Assignment on Laws That Affect Business

Topics: Common law, Contract, Law Pages: 27 (10077 words) Published: July 4, 2012
EIB 501
Introduction to Business

“Assignment on Laws that Affect Business”
This report is only base forIntroduction to Business EIB-501

Business Law (also referred to as Commercial Law) governs the transactions between businesses. This includes business formation; litigation; contracts; mergers and acquisitions; commercial leasing; and consumer protection. Business law deals primarily with the definition of rights and responsibilities, as opposed to the enforcement of laws. Business law and commercial law encompass several overlapping issues. The Uniform Commercial Code (UCC) is the primary governing authority for commercial transactions. Other specified legal areas have developed that 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. It is important for all business owners to know and understand the laws that affect their businesses. It is equally important to comply with those laws. Ignorance of the laws has never been a valid excuse in any Court of Law, and it never will be. As a business 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 business entities. Some of the more important areas of commercial law include sales, secured transactions, negotiable instruments, and debtor and creditor law. Business law overlaps, but also includes the formation and management of business entities. An attorney with experience in business and commercial law can help you with all of your questions. Numerous and Varied laws regulate the activities of all businesses and everyone involved 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 be different than the laws that affect other businesses. For that reason, it is impossible to give an account of all laws that affect all businesses. You will need to find out what the laws are that affect your business. The major business law categories are:

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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 civil wrongs that do not arise from contractual duties. A person who is legally injured may be able to use tort law to recover damages from someone who is legally responsible, or "liable," for those injuries. Tort law defines what constitutes a legal injury, and establishes the circumstances under which one person may be held liable for another's injury. Tort law is a branch of the law which covers civil wrongs, such as defamation and trespassing, among many other transgressions. Under tort law, if someone suffers a physical, legal, or economic harm, he or she may be entitled to bring suit. If the suit is deemed valid, damages may be awarded to the victim to compensate for his or her troubles. Most tort laws are found in regional, state, and national civil codes, which often 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 into Negligence Torts, and Intentional Torts. The standard action in tort is negligence. The tort of negligence provides a cause of action 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 economic interests. Negligence actions include claims coming primarily from car accidents and personal injury accidents of many kinds, including clinical negligence, worker's negligence...
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