Question

Have your ideas and perceptions changed about business law and its scope? In what ways? How will you use the information learned in your personal and professional life?

Answer 1

Business law, initially felt like a ‘dry subject’ to me. For me, the notion was that I need to memorize certain list of sections and adapt to the legal language which is far more specific in nature than our regular other subjects of management and thereby it shall take more time than otherwise, to grasp the crux of the actual topics of the law in a genuine way. However, over a period of time, I realized how important Business law is to protect our own interests in life. Be it in the Corporate world or when I set forth to myself start a business, I may be encountered with various issues or challenges. It is then, when Business law shall help me exposed to the new horizons, expand my own scope of study and interest and hence make my purpose in life more definite and protected.

I also learnt the sensitivity attached to certain cases pertaining to the Business law and how one needs to deal with the same when entering into any business or contract. For example, I thought the term ‘minority’ is specific only to the Contracts Act and that it may have negligible role in case of other Acts. the term ‘minority’ simply does not apply in the context of ‘Contracts Act’ but the term ‘Minor’ stands true for all other Acts as well. But then I learnt that the legal definition Of ‘Minor’ cannot differ from case to case or from Act to Act. Uniformity of law makes the decision more fair and just across all citizens of the State. If a minor commits a Contractual agreement fraud and is set scot-free for the reason being that it is minor and that all the contracts done with the minor are void, then the same applies even for an extreme crime such as that of ‘Murder’ committed by the minor. The minor is sent to the Remand home or Correctional center but cannot be punished beyond its age of attaining ‘Major’. Therefore, I gave a thought to it that if there are limitations in the term of defining the minor, then the revision of the term shall mean that the Minor should be exposed to all the repercussions of their crime too.

In terms of the usage of information that I learned, Business law is all pervasive. To a common man as well, we enter into contracts each day even without our active knowledge. For example, buying products from a Departmental store, participating in a game show, etc. On the other side, the Banking activities also form an important part in our lives. So does the Insurances or dealing in a Property. All these are governed by certain laws such as if negotiable instruments Act, Property Acts, are not in place, then we could be victims to the Bank’s fraudulent policies or to the Builder’s deception plots, without our active say as we may not be guided by any law otherwise. Hence, in personal life, Business law makes us more alert and informed while dealing with the Third-parties than I could have in other cases. Professionally, if I plan to step into the Corporate world or undertake a business myself, Business law will help me explore my horizons more, give more understanding to my legal rights and shape my activities within a framework of legality and compliances so that I can go ahead in life in a hassle-free way, by staying protected and within bounds always.