To run a business, business has to be done. When a store sells you a video game at an agreed price, the company makes money and you get a new game. It`s a fairly simple agreement, but some agreements require a more complex verbal or written agreement between the parties – this is called a contract. You`re probably familiar with several businesses that have been in business for decades, if not centuries: McDonald`s has been serving burgers since the mid-1950s, Macy`s department stores opened in 1843, and Baker`s Chocolate began selling its sweet confectionery in 1765. But for every business that thrives in the long run, there are three that have failed. The U.S. Bureau of Labor Statistics reports that nearly 20% of all businesses close in the first two years and only 25% of all new businesses reach the 15-year mark. But the benefits of globalization don`t stop at corporate profits. Globalization offers developing countries more opportunities for economic expansion.
It gives developed countries better access to ideas that help them innovate and improve technology. In fact, a global economy challenges individuals, businesses, and governments to make decisions that impact life around the world. The federal government oversees the general welfare of the public by regulating how companies treat employees, but its oversight doesn`t stop there. The government also regulates how companies treat the environment, even if it means companies and investors are not realizing their full potential. In this unit, we look at environmental regulations and securities, both of which protect society as a whole. In this lesson, we will look at the laws that govern contracts, as well as specific types of contracts, who applies them and how, and what remedies are available if a party breaches the contract. We will also cover the Uniform Commercial Code, a set of state laws that govern commercial transactions and the sale of goods. We now have so much information about other cultures on social media and the internet that it motivates us to open new markets for goods and services. Could this artisanal candle manufacturer find a supplier of glass jars in Mexico to replace those that are no longer available in China? Can this perfume manufacturer find a variety of lavender buds cheaper and better in the Canary Islands? Entrepreneurs are engaged in a relentless race to cut costs and increase sales, so a wider global market is good for business. „Caveat emptor“ is an English proverb meaning „buyers beware“. It warns consumers to protect themselves from shady sellers. Thankfully, we`re not alone as buyers of products and services — we have state and federal laws to protect us from unfair business practices.
These laws require both parties to treat business transactions fairly. In this unit, we look at how the law protects consumers and how consumers can protect themselves. So you started a new business and grew big enough to hire employees. You`re obviously very busy, and you`re probably not thrilled about having to figure out a whole host of new state and federal regulations that protect your employees. In this lesson, you will learn what these regulations are and why they are important. 2 Unit 1 – Mr K.Mohan Kumar – Legal aspects of economicsTypes of contracts (1) (2) (3) Based on On the basis of the foundation Enforcement of validity a. Express contract b. Implied Contract vs. Quasi-Contract d. Electronic contract a. Valid contract b. Void v.
Cancellable contract d. Unenforceable Agreement e. Illegal contract a. Contract performed b. Binding contract v. Unilateral or unilateral contract 14.05.2018 Unit 1 – M. K.Mohan Kumar – Legal aspects of business If bad things happen to good people, shouldn`t someone pay? The law helps victims of wrongdoing get justice in the form of criminal sanction or civil liability – the responsible party pays for the damage they caused. In this unit, we examine the elements of criminal law and tort, the most common economic crimes and torts, and the consequences that the legal system imposes on perpetrators. We will also follow the trial of a criminal case from arrest to appeal.
Not all businesses close because they don`t make a profit. Sometimes owners decide that running a business is not worth the time and energy needed to succeed. Similarly, they may change their mind and want to try something new. Or the owners retire and have no one interested in taking the reins. An overview of contracts, sales, agencies, personal property, commercial paper and related topics. Emphasizes the need to avoid litigation and liability arising from business operations. 7 On the basis of the validity(s) Illegal Contract: – This is a contract whose conclusion is prohibited by law. All illegal agreements are void, but void agreements or contracts are not necessarily illegal.
Immoral contracts or contracts contrary to public order are illegal. Unlike illegal agreements, there is no sanction for the parties to a null agreement. Illegal agreements are void from the beginning Agreements are void from the beginning, but sometimes valid contracts can become null and void later. 14.05.2018 Unit 1 – Mr.K.Mohan Kumar – Legal aspects of business Whether you`re considering starting your own business, working for an organization, or doing law, it`s important to understand the more complex legal requirements that impact operations and business decisions. This is especially true as businesses grow and expand at home and abroad. Learn about the differences between criminal and civil law. Examine how state and federal regulations help protect consumer and labor rights, society, and the environment, and understand how commercial contracts can work to protect everyone. Whatever the reasons, business owners don`t just hang a „closed“ sign on the window and lock the front door when they decide to close. In this unit, we look at the process of dissolving a company and what happens if the company goes bankrupt.
In this lesson, we will begin with the sources of law and the differences between civil and criminal law. What makes a crime a crime? Next, we`ll move on to an overview of the court system, because you need to know how the courts work if you want to prosecute someone, if you`re being prosecuted, or if you or your company are charged with a crime. We will talk about alternatives to taking a case to court. Finally, we discuss the life cycle of a law firm. (Note: it is quite similar to other service companies, but it has specific records management issues.) Ready to get started? 5 On the basis of validity(a) Valid contract:- A contract that meets all the requirements required by law On the basis of incorporation (b) Invalid contract (2(j)):- A contract that is no longer legally enforceable because it is invalid if it is no longer enforceable. According to § (11), an agreement with a minor is null and void if both parties to an agreement: due to an error of fact [20] The consideration or object of an agreement is illegal [23] Unrequited agreement [25] Agreement on the restriction of marriage [26] Restriction of trade [27] Limitation of legal proceedings [28] Agreement by salary or bet [30] 14.05.2018 Unit 1 – Mr. K.Mohan Kumar – Legal aspects of the company Choose You a partner, Bachelor`s and Master`s degrees as well as references and certificates.