In: Economics
With the aid of decided cases, discuss the scope and nature of Business Law.
Business Law is just a design management use to run a business but a purpose to provide an enforceable and clear-cut set of rules and regulation to avoid legal issue and conflicts. Regardless of size, it is the responsibility of both small and big businesses to follow the law and stay at the good side. But not every company can by itself comply with the laws and take a lawyer to do so on their behalf. In short, each business needs a lawyer to comply with the law which is the main reason why more and more students enroll in business law with each passing year.
Business law is a branch of law dealing with the set of governance rules pertaining to certain business transactions and relationships between business representatives, dealers, customers, and suppliers. The nature of business law depends on where the business is located and its area of activity. In addition to these two words governance authority also influences the structure of the rule.
If someone is unhappy with the way a government department puts sections of a federal or state constitution into practice, they may complain to the department that administers that section of the law. The matter will end there if the government employee changes his / her decision. However, if the conflict is not settled, a lawsuit can then be lodged either with an administrative board or with the courts.
There is almost always the chance of new legislation changing the way current laws will be viewed. Conflicts often occur between two separate pieces of legislation, if implementation is performed in a liberal manner. In severe cases of disagreement between two pieces of legislation, a government can abolish one in order to prevent the courts from creating undesirable interpretations.