Business Legal Environment

Business Legal Environment

Legal Environment Applicable to the Business World

There are many laws that are put in place to ensure that businesses operate in the right way. Regulations are put in place to control how the business is done and prevent unethical businesses from being conducted. There are different laws that are put in place for various reasons.

Basic Business Law Concepts

Intellectual property.

Intellectual property is an intangible asset. They are creations of the mind. There are laws governing Intellectual property rights. The work of Meiners (2017) indicates the different methods of protecting intellectual rights.

Contract Law

These are the promises that are enforceable by law. Meiners (2017), correctly argues that for a contract to happen there must be an offer and acceptance.

Product Liability

According to Meiners (2017), a customer can sue a business for damages caused by a defective product purchased.

Negotiable Instruments

Negotiable instruments are also referred to as commercial papers. Negotiable instruments are accepted forms of payment. Meiners (2017), points out those negotiable instruments include promissory notes, certificate of deposit and cheque.

 

The Litigation System in the United States

Most commercial disputes in the United States are settled through the litigation system. According to Meiners (2017), there are five stages of litigation system.

Initial Pleadings

The party pleads the action that one committed maybe a fraud. The court requires one to plead with particularity.

Motions to dismiss.

A party can file a motion to dismiss the case in case of lack of Court’s jurisdiction.The case should be filed within the time limit.

Discovery

It serves the request to obtain evidence. The lawyer performs the discovery and not the court.

Trial

The parties and the lawyers prove and conduct the trial unlike in other countries

The Verdict

The party which loses can appeal

References

Meiners, R. E. (2017). Legal environment of business. Place of publication not identified: Cengage Learning.

 

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