Legal Enviroment for Business

Topics: Corporation, Types of business entity, Limited liability partnership Pages: 13 (4261 words) Published: March 30, 2013
Legal Environment of Business

Student: Cojocaru Natalia
Teacher: Rácz Margit

A.) Define very briefly and reference your answers in Harvard style:

1.) Regulation pag 29 1st book
According to Andrasi and Madarassy (2004) a Regulation is a system of legal rules created by the State, in which are regulated the form or type, the initiation process and all other details. In formation of legal person (legal personality) this rules must be strictly respected. The recognition by low of a legal person occurs through statutory regulations, i.e. the different acts expressly state the organisation’s legal personality (e.g. political parties, limited liability companies, foundations etc.). 2.) Directive

As stated by Andrasi and Madarassy (2004-2005) a Directive is a set of orders which the individual Member States are demanded to adopt into their own low. In order to implement them in their domestic low there is necessary to make some adaptations, changes in it. The directives are obligatory in cases when a result needs to be achieved. In some particular cases they do have a direct impact on the domestic low of the Member States. 3.) Council (of Ministers)

Council (of Ministers) or the Council of the European Union is the main legislative body and decision-making body of the European Union composed of one minister from each state, usually responsible for the subject discussed. As depending on the nature of the case, there are three ways of taking the decision: by unanimity, by qualified majority and by simple majority. (Legal Dictionary, 2012) 4.) Preliminary ruling procedure

The Preliminary ruling procedure is a co-operation between European Court of justice and national court. At the request of a European Union member state the case is given to the European Union Court of Justice to be investigated under the interpretation of the European Union low. This happens in cases when the national court has doubts about interpretation of a Community rule. (Legal Dictionary, 2012) 5.) Maastricht Treaty

The Maastricht Treaty is a treaty that created the European Union by establishing the three pillars of it and namely: European Community, the Common Foreign and Security Policy, and the Justice and Home Affairs. In addition Maastricht Treaty amended the Rome treaties. (Investopidia, 2012)


Solve the case study.
You would like to sell a car to your General Business Law teacher therefore you conclude a sale and purchase contract with her/him. a)
Main contractual obligations of the Seller and Buyer under the Hungarian Civil Code in respect of sale and purchase transactions are: According to Andrasi and Madarassy (2004) the seller has the following obligations and rights: * to transfer the ownership of the car to the buyer and to cede the possession of the car; * is obliged to provide all the relevant and proper information about the car, especially about encumbrances on it, rights related to it that the buyer must be acknowledged with, etc.; * is obliged to transfer all the documents concerning such circumstances, rights and encumbrances; * is obliged to bear the costs of the handover;

* has the right to receive the full payment of the purchase price of the car; According to Andrasi and Madarassy (2004) the buyer has the following obligations and rights: * to take over the car and pay the purchase price of it;

* is obliged to bear the costs of the take-over, the transfer duty, the costs of concluding the contract and if necessary, the entering of change of ownership into the Land Registry. * has the right to cancel the contract and claim for damages in case that there is an encumbrance and the seller doesn’t disencumber or the buyer doesn’t want to do this properly because of the extreme expenses; * has the right to ask for reduction in the purchase price in exchange for taking over the encumbrance as an another option; * has...
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