. Various forms of agency, regulated by law, exist: universal, where an agent is appointed to handle all the affairs of his principal; general, where an agent has authority to represent his principal in all business of a certain kind; and special, where an agent is appointed for a particular purpose and given only limited powers. Appointment may be express or implied and may be terminated by acts of the parties; the death, bankruptcy, or insanity of either the principal or agent; frustration; or intervening illegality. ( See also agency theory, financial .)
What is company law?
In civil-law countries, company law consists of statute law; in common-law countries it consists partly of the ordinary rules of common law and equity and partly statute law. Two fundamental legal concepts underlie the whole of company law: the concept of legal personality and the theory of limited liability.
What is the role of a business lawyer in protecting shareholders rights?
An experienced business law attorney can successfully handle such issues along with conflicts related to minority shareholders, constitutional documents, and resolution by arbitration, and more.
What is business law in Santa Rosa?
Compensation Issues – Business law is essential to handle various compensation issues in an organization. A professional business attorney in Santa Rosa can help companies in settling issues related to compensation and salary management. It is the responsibility of the attorney to ensure that his or her client does not violate compensation and benefits laws at any cost. The consequences can be fatal in case of any discrepancies.
What is business law?
Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities. It also includes rights assignment, drafting, and work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement. Business law defines laws related …
What are the functions of business law?
Here are some significant functions of business law that can help you in understanding it better. Includes laws related to business ethics, substantive law, procedural law, court system structure, and so on. Business law entails the taxation system for different types of businesses. The level of competition and antitrust are also involved.
What is business formation?
Business Formation – Business law plays the role of a foundation stone for any business concern. Establishing business includes a lot of legal processes, leasing, and permits. A business law attorney is well-versed with all the relevant regulations, and can help the concern establish its operations successfully.
What is securities law?
Securities refer to assets like shares in the stock market and other sources of capital growth and accumulation. Securities law prohibits businesspersons from conducting fraudulent activities from taking place in the securities market. This is the business law section which penalises securities fraud, such as insider trading. It is, thus, also called Capital Markets Law.
What is a limited liability partnership?
A Limited Liability Partnership is a separate legal entity, which continues with its business as is, even if a partnership dissolves, only suffering the liability as mentioned in the contract.
What are the different types of business law?
Ans: There are several types of business law that have come up over the years in the journey of capitalism through the years. Contract law creates a legal obligation; employment and labour laws safeguard the rights of workers; intellectual property laws safeguard the brain-child of companies and individuals; securities laws police the capital market and safeguard it from fraudulent practises; and tax laws ensure that all of a company’ dues to the government are paid on time. All these legal laws of business connect the two (business and law) to ensure the highest efficiency of work in the commercial sector.
What are the business laws of India?
This begins in colonial India, with the Indian Contract Act of 1872 which is used even today in governance pertaining to the commercial sector. Other important Acts that have come up over the years are the Sale of Goods Act of 1930, Indian Partnership Act of 1932, Limited Liability Partnership (LLP) Act of 2008 (different iated from the 1932 Partnership Act), and the Companies Act of 2013.
What is the Indian contract act?
The Indian Contract Act governs the working of contract laws in our country. Some of its requirements for contract laws are:
What are the requirements for contract law?
The Indian Contract Act governs the working of contract laws in our country. Some of its requirements for contract laws are: 1 Absolute acceptance of the contract by both parties. 2 Lawful consideration from both parties. 3 Competent to contract: 4 Neither party should be a minor. 5 Neither party should be of unsound mind. 6 Free consent: neither party should have been coerced into signing. 7 Agency: when one party engages another party to act in place of it. 8 Final enforcement of contracts
What is a contract?
A contract is any document which creates a sort of legal obligation between the parties that sign it. Contracts refer to those employee contracts, sale of goods contracts, lease contracts, etc.
What Is a Law?
A law is a recognized and enforced principle or causal link that, if violated, results in a penalty, such as injury, pain, failure, or loss. Laws are binding rules that relate to the conduct of individuals and businesses and are designed to prescribe obligation or duty and enforce justice. A law is largely derived from formal or custom enactment by someone in power within the area, such as a legislature or a ruler. Laws carry authority and power of the enactor, and anyone who violates them is subject to penalties.
