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Business law - Term Paper Example

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This paper seeks to find out about business law. It establishes a case in South Carolina and then explores it with regard to business law. It then looks into the various types of courts available, then lists, and explains different types of substitute dispute ruling mechanisms. Business Law, also known as Commercial Law, presides over dealings between business entities such as business formation, ranging from lawsuits to contracts. …
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Business law
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Download file to see previous pages Both commercial and business laws cover a number of overlapping factors. The Uniform Commercial Code is the main authority that governs commercial dealings. There are also other legal fields that have the nature of business of commercial law transactions, such as banking and Secured Transactions. This paper will seek to summarize a business lawsuit and discuss the legal environment of business and the American law. It will also explore the court procedures, types of courts and alternative dispute decision process. A suit between Poynter Investments Inc et. al. versus Century Builders in South Carolina involved the appellant, Rector, who sold his business to the respondent Poynter Investments in 2007. The parties entered into an ‘Employment and Non-Competition Agreement,’ which contained a four-year phase non-competition clause. It was drafted to prevent Rector from trading within a defined geographic area of 75 miles in any course from the property for the written phase. The agreement was supported by a separate consideration, which required Poynter to employ Rector for twelve months. Rector, however, failed to abide by the terms of the agreement and as a result, Poynter filed a suit. The respondent sued the Appellants in 2008 on allegations of failing to abide by the non-competition terms. The hearing judge granted the respondent a preliminary injunction seeking to enforce the non-competition accord, but formed a ‘Restricted Territory’ that was not present in the earlier agreement....
The management should have initiated a research to identify and evaluate the legal implications that would have followed if they agreed to the terms. The laws pertinent to this case reflected ethical considerations. Before one gets to go into a business agreement, factors such as completing of agreements should be highly considered. The court judge refused to balance the equities before enforcing the incomplete agreement. There are various foundations of decrees relevant in the case. Authorities such as County of Richland v. Simpkins, 348 S.C. 664, 560 S.E.2d 902 (Ct. App. 2002), among many others have been used to give information of previous similar cases. The management can leverage such knowledge to prevent similar instances in the future. A business suit in a court may take longer and be more tedious if it were to be compared to Alternative Dispute Resolutions due to the court procedures. Cases may even take longer in courts if there are appeals as there are quite a number of courts, including probate, municipal, magistrate court, general sessions, family courts, common pleas and appellate courts, including the Supreme Court. Alternative dispute resolution submits to a wide range of dispute resolution means or method that shares one essential feature. In the past two decades, alternative dispute resolution has turn out to be a major facet of legal practice in the United States. The clients together with their lawyers increasingly look for ways to settle their disparities without going for litigation, and as such, they gradually turn to alternative mechanisms to try to resolve their differences (Stone, 2004, p.1).These mechanisms include: Arbitration is an alternative dispute resolution mechanism involving parties who get to agree to surrender ...Download file to see next pagesRead More
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