Business Law and Contracts Basics

Law and Contracts

• Law: a set of rules that defines how people must behave, with punishment if broken
• Contract: an agreement between two parties outlining terms and conditions, can be written or verbal
• Two types of contracts:
  • Contract for services: employ service from an independent contractor, can vary in length, invoice for services, and liable for own taxes
  • Contract of service: an employee provides labor in exchange for a salary or money, under employer's decisions and management, and employer is liable for wages and taxes

Company Roles

• Company Director: a member of the board of directors, responsible for overall management and direction of the company
• Company Secretary: responsible for maintaining company records and ensuring the company complies with its legal and regulatory obligations

Redundancy and HSA

• Redundancy: a form of dismissal from a job due to no more work available, with entitled redundancy payments
• Health and Safety Authority (HSA): responsible for administration and enforcement of health and safety at work in Ireland, promotes education, training, and research in the field of health and safety

Data Protection and GDPR

• GDPR (General Data Protection Regulation): regulation of data protection and privacy for all individuals within the EU, to empower individuals and give them control over their personal data

Void Contracts and Sources of Irish Law

• A contract can be void if:
  • Signed by a minor
  • Signed under duress
  • Intoxicated or on drugs
  • Void if the person is not of sound mind
• Sources of Irish Law:
  • Constitution
  • Legislation made by the Oireachtas
  • Case law made by judges or courts
  • EU law made by the EU

Irish Law and Legal Professionals

Irish Constitution

• A legal document that sets principles regarding how Ireland should be governed
• The most superior law in Ireland, with exception to EU law
• 50 Articles, parliament cannot enact any law that goes against the constitution
• All laws must comply with the standard established by the constitution

Criminal and Civil Law

• Criminal Law: a set of rules to regulate people's behavior and activities, with sanctions for breach including fines and/or prison sentences
• Civil Law: deals with disputes between individuals and companies, including accidents, contract breaches, or family disputes
• Courts that deal with civil cases: District Court, Circuit Court, High Court, and Supreme Court of Ireland

Legal Professionals

• Solicitor: a type of lawyer who is qualified to offer legal advice and services, can form partnerships and advertise services
• Barrister: a type of lawyer who specializes in court advocacy and giving legal opinions, drafts legal documents, represents in court, and negotiates settlements
• Judge: in charge of the courtroom, ensures a fair trial, settles legal arguments, directs the jury, and decides the outcome of the case if no jury is present

Test your understanding of the basics of business law and contracts, including the definition of law, types of contracts, and the role of a company director. Learn about the importance of laws and agreements in the business world.