PRINCIPLES OF BUSINESS AND LAW

Principles of Business and Law



Principles of Business and Law

Answer 1

In our society everything is governed by certain laws, similarly, businesses also include laws. Business law is also called commercial law, which governs people every aspect of how to conduct a business. When people sign a business contract they become legally bind in an agreement for an exchange of services that are valuable. Usage of these contracts help in business dealing to ensure an agreement, and if the contract is broken it results in lawsuits or out-of-court settlements and the payment for the damages caused by breach. The legal framework influences the creation, growth and strengthening of the companies that operate within an environment of certainty fostered by laws designed by the legislator and an authority that decides to follow them and to respect them.

The legal framework helps explain why companies are reliable and efficient means to generate wealth from liquid capital assets. . In United Kingdom's company law, a company is a separate legal personality that enjoys all the rights of individual exceptions, including the right to act outside the province that created it. It is distinct from its shareholders and independent, she cannot be considered an agent or a screen for its shareholders. The company is a separate person: she therefore has specific rights and obligations. A corporation is a legal entity i.e. established by law as establishing, functioning and final that has an existence separate and distinct from its owner, it is an artificial person who has rights and obligations as a natural person. A corporation, as a legal person, can own property in its name (Keenan, 2007).

Business law is likewise determined by social order in light of the fact that business environment is straight identified with the soundness of a country's economy and the welfare of its nationals. Law could be described as principles set by social order to administer conduct; in this way, business law implies those standards of conduct that oversee business. To oversee conduct productively, law must be both foreseeable and adaptable. It must be foreseeable so individuals can arrange their conduct, and it must be adaptable with the goal that it could be connected in a wide mixed bag of distinctive scenarios.

Answer 2

The case scenario revolves around the issues of “Contract Law” which involves the Offer and Acceptance. Contract is known as the promise or the set of promises which are enforced by the law. For a valid contract there should be two or more separate parties must be involved. The parties should have to be certain consensus on specific matters. They should be ready to create legal relations for their promises as they are contractual promises in contract. The promises must be supported by consideration (Brownsword, 2009).

The detailed analysis of case shows that Julie has decided to sell her six months old BMW, she parks it outside her house with a notice on the front windscreen stating for ...