Reflection on Business Law Essay Paper

Reflection on Business Law
            Reflection on Business Law

Reflection on Business Law

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Reflection on Business Law

Unit 1: Judicial Concepts

The law in business is also an essential element that provides a critical understanding of the business environment in which an organization operates and generally impacts the commercial transactions of an entity. The law therefore ensures that considerations are given on an aspect that deals with an organizations contracts, partnerships, taxations, torts, intellectual properties, consumer protection including international trade. An instance of this can be depicted in an event that a corporation is entering into a joint venture. The law comes in place to institute the functions of the venture.

Court decisions in relation to law also have an impact on the policies and the legislative executive actions that may influence the operations of businesses within a given environment. The state decisions in which businesses are expected to abide by can influence the decisions of a business venture operating in different countries. For instance, the Virgin Atlantic in opening its operations in the Asian countries need to abide by the air regulatory laws that govern the region. These factors therefore may force the airline to limit some of its operations to meet the regulations of the market.

Unit 2: Basics of Contract Law: Formation, Breach, and Remedies

A contract is understood as a legal and voluntary agreement made by individuals who have the appropriate capacity. The different types of contracts are: implied contract – this includes obligations that arise from a mutual agreement as well as intention to promise, which have not been expressed in worlds. Express contract – both parties state the terms, either in writing or orally, at the moment when the contract is formed. Contracts under seal – conventionally, a contract became an enforceable legal document only if the contract was stamped using a seal. Executed contract – one where nothing is remaining to be carried out by either party.  Executor contract – where some future obligation or act remains to be carried out in accordance with its terms.

The following are the elements of a contract: (i) an offer – one party in the contrast promises to perform something or to avoid doing a particular specified action in future.

(ii) Acceptance – the offer is accepted explicitly by the other party. (iii) Consideration, or an exchange of value – a valuable thing was promised in exchange for the particular non-action or action. (iv) Mutuality – the parties in the contract had a meeting of the minds with regard to the agreement. Both parties understood and were in agreement on the basic terms and substance of the contract.

Unit 3: Intellectual Property, Creditor-Debtor Relations, and Employment Law

The different protections for business intellectual property include copyright, registered design, trademarks, trade secrets, and patents. Patent: strength – patent owners might bring a patent violation suit on anybody who makes use of the invention without permission. Investors might file a Provisional Patent Application in order to protect patentable invention before it is complete. Weaknesses – patents only last for 20 years and as soon as they expire the inventor does not have legal protection over the invention given that it has fallen into public domain.

Copyright: strength – lasts the author’s lifetime plus 7 decades, and protects creative work from being utilized by others with no permission. Weakness – if an employee creates something, the employer will own the copyright for that idea or product.

Unit 4: The Business Entity and Agency Law

In limited partnerships, the limited partners have to agree not to take any active role in the everyday management of the partnership’s business. As such, the limited partners are protected from the individual liability for the actions of the partnership.

In limited liability corporations, the corporation is a distinct legal entity. Generally, a corporation, and not the corporation’s owners, is legally responsible for the debts that are incurred during the course of its business. The liability protection which is afforded to limited partners is the same as the protection that is afforded to a corporation’s shareholders.

Unit 5: Tort Law, Consumer Protection, and Product Liability

Intentional torts against property include trespass to land, and trespass to personal property. Unlike intentional torts, negligence does not require intention on the part of the tortfeasor, and neither does it require that the tortfeasor believe or know the effects that might be caused by her/his omission or action.

A tort is a private legal action that does not involve the state but the people who may seek protection in filing suits in an event that harm is caused. Through this, the state may therefore come in to prosecute the violation that would see the organization be sued for the damages that are accrued in the act. It is therefore essential that organizations operating in various environments are enlightened with these laws in order to function effectively.

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