Business Law I Research Paper

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Write a research paper on business law. Must have previous knowledge on the subject. Paper length should be around 10 pages.

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Running Head: BUSINESS LAW 1 RESEARCH

Business Law 1 Research
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BUSINESS LAW 1 RESEARCH

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Business law entails the rules and regulations that aid in the governance of business
transactions between people and the government, the public at large or even with other
companies. The rules mentioned herein arise from the legislation on an international or national
level or even an agreement that comes about or through conventional means. It is also referred to
as commercial law or mercantile law. This type of law is said to fall into two categories
distinctly. The first is contract laws playing a role in the regulation of any commercial
transactions while the second is commercial entity regulation. The regulation of these
commercial entities is made possible by application of various laws that cover partnerships,
bankruptcy, agency as well as the company. Lawyers practicing in the field of business law do
not settle matters of clients. They play a role in the avoidance of any future litigation that might
affect the clients being served (Emerson, 2015).
How the business law works within the legal system is in an interesting manner where the
business entities in focus are viewed or treated apart from their owners, where, like in a
marketplace, they get an equal and fair chance at success. The efficiency of business transactions
is made possible in the case where the business laws put in place are enforceable and therefore,
easy to work with when it comes to different businesses as well as their owners engage in
business transactions. Investors or creditors are said to be protected by the majority of the
statutory laws. Statutory laws play a role in both civil-law and common-law countries, where the
former’s company law purely consists of these statutory laws while the latter consists of both
statutory laws and, common law and equity’s ordinary rules. There are various legal entities in
business law. Sole traders and partnerships are different legal entities with different
characteristics and responsibilities when it comes to the roles played. They are critical when it

BUSINESS LAW 1 RESEARCH

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comes to the manner in which business is handled in the various areas of business performance
and meeting a client’s needs.
Partnerships play their roles in such a way as having different people come together to
transact business. The members play a role in the management of the firm as well as in the
profit-sharing process realized from the same. Other than profit-sharing and management of the
firm, the members are also left with the responsibility of taking on the liability of the firm
especially when it comes to matters to do with debt and matters to do with the firm getting sued.
The firm being sued may arise from the firm’s engagement in tortuous acts. The members all get
involved in the matter where they get equally sued for such acts. A fiduciary relationship exists
between the partners making up a firm. They are also considered to be each other’s agents
meaning responsibility befalls every one of them when it comes to matters affecting the firm.
Sole trading is another type of entity that has only a single owner. All the responsibilities fall on
them. The person is the risk bearer, enjoys all the profits and is even liable for all the debts that
befall the ownership (Long, 2005).
For any business transaction to be possible, it is important that there be a binding
agreement, also known as a contract. A contract will exist when a client and the firm providing
its services agree to conduct business together. The contract exists to ensure that neither the
client nor the firm gets taken advantage of, therefore, existing in its written form. A contract is,
therefore, a written agreement that is considered enforceable at the court level. There has to be a
price to be paid as well as an excha...


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Really helped me to better understand my coursework. Super recommended.

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