Intellectual Property Intellectual property describes creations of the mind, like art, literature, inventions and company logos. What Are the Main Purpose Of Business Law? As it possessed no official superior work of literature, such as the Bible or the Koran, Hinduism became one of the most tolerant religions due to its lack of binding documentation. Competition is considered healthy for an economy because it tends to lead to better products and services and fairer prices. For example, under a typical state law, it is a crime to cause physical injury to another person without justification—doing so generally constitutes the crime of assault. Checking government power and promoting personal freedom. What are the main purpose of business law? Disputes can also be resolved through alternative dispute resolution, which are official but less formal methods such as mediation and arbitration.
According to the textbook, Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition Mallor, et al, 2007, p. Modern law has a wide sweep and regulates many branches of conduct. Business Law Background This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes when it comes to businesses and their interactions with individuals, government agencies, and other businesses. Most notably, I have explored the far-reaching application of equitable redress. Without legal processes for settling differences, people would act against one another in aggression. That which must be obeyed and followed by citizens subject to sanctions or legal consequence is a law.
Law is a broad discipline with several fields that serve important functions in business. The Role and Functions of Law in Business and Society. Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition. Some semblance of order is necessary in a civil society and is therefore reflected in law. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Resolving Disputes Disputes are unavoidable in a society comprised of persons with different needs, wants, values, and views.
For example, damage to person or property is considered a crime because it is not tolerated by society. You have probably realized that laws may serve more than one principal function and there are obviously more principal functions than the four that we have identified. As business becomes increasingly globalized, the business laws of various governments and nations may be in conflict. These laws govern the issuance of stock. It should not be used as a substitute for professional legal advice.
Four principal purposes and functions are establishing standards, maintaining order, resolving disputes, and protecting liberties and rights. Retrieved on April 24, 2007, from University of Phoenix Resource. Functions of Business Law Businesses large and small must comply with the same legal regulations. Most people understand and accept laws prohibiting acts of murder, thievery, physical harm, and financial malfeasance, but there are plenty of other laws that might give us pause. It's important for business owners to understand how business law impacts commerce both domestically and abroad. The fact that every organized social institution, including families, schools and countries, have recognized rules shows humans' dependence on established codes of conduct.
There is Western law which is divided into civil law and common law. Common business types include single owner operations called sole proprietorships and multi-owner businesses called partnerships and corporations, which are businesses owned by a group of stock shareholders. Tax codes govern whether you charge tax for your product, and in turn, whether you can be taxed. Shelly Morgan has been writing and editing for over 25 years for various medical and scientific publications. Other parts of corporate law define what types of acts are ultra vires outside the corporate purpose , duties of officers and directors, and grounds for corporate liability. Business law standards include having expectations for following laws of other countries, distinguishing between unethical and legal behavior, and establishing social responsibility as a cornerstone of global citizenship.
However, consistent behavior causes them to internalize lawful conduct and eventually do it, even when they are not being watched. Intellectual property law grants legal protection to the creators of various types of intellectual property, which gives creators the right to profit from their work and take legal action agonist anyone who copies their work without permission. The law sets rules and expectations. Law also promotes the common good. A weakness, however, is the legal instability and uncertainty those adaptations often produce. However, more restrictive trade practices have also been introduced in the modern era. Laws serve several roles and in business and society, and this paper will discuss those roles and functions.
The government can potentially prevent companies from merging or force companies to split into different divisions to promote competition. Just as real property law is concerned with rights relating to a piece of property, intellectual property is concerned with rights relating to products of the mind. In addition to these four core functions, the law serves many other specialized functions. These functions of law protect the interests of individuals and businesses through a system of rules, enforced by governing bodies. The law serves many purposes. Regardless whether a business transaction involves the sale of a horse or a complicated multi-million-dollar movie deal, the law provides a way for everyone to understand their duties and obligations. Others Laws Regarding Business Depending upon the type of business, many other laws may be relevant to your business.
Not because it is a nice thing to do or because people are forcing us to do it. . Employment laws govern how employers and employees interact. For example, recent updates focus on the impact of technology on these areas and how it affects business dealings. Employment While many small businesses start out as solo operations, successful business owners often hire employees as a business grows.