What are some examples of laws?
Some examples of the term “law” include: Business owners must follow all regulations and laws to avoid fines. Vacationers and visitors to other countries should understand and respect local laws.
What is a sole proprietorship?
A sole proprietor singlehandedly bears the responsibilities and risks of operating a business, but they can also take all of the business profits. This type of business owner wouldn’t be held to the same laws that apply to a multi-national corporation or LLC.
What is the branch of law that deals with merchandising?
Convention. This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade. Business law includes private and public laws as part of civil laws. Business law may govern legal aspects such as:
What are the rules of business law?
Business law, which is also referred to as mercantile or commercial law, is the group of rules that governs the dealings between individuals or companies involved in commercial matters. These laws can be enacted by: 1 International or national legislation 2 Agreement 3 Convention
What are the two main concepts of business law?
In countries with common laws, company laws combine statute and equity laws. The two main legal concepts under business law are the theory of limited liability and the idea of legal personality. Legal business entities come in all shapes and forms. A sole proprietor singlehandedly bears the responsibilities and risks of operating a business, …
What is partnership law?
Partnership. This branch of law also encompasses laws concerning employment and agency, contracts, property, sales, business organizations, commercial paper, and bailments. You might encounter business laws when dealing with creditor and consumer protection, insurance, or will and estate planning. Other examples include managing, starting, buying, …
What is Business Law?
Business Law is also known as Commercial law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.
What is the meaning of law?
On this basis, Law can be defined as a definite rule of conduct and human relations. It also means a uniform rule of conduct which is applicable equally to all the people of the State.
What does "law" mean?
On this basis Law can be defined as a definite rule of conduct and human relations. It also means a uniform rule of conduct which is applicable equally to all the people of the State.
What are the branches of law?
There are various branches of law like International law, constitutional law, criminal law, civil law, business law or mercantile law.
What is custom usage?
Custom or usage of a particular trade also guides the courts in deciding disputes arising out of mercantile transactions, but such a custom or usage must be widely known, certain any reasonable, and must not be opposed to any legislative enactment.
What is the English Mercantile Law?
The English Mercantile Law constitutes the foundation on which the super-structure of the Indian Business Law has been built.
What were the rights of Hindus and Muslims?
The rights of Hindus and Muslims were governed by their respective laws and usages. Where both parties were Hindus, they were regulated by the Hindu Law and where both parties were Muslims, the Mohammadan Law was applied.
What is the UCC article 4?
For instance, although Article 4 of the UCC governs bank deposits, federal law in the form of statutes and regulations prescribe requirements for Banks and Banking in general. Likewise, federal law governs such issues related to commercial law as bankruptcy and debt collection. Many of the federal laws related to commercial transactions are …
What is the UCC?
The term commercial law describes a wide body of laws that govern business transactions. The Uniform Commercial Code (UCC), which has been adopted in part by every state in the United States, is the primary authority that governs commercial transactions. The UCC is divided into nine articles, covering a broad spectrum of issues …
What is substantive law?
A broad concept that describes the Substantive Law that governs transactions between business entities, with the exception of maritime transportation of goods (regulated by Admiralty and Maritime Law ).
How many articles are there in the UCC?
The UCC is divided into nine articles, covering a broad spectrum of issues that arise in commercial transactions. These articles govern the following: sales of goods, leases of goods, negotiable instruments, bank deposits, fund transfers, letters of credit, bulk sales, warehouse receipts, bills of lading, investment Securities, …
What is commercial law?
commercial law. n. all the law which applies to the rights, relations and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. In recent years this body of law has been codified in the Uniform Commercial Code, which has been almost universally adopted by the states. (See: Uniform Commercial Code)
Is the UCC static?
Though the business world undergoes constant change, commercial laws generally have remained static. The Commissioners on Uniform Laws, in conjunction with the American Law Institute and other organizations, periodically revises the articles of the UCC. However, the revision process of the UCC is typically slow and deliberate.
Is commercial law uniform?
Thus, not only is commercial law substantially uniform throughout the United States, but also those who conduct business can proceed with commercial transactions with some degree of certainty as to the law that governs those transactions.