Law is a vast subject and requires deep knowledge and understanding to gain insight into different case studies. Students need to study a number of samples to provide solutions to the given problem under law. Writing a Law assignment is a daunting task as well. A lot of online research, studying the law examples and following the given instructions precisely are keys to developing compelling and rich content for your law assignments. Topics that come under the subject law are exhaustive.
Business law is on the topics students opt for at their master’s level. Mercantile law or commercial law is a study of laws that strictly followed while conducting business. Business law deals with the issues of public and private both. In other words, it is the study of corporate contracts, rules of hiring, production of consumer goods, and services for sales. There is many topics studied under business law for example contracts, intellectual property, antitrust, secured transactions, commercial paper, income tax, pensions and benefits, trusts and estates, immigration law, labor law, employment law, and bankruptcy. The different operations of the business are governed by business law.
Importance of Business Law
Business law is very important for the smooth functioning of businesses. The importance of business law can be ascertained by the following points:
- Knowledge of business law helps managers in decision making: it’s not possible for every small or medium-size business to keep a legal team in place in order to advise over the decisions and their legal implications. For small and medium industries it becomes really expensive to keep a legal team. In this case, managers must have a functioning knowledge of business law so that they understand the effect of every decision taken and act accordingly.
- Helps in delivering quality products and services: Good knowledge of business law helps organizations to keep a check on quality control as there are certain standards set by the government which should be strictly followed. Similarly, there are safety standards, production, and operational standards, human recourses, etc. The knowledge of law related to the above-mentioned standards helps in protecting the organizational rights and the rights of employees, vendors, and clients.
- Helps in business practice: A sound knowledge of business law helps in saving the business from getting into a brawl with customers. As decisions will be taken keeping in mind their legal implications and will take care of the interests of customers. It will help in smooth business practices.
- Helps to settle disputes: In business, it’s common for disputes to occur every now then and there are few stages to follow while settling the disputes like negotiation, mediation, arbitration, and then litigation. It managers or owners do not have knowledge of business law beforehand then it can be overwhelming for them to settle the disputes following the set pattern.
- It helps in establishing the understanding of rights and responsibilities: Good knowledge of business law helps business houses to understand their rights and responsibilities. During the production of goods and services, they take uttermost care of standards and thereby saving themselves from any legal implications.
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