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Assignment on Laws That Affect Business

Assignment on Laws That Affect Business

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Published by Shariful Islam
Assignment on Laws that Affect Business
Assignment on Laws that Affect Business

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Published by: Shariful Islam on Jul 04, 2012
Copyright:Attribution Non-commercial


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 EIB 501
Introduction to Business“Assignment on Laws that Affect Business”
This report is only base for-Introduction to BusinessEIB-501
Business Law (also referred to as Commercial Law) governs the transactionsbetween businesses. This includes business formation; litigation; contracts; mergersand acquisitions; commercial leasing; and consumer protection. Business law dealsprimarily with the definition of rights and responsibilities, as opposed to theenforcement of laws. Business law and commercial law encompass severaloverlapping issues. The Uniform Commercial Code (UCC) is the primary governingauthority for commercial transactions. Other specified legal areas have developedthat are types of business or commercial law. They include Banking, Bankruptcy,Consumer Credit, Contracts, Debtor and Creditor, Landlord-Tenant, Mortgages,Negotiable Instruments, Real Estate Transactions, Sales and Secured Transactions. Itis important for all business owners to know and understand the laws that affecttheir businesses. It is equally important to comply with those laws. Ignorance of thelaws has never been a valid excuse in any Court of Law, and it never will be. As abusiness owner, it is your responsibility to know what laws affect your business.Business law and commercial law are broad legal topics that encompass business,commerce, consumer transactions, and the formation and management of businessentities. Some of the more important areas of commercial law include sales, securedtransactions, negotiable instruments, and debtor and creditor law. Business lawoverlaps, but also includes the formation and management of business entities. Anattorney with experience in business and commercial law can help you with all ofyour questions.Numerous and Varied laws regulate the activities of all businesses and everyoneinvolved in the business- from owner to manager to employee. Since every business,in every state, in every country is different, the laws that affect your business may bedifferent than the laws that affect other businesses. For that reason, it is impossible togive an account of all laws that affect all businesses. You will need to find out whatthe laws are that affect your business. The major business law categories are:
The Law of Torts
The Law of Contracts
The Law of Sales
The Law of Agency
The Law of Property
The Law of Bankruptcy
The Law of Negotiable Instruments.
The Law of Torts
Tort law refers to any given body of law that creates and provides remedy for civilwrongs that do not arise from contractual duties. A person who is legally injuredmay be able to use tort law to recover damages from someone who is legallyresponsible, or "liable," for those injuries. Tort law defines what constitutes a legalinjury, and establishes the circumstances under which one person may be held liablefor another's injury.Tort law is a branch of the law which covers civil wrongs, such as defamation andtrespassing, among many other transgressions. Under tort law, if someone suffers aphysical, legal, or economic harm, he or she may be entitled to bring suit. If the suitis deemed valid, damages may be awarded to the victim to compensate for his or hertroubles. Most tort laws are found in regional, state, and national civil codes, whichoften spell out limits on damages and the statute of limitations for tort cases.
Categories of torts
Torts may be categorized in a number of ways: one such way is to divide them intoNegligence Torts, and Intentional Torts.The standard action in tort is negligence. The tort of negligence provides a cause ofaction leading to damages, or to relief, in each case designed to protect legal rights,including those of personal safety, property, and, in some cases, intangible economicinterests. Negligence actions include claims coming primarily from car accidents andpersonal injury accidents of many kinds, including clinical negligence, worker'snegligence and so forth. Product liability cases, such as those involving warranties,may also be considered negligence actions, but there is frequently a significantoverlay of additional lawful content.Intentional torts include, among others, certain torts arising from the occupation oruse of land. The tort of nuisance, for example, involves strict liability for a neighborwho interferes with another's enjoyment of his real property. Trespass allowsowners to sue for entrances by a person (or his structure, such as an overhangingbuilding) on their land. Several intentional torts do not involve land. Examplesinclude false imprisonment, the tort of unlawfully arresting or detaining someone,and defamation (in some jurisdictions split into libel and slander), where falseinformation is broadcast and damages the plaintiff's reputation.In some cases, the development of tort law has spurred lawmakers to createalternative solutions to disputes. For example, in some areas, workers' compensationlaws arose as a legislative response to court rulings restricting the extent to whichemployees could sue their employers in respect of injuries sustained duringemployment.

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