The awareness of reliable issues of law is important to both individuals and businesses. Knowledge of legal issues helps to avoid damaging litigations that face business environments. Indeed, it is a legal method of risk management for any organization. Whereas law varies in different environments, it helps to control the conduct of individuals and institutions in such situations. Although the law is derived from society’s morals, it may contradict ethics. In many circumstances, the source of law determines its superiority in relation to others. Various points of view have been raised over regulations in the business sector. Critics argue that it has created difficulties for businesses to run profitably and compete favorably at the international levels. In view of growing business malpractices, this argument may fail to hold. Proponents argue that liberalization of markets may create unethical business practices and exploitation. Thus, businesses should be regulated to the extent that such laws do not interfere with their operations (William, Richard &William, 2009).
Elements and Requirements of a Valid Contract
Committing to a contract requires various elements for it to be considered legal. These elements are offer and acceptance, consideration, and the party’s intention to create a legal arrangement. Similarly, the parties involved must have the competency to contract. An offer refers to the obligation to do something for the other party in the contract. However, an offer must be fulfilled within the stated time otherwise, it lapses. On the other hand, a contract can be affected if the other party agrees to it without conditions (Blanco, 2011). The acceptance of an offer ends the negotiations by the creation of the terms and conditions of the contract. However, the approval should follow the agreement with the offer for it to be legally binding. In addition, a valid contract must have legal penalties for non-performance of the agreement.
Issues Related to Various Types of Law
As businesses increasingly operate on the global map, it is vital to understand both national and international regulations. Major concerns in environmental regulation and international trade agreements affect trade in the international arena. This occurs when one country’s laws conflict with those of another. However, various types of law give guidance to both local and global companies. These include real and personal property law, environmental law, intellectual property, employment law, and international law.
Personal property involves assets except for land. These include both physical assets, such as stocks as well as intangible assets. Real property refers to land and structures on it such as buildings. On legal matters, the law of property protects business possession and transfer of property, especially on bailments (Sherry, Hutt & Caroline, 2010). Intellectual property is a form of intangible private property, which includes trademarks and patents. As the need to protect businesses inventions arose, this area of law has grown in importance across the Globe. Trademarks differentiate one company’s product from those of others, while a patent allows a designer to benefit from an invention for a given time.
Employment law protects the interests of personnel in any organization. Given that countries differ in their labor laws, knowledge of this kind of law is critical in the success of multinational companies (Sherry, Hutt & Caroline, 2010). Labor rules protect the employees against prejudicial labor practices, such as meager wage rates, hazardous working conditions, and working time. In addition, it establishes and administers safety values to be followed by every organization. However, since country statutes differ in terms of their Labour laws, a business needs to carry out an analysis of regulatory framework analysis before venturing into those markets.
Awareness of environmental issues helps a business to comply with the related laws as well as avoiding liabilities for negligence. As businesses take advantage of international business opportunities, they need to consider the legality of their exports in the destination country. Similarly, they should evaluate the restrictions imposed on goods in those countries by the customs authorities.
Despite the fact that regulations are meant to protect individuals and businesses against unfair business practices, such laws may contradict society’s ethics. The performance of daily routines depends on the individual’s ability to conform to the regulations proficiently. However, what constitutes a legal behavior may be unethical (Seville, 2009). For example, a company may modify its employment laws and assume new practices for the exclusive benefit of the enterprise. Similarly, despite being legal to carry certain transactions in some states, it may contradict society’s values and practices hence unethical. For instance, trade-in pork meat is legal but is considered unethical in Islamic communities.
Impact of Technology on Legal Issues
The growth in technologies has improved prospects in the business sector and its associated risks. Issues of confidentiality violations in Internet transactions have raised concerns in various aspects of law, such as property and contract law (Rowland, Kohl & Charlesworth, 2013). With the growing global cyber offenses, it is difficult to apply national legislation on international issues. In some situations, certain capacities of law, such as tort have developed to deal with computer crimes. Regardless of the requirements of the law in cyberspace, enforcement of the rules is always a hindrance due to different national boundaries.
This paper discusses the major elements of a valid contract with a focus on business activity. It also explains various types of law such as property, employment, environmental, and international law. These aspects help to enhance ethical business practices. The paper has also indicated how certain legal business practices are considered unethical. The growth in technology and its impact on various issues of law, especially the privacy of business have been provided. The development of technology to cater to these inadequacies is necessary. Despite the critics raised against business regulations, they build favorable practices that help businesses to avoid lawsuits for negligence.
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Rowland, D., Kohl U., & Charlesworth, A. (2013).Information technology law. London: Routledge publishers
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William, M., Richard, A., William, P. (2009).The Economic Structure of Intellectual Property Law. New York: Harvard University Press