INTRODUCTION TO

BUSINESS LAW

Overview
This course presents general concept of Business Law
which defines a parameter under which modern
organizations operate and it is universal truth that today the
ambit of Business Law is expanding at a faster pace.
The Law of Contract is the basis for all business laws. Law
protecting the consumer has become a part of business law.
The on-going process of economic globalization has brought
in the law relating to Trade Marks, Patents, copyrights etc.
Beside some universal international laws, main stress is
given on the Laws, regulations and procedures governing
business and trade in Kingdom and adherence thereto could
be very helpful for those students intending to do business
in Saudi Arabia or going to work as a managers, knowledge
of these Laws are very essential for them.

Assessment
Assessment Procedure

Weight

Assignments

10%

Quizzes

10%

Midterm Exam

20%

Final Exam

40%

Final project

20%

Total Score

100%

Definition of Law
Law a standard or rule established by society to govern
the people in the society.

Sources of Law

(Where Law comes from)

Common Law - laws that come from the judges and the
court decisions.
Govermental Law - Law that comes from the
Constitution, Federal gvt, State gvt. and Local gvt.
Administrative Law Regulations effecting business
agencies.

Definition of Law
Law - A standard or rule established by society to govern
the people in the society.

Categories of Business
Law
Contract Law: Promises made by one party to another
Property Law
Bankruptcy Law
Tort lawis a wrongfulact,thatresults
aninjurytoanother'sperson
whichtheinjuredpartyisentitledtocompensation.
Sales Law: The law which is relating to the transfer of
property ownership from one person to another for value

Law of property
Tangible personal property physical items such as goods
and equipment that are not permanently attached to the
property.
Intangible person property property shown by
documents (checks, money orders, stocks, bonds, etc.)

Law of Property Cont.

Trademark name or symbol registered with the US Patent

and Trademark Ofice for 20 years.
Patents give the inventor exclusive rights to make, use,
and sell their product for 17 years.
Copyright gives the creator exclusive right to publish and
sell original work (lifetime plus 50 years)

Law of Bankruptcy
Bankruptcy the legal procedure provided for individuals
and firms that cannot pay their debt and will legally
declare unable to pay off their debts.