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Intro to Business Law (Business law encompasses various areas of law that…
Intro to Business Law
Business law encompasses various areas of law that are particularly relevant to business
Contract Law
Tort Law
Consumer and Competition Law
Corporations Law
Property Law
Administrative Law
Intellectual Property Law
Funtions of law
Ensures reasonable predictability in daily life
Encourages and discourages certain conduct
Ex: Criminal law discourages violent behaviour in society
Grant rights and powers to individuals and groups of people
Ex: Consumers have the right to have defective goods replaced or receive a refund when a replacement item is not available
Imposes obligations on individuals and organisations to meet their legal responsibilities
Ex: Food producers must ensure that their products are safe to consume
Allows for the enforcement of recognised rights and duties
Ex: Police are allowed to arrest individuals who commit crimes
Provides remedies when an injustice has been done
Ex: Damages can be awarded when an individual has been harmed by negligent conduct
Why is the knowledge of law important?
It impacts all areas of business
You must understand how legal rules impact business situations (whether you are the business owner or employee)
Allows you to better understand and manage risk
Empowers you in your commercial dealings with others by understanding what your legal rights and duties are
You can use the law at you benefit
When entering into contracts for goods and services
Purchasing or leasing property
Forming and running a business
Dealing with financial institutions and investing in the financial market
Law
It is a system comprising a collection of rules and principles developed to
regulate relationships and conduct
to impose obligations
to impose penalties
to create institutions
to confer rights
It has many working parts
courts
legislature
police
department of justice
It is an important part of our nation's infrastructure
Legal and Non-Legal rules
Law consists of rules of conduct that are applied and enforced by the power of the state by recognised organisations
Non-legal rules are derived from
Moral or philosophical beliefs
Religious belieds
Social values
Rules that have become customary in a community