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Legal Environment of Business - Essay Example

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Summary
Commerce has always been a backbone of economic systems throughout history. But with today's fast-paced and changing business environment, legislators saw the need to codify these rules, to better provide a more stable legal basis in terms of dealing with commercial entities in other jurisdictions…
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Legal Environment of Business Essay
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Legal Environment of Business

Download file to see previous pages... First, US Federal system of government grants component states a certain degree of autonomy, sovereignty and self-government. Furthermore, each state has its own laws and each State Supreme Court has the power to create the judicial determination of issues of law on their own, subject only to the limitations imposed by the Constitution and the US Supreme Court.
Thus, there exist differences in state laws that hinder and impair business transactions when dealing with out-of-state entities or persons. There was a need to standardize the laws that acted as the legal foundation in interstate commercial transactions, and would clear up conflicting views on contract law.
Second, the burdensome legal requirements in business engagements also had a tendency to hamper efficient commercial activities, and arguments were raised as to how laws on contracts in some jurisdictions conflicted with another's. The UCC was introduced in this manner also to design a consistent basis for contract law. Also, each state continued its autonomy, and had the option on whether or not to adopt the UCC in whole or in part and this also served as sufficient warning to businessmen of the legal ramifications of any business transactions in a state that may or may not have the UCC in place.
Trade between countries is an integral element of the international economy. However, if trade were to go on completely unrestricted and without control of any kind, then a myriad of problems would arise. Although the trend is free trade, there must still be some level of control in order to protect the domestic citizenry and business.
Too many industries in other countries have gone belly up due to unrestricted imports of competitors who end up practicing dumping. The consumer would likely buy the cheaper imported product over the locally produced product. In time, the local industry would be forced to close, leaving the imports as the dominant player in that industry.
A side effect of the result of dumping above is the threat of a monopoly. Since the imported goods dominate the industry, they have all the powers of a monopoly, even to increase prices to higher levels. The consumer would then have little or no choice in the matter, anent any other competitors. This is commonly seen, since the imported goods maker would increase prices to recoup the losses incurred in dumping in the first place.
As regards exports, trade laws such as those in the US assist domestic producers to better prepare themselves in entering the global arena. If smaller companies are willing but may not be able to compete internationally, they may engage in forming trading companies with others such as those focused on in the Export Trading Company Act. However, not all exports are necessarily good as some may injure domestic industries, jeopardize national security, or conflict with public policy. Thus, export restrictions are needed such as those in the Export Administration Act.
With all these and other laws in mind, it is now clear that they indeed make their mark on the international business, but are geared to protect their citizens and local ...Download file to see next pagesRead More
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