Business Law in the US - Essay Example

Introduction This determines how various business transactions are carried out in areas such as contract employments. It also formulates the rules, regulations, rights and privileges governing the formation of a business and its further operation. For example, business.gov is an official site in the U.S that provides assistance to small businesses in making them properly understand their legal requirements and locate government services from federal, state and local agencies. Question 1 Rules of Contract in Business Contracts in commercial engagements are a part of business law used on daily basis to guarantee the legality of dealings. It is of essence to ensure that any business contracted is conducted professionally where both parties; the purchaser and trader get to know and understand the terms and conditions included and are well-acquainted with the rights, privileges and responsibilities awarded by the contract. In the essay which involves Peter’s plan to sell his Rolls Royce, there are clear evidences among various parties involved which shows lack of association to the rules of business contract. Creditor-debtor relation is a case of business contract. However, circumstances such as debtor’s failure to refund the creditor contribute to conflict between the two such that some legal action may be required. Debts may be recovered back through debt recovery law, which is a way of protection to any innocent persons trying to recover back any form of financial- related asset that are subjected to the individual, therefore their own rights. Such are instituted by banks and other credit institutions such as credit card suppliers. According to David Baum, residents of the United States (U.S) carry their daily operations using credit cards under the purchaser’s credit law. Therefore, most people in the U.S hold some debts which include credit purchases of appliances, clothing, cars, vacation trips and other forms of goods and services. In this case, there are laws, rules and regulations governing consumer’s credit installation. The same laws protect both the credit provider and consumer to ensure that their rights and privileges are not misused in any negative manner. This is an act that generally defines business law actions. First, in rules and regulations of commercial contracts, the trader should clearly define the terms and conditions of sale and purchase as part of trading contract, ensuring that they stick to the same during the agreement. Peter accepted to sell the Roll Royce to Laura and gave her the condition of a must payment of the cash via internet banking. Hereby, the agreement was clear between the two parties because Laura accepted the condition and decided to buy the Rolls Royce. Also, it is important for any customer to consult the dealer about all details concerning a contract before making the final decision. Therefore, Peter had the right to destroy David’s check that he found in his room because David seemed not to have confirmed the payment means that Peter wanted his customers to use, which was payment through internet banking. Yet, it is evident that he had consulted Peter for the selling price of the Rolls Royce whereby Peter had provided his e-mail address for further details. Second, any professional business contract made should never be withdrawn unless for a reasonable situation that is carefully measured after consideration and agreement between the two parties involved. The purpose should leave the two with legal relations such that they can still engage in future contracts together. Laura took the required measure by asking Peter to give her a written confirmation of his acceptance to sell the Rolls Royce to her. This made the treaty certified which therefore was not meant to be broken at any point unless with very good reasons behind it and with clear agreements between Peter, the merchant, and Laura, the purchaser. However, despite the certified contract between the two, Peter still went ahead and broke the sealed deal. This happens when he received an e-mail from Jeremy offering to buy the Rolls Royce at 25,000 U.S dollars, 5,000 dollars more than what Laura was to pay. Peter totally goes against legal contracts by immediately writing a letter to Laura, withdrawing her contract, without neither involving her in the withdrawal decision, which she should have been part of, nor explaining to her the reasons that led to the withdrawal. Therefore, Laura has the right to acquire any legal action against Peter such as taking his case to court since the contract was official. Conclusion Although a contract between the dealer and the consumer may be authorized, it is worth consulting a legal specialist when building up the agreement. Such may be a lawyer or any legal representative. This is for the purpose of making the process easier just in case of any disagreements. For example, after Peter has illegally broken the contract, Laura is allowed to sue him in court, but for the whole course of action to be achieved, it may take quite a long term because the deal between them did not involve any legal expert. Having a business law attorney on one’s side can create a big difference in the day-to-day business engagements (ALLLAW.COM- 2012). The legal acts help in dealing and managing a wide range of issues such as; taxes, business formations, acquisitions, mergers, employment laws and contract negotiations. Tort of negligence as part of Commercial Laws Question 2 Introduction Negligence is the act of failing to practice everyday ordinary care where one does not exhibit enough care that a logically oriented person should under various situations. For example, a doctor runs the duty of handling any patient in a manner required and in a way that exhibits the patient’s feeling of care and concern. Jarie Bolander states that, at some point, most companies experience legal related aspects in their businesses. However, this should not be a form of threat…the legal system, with all business faults and issues, still provide a reasonable framework for resolving business disputes…These disputes are usually based on some violation of intellectual property or law breaking such as the case of negligence as discussed below: Elements of the tort of negligence: The duty to protect This clearly defines the responsibility of specific persons to take measures in providing good care of the people subjected to them. Parents are required to take good care of their children, providing them total protection from harm, illnesses or any mishandlings. McCarthy & McCabe (2012) state that, the duty to protect is also defined in the teacher’s responsibility; they have a duty to foresee dangers and take the necessary safety measure to protect their students. Failure to practice reasonable standards of care This revolves around failure of a person to input a reasonable measure of care in their various duties and responsibilities. In the case of house help-child relations, if any house help fails to exercise required levels of care and protection of the child/children they look after, then they are subjected to acts of negligence. Hereby, if taken to court for negligence case, the house help’s poor behaviour is measured on the basis of how reasonable a similar house help would have acted under the same circumstance. Proximate cause There must be a proof of an existence of some connection between the breach of duty by the victim of negligence and the person proven guilty in the negligence case. In this case, proof that the person responsible failed to exercise the act of care whereby the breach of duty resulted to their subjected person’s injury. For example, a house help is responsible for taking care of a one-year child. She lights up some charcoal wood and leaves it burning in a room locked with the child inside playing on the floor. When she comes back, she finds the child having burnt half of their body. Hereby, the child’s parent is permitted to take some legal action against the child’s care taker who did not take the responsibility of the child’s safety precaution. Actual injury This is normally verified in any negligence case to ensure that there was a real injury, either physical or mental. Even though some case of negligence is present, there must be proven injuries to make the damage suit successful. Conclusion It is important to know that professional negligence such as destructions in skilled business contexts can be claimed for in order to be compensated in form of money or making the persons responsible to fix the damages at their own costs. Hereby, the determinant factor is whether the lost facets defined total loss of a business’s profits. However, whether the damage is too remote is a determinant factor to the aspect of compensation through claims. There are low chances of reparation if the loss or damages are way too remote to be expected by the person who has authority over the negligence case defence. References ALLLAW.COM-2012, ‘Business and Corporate Law Information-Business forms…’ (2012) < http://www.alllaw.com/../business-corporate > accessed 10th August, 2012 D. Baum, ‘Global Legal resources’ (2012) accessed 10th August, 2012 J. Bolander, ‘Legal Aspects of Business’ (March 31, 2010) accessed 10th August, 2012 McCarthy & McCabe, ‘The Elements of Negligence-Center for Effective…’ (2012)accessed 11th August, 2012 Read More