Legal asspect of business

Things To Ponder Look up a lawsuit among two businesses in your market. Equity: It refers to that branch of the English law which developed separately from the common law.

Importance of legal aspects

In these cases, ignorance of the law is no excuse. Customary Law, in the words of Keeton, may be defined as those rules of human action, established by usage and regarded as legally binding by those to whom the rules are applicable, which are adopted by the courts and applied as sources of law because they are generally followed by the political society as a whole or by some part of it. Law is enforced by the executive. Rules are made by the members of the group, so that the group doesnt whither away. Intellectual Property Rights An intellectual property rights clause is common in partnership, independent contractor and some employee contract agreements. Counterparts: Means that the contact can be signed in parts and put together as a whole document without everyones signature appearing on the same page. Income Tax Registration of Trade, etc. Noncompete Clauses Noncompete clauses work to prevent former employees from revealing privileged information -- intentionally or unintentionally -- to a competing business and from working for a competitor directly after leaving your business. Unfortunately, these laws vary enough that it makes sense to call up your local chamber of commerce or local government and have them give you a reference. For example, the greater part of the Law Merchant has been codified in India. They complement each other.

It is known as res-nullius. Y commits fraud in the transaction and thereby injures Z. The contracts entered into by business with others may be held to be void or may be against public policy. Self Assessment Questions It is not something which may or may not be obeyed at the sweet will of the members of society.

Precedents: Courts make law too.

legal aspects of small business pdf

Judicial precedents are an important source of law Judicial precedents are another important source of law. What are the sources of Indian law? Law is imposed on the members to bring about an order in the group, enabling it to continue and prosper.

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