Untitled Quiz

Business Law Overview

• Business law encompasses rules governing individuals, businesses, and organizations within a society.
• It's designed to protect persons and their property from unwanted interference.
• Law is a body of rules of action or conduct prescribed by a controlling authority.
• Social conduct rules structure society fairly, which maintains order.
• Human rights/freedoms, such as freedom of speech and religion, should be protected in a democratic society.

Schools of Jurisprudential Thought

• Jurisprudence is the philosophy or science of law, with diverse theories.
• Natural law school emphasizes morality and ethics in law.
• Historical school believes law evolves with social traditions.
• Analytical school focuses on logic and the application of principles.
• Sociological school believes law is a means to achieve social goals.
• Command school asserts the law is a set of rules established by the ruling party.
• Critical Legal Studies school argues that legal rules are arbitrary and unnecessary.
• Law and economics school prioritizes market efficiency and economic considerations in legal decisions.

Sources of Law

• Laws are hierarchically structured by authority.
• Major legal systems are civil law (Romano-Germanic) and common law (Anglo-Saxon).
• Civil law primarily stems from codes, like the French Civil Code.
• Common law is based on judicial precedents.
• Key sources of law include constitutions, statutes, executive orders, administrative regulations, treaties, and judicial decisions.

Business Entities

• Business entities are organizations involved in economic activities.
• Common business entities include sole proprietorships, partnerships, limited partnerships, limited liability companies (LLCs), stock companies, and cooperatives.
• Legal personhood establishes distinct elements (individuals, assets, agreement).
• National rules determine various business types in a country.

Business Financing & Accounting

• Business entities require financing to operate, which can include financial resources from bank loans to stocks and bonds.
• Accounting rules maintain financial accuracy and reliability in business.
• Reporting and financial information help business owners make decisions.
• Uniformity in accounting practices is important for comparisons across periods.
• Concepts of reporting, such as “expectation measure damages”, are crucial.
• Key accounting documents (balance sheet, income statement, statement of cash flow) help understand a company.

Competition Law

• Competition law aims to promote fair competition in a market by prohibiting activities such as monopolies and price-fixing.
• It addresses issues like market allocation, price fixing, resale price maintenance, group boycotts, tying arrangements, and mergers.

Bankruptcy Law

• Bankruptcy law provides a mechanism for dealing with severe financial difficulties.
• Liquidation proceedings involve selling assets to creditors.
• Reorganization allows a business to restructure and continue operating.
• Laws and specific rules vary across countries.
• Understanding the procedures, including prioritization of creditors, is critical.
• Cross-border insolvency is an issue with differing treatment in different countries.

Protection of Intellectual Property Rights

• Intellectual property rights (IPRs) involve protecting ideas and creations, such as patents, trademarks, and copyrights.
• Patents protect inventions that are new, useful, and non-obvious.
• Trademarks protect brand names and designs that distinguish businesses' products.
• Copyrights protect original works of authorship.

Cyber Law and Business

• Cyber law governs electronic commerce and various cyber-related activities.
• Issues like data privacy, intellectual property rights, freedom of expression, and cybercrime are key elements.
• Rules surrounding governance of cyberspace differ by jurisdiction, leading to complexities.

Product Liability & Consumer Protection

• Product liability concerns the liability of business entities for injuries resulting from defective products.
• Consumer protection laws are intended to safeguard consumers' rights, particularly in regard to financial information and safety.
• Laws vary by jurisdiction and might reflect varying degrees of consumer-protection efforts.