Business law - SS2 Commerce Lesson Note

Business law refers to the legal rules and regulations that govern various aspects of business transactions and activities. It encompasses a wide range of legal principles and rules designed to ensure fair and ethical practices in business operations. 

Law of Contract:

The law of contract deals with the formation, enforcement, and interpretation of agreements between parties. It establishes the rights and obligations of the parties involved in a contract. Contracts are legally binding agreements that outline the terms and conditions of a business relationship or transaction. The law of contract ensures that parties fulfill their promises and provides remedies in case of breach or non-performance.

Sale of Goods:

The law governing the sale of goods focuses on the legal rules and regulations related to the buying and selling of tangible products. It governs the rights and obligations of buyers and sellers, warranties, transfer of ownership, and remedies for defects or non-compliance. The sale of goods law provides a legal framework to ensure fair and transparent transactions in the marketplace.

Agency:

The law of agency deals with the legal relationship between principals and agents. An agency relationship arises when one person (the agent) acts on behalf of another person (the principal) in conducting business or making decisions. This branch of business law governs the rights, duties, and liabilities of agents and principals, including the authority of agents to bind principals, disclosure obligations, and fiduciary duties.

Hire Purchase:

Hire purchase law regulates agreements where goods are hired out by a seller to a buyer, with an option to purchase the goods at the end of the agreed term. This branch of business law governs the legal rights and obligations of both parties involved in hire purchase agreements, including payment terms, ownership transfer, termination, and remedies in case of default or breach.

Employment:

Employment law focuses on the legal relationship between employers and employees. It governs the rights and responsibilities of both parties in the employment relationship, including hiring and termination, employment contracts, working conditions, wages, benefits, discrimination, and health and safety regulations. Employment law aims to ensure fair treatment, protection, and compliance with labor standards.