PART A ELEMENTS OF BUSINESS LAWS C O N T E N T S .

It helps managers understand business ethics and how to run an authentic and proper business. Technology. Identify how the rule of law protects people from harmful business practices. The rule of law gives everyone a framework for how to act and operate. Competition. Managers often use certain rules when deciding how to run their business. Identify how the rule of law limits government. “Managers must become more astute about the legal environment around them, and be willing to challenge and work with counsel to achieve best outcomes,” she told Sean Silverstone at Harvard Business School. In light of the many legal aspects (not to mention banking and economic dimensions) of the financial crisis of 2008, and previous crises in recent years, the need for a greater awareness by business executives of basic aspects of business law is, or should be, apparent. Business Law is an intellectually challenging study of the constantly changing legal puzzles that face businesses of all sizes and types. Business is providing revenue to the state due to which the government maintains law and order situation, undertakes defense and carries on welfare and development activities. STUDY I . Significance and Relevance to Modern Civilized Society Business law is an important topic to understand due to how intertwined business transactions are with society. Business pays a large share of taxes to government. Law is a broad discipline with several fields that serve important functions in business. Contract law makes these agreements "enforceable", which usually means that it gives the party the power to compensate and obtain money damages caused by the other party due to a breach of contract. In fact, computer law is even a subspecialty within business law because of its importance in this realm. 1.1. Determine why the rule of law is important to business. When management is leading an organization in an ethical manner, employees follow in those footsteps.Employees make better decisions in less time with business ethics as … Business has generated employment on large scale both in the rural and urban areas. Identify several areas of law that are especially relevant to business and the importance of the rule of law to those areas. Contract law serves as your protection in every legal agreement you make in life. Business law falls into two distinctive areas: (1) the regulation of commercial entities by the laws of company, partnership, Businesses large and small must comply with the same legal regulations. The term Management … A corporation comes into existence when the incorporators file state-required documentation with the secretary of state. Why is the rule of law important to business? Any regulation or legal rights that affect employers, employees, and consumers, as well as how businesses interact internationally, are considered topics of business law.