Business law is a large and growing field that can apply to many different types of businesses, large and small. Enterprises face many legal issues that require their attention. The truth is that there are many kinds of business law, each with its unique set of challenges. In this article, we’ll go over various significant areas of business law.
A Contract is a legal accord agreement between two or more parties. They can be oral or written, but they must be in writing to be enforceable. There are three types of contracts: oral, written, and implied.
An Oral Agreement
It is one in which two people agree without any formality, such as signing an agreement or writing down their words on paper. This kind of agreement can be challenging to prove if it’s part of a fraud case. The reason is that there may not be any evidence left behind showing what was said during the conversation between them.
A written Document Agreement
A written document called a “contract” creates obligations for both parties involved. It means if you sign rights under your own free will, you agree to these terms voluntarily rather than having someone force their way upon you against your will (think rape).
However, if someone else pressures/coerces us into signing something we don’t want just because they’ve got a legal claim against us, this would probably qualify as “implied consent.”
The type of law is a broad area that covers many issues related to employment, including hiring, firing, and promotions. Employment lawyers specialize in employment law because they know how to manage the complex laws governing employee-employer relationships.
Corporate law is the body of laws governing corporations and other entities that are organized for business purposes. It includes common and statutory laws applied to corporations differently depending on their structure. Corporate law is vital because it helps protect your company’s assets from being taken by creditors or other parties who may be seeking recovery of monies owed to them by your company. The more compounded your business structure, the more likely you will need assistance with corporate matters such as mergers and acquisitions.
Torts are civil wrongs. They include negligence, defamation, and invasion of privacy. Some examples of torts are:
- Negligence. It occurs when someone acts carelessly or recklessly, harming another person or property.
- Defamation. It is making false statements about someone else with malice intended to harm them (or their reputation). It’s similar to libel, but there’s no need for proof that your statement was true for it to be considered defamatory.
Securities law is a broad category of laws that regulate the offering and sale of securities and the financial markets in general. Securities law protects investors from fraud and other forms of financial crime. One way this happens is through registration requirements for issuers (companies that sell stocks or bonds) when they sell their securities on public exchanges like the New York Stock Exchange (NYSE).
It is a relationship in which one person (the agent) acts on behalf of another (the principal). Agency law deals with the rights and duties of agents and principals. Agents can be corporations, partnerships, or individuals. An Agent is someone mandated with power to act on behalf of another person, called principal. This person then represents that principal’s interests by acting as its agent.
A business attorney can help you with any legal issue that may arise in your business. They can also be helpful if you have questions about how to incorporate or form a company. Whenever you need help with any other issues related to your business, talk to an attorney today!