An entrepreneur must understand the rules for doing business in New York are different from the rules for business in Nigeria. If a decision is agreed upon at the pre-trial conference or the settlement conference, that agreement is binding once it has been approved and signed by all parties in the case and the judge. Interested in guest posting on our legal blog?Click here to find out how to write for us. But, the LLLP partners can be held liable for any business transactions that have been done by a partner in an illegal manner. Also, you will ensure that the business is able to stay open and will not have to close due to lack of knowledge. What is the difference between child molestation and sexual abuse? Settlement: Many judicial branches throughout the world are now requiring companies involved in lawsuits to participate in pre-trial conferences and settlement conferences. The decision makers have specialized experience and expertise to help resolve the legal dispute. It is always good to have a business contact in the country you plan to do business in. If there are no terms stated regarding performance time, it will be implied that everything will be performed within a reasonable time period. The contract should state how the terms of the contract will performed and the time limit for performing the terms. The business contact will also ensure that the company is up to date with the country’s business rules, ensure that all business practices are legitimate, and ensures that all business fees (like license renewal fees and business taxes) are being paid on time. Basic Legal Concepts. A Limited Liability Limited Partnership (LLLP) is a business where all partners have elected personal liability protection for all the partners. Description. But, the summary trial lets the plaintiff and defendant know the possible outcome of the case with a jury deciding it. These are the civil warranty cases in which the plaintiff claims that the product didn’t live up to the expectations of the seller. Here are the basic concepts of business law that you should understand- Concept 1- What is intellectual property? International Law Concepts Course Content Objectives: Describe and explain important legal concepts, demonstrate the ability to apply them to new situations, and communicate solutions; demonstrate how the legal environment controls activities between businesses and private citizens, between businesses and competition and between businesses and the employees who work … This will ensure that you, as a small business owner, has some knowledge of what it takes to run a successful business. © Copyright by Attorneyhelp.org. If the parties cannot come to some form of agreement during the summary trial, they can still have their day in court. Here are a few ways to accept the terms of an agreement or contract: The key to an agreement or contract is that there must be an offer and acceptance of the terms of that offer. The individual who makes the offer is known as the offeror, and the offer which is made to is known as the offeree. Arbitration: Many companies are starting to include arbitration clauses in their contracts which require individuals to try arbitration before filing a legal claim in court. The corporation has to be dominated by the shareholders; and 2. There are several theories regarding recovery under product liability that are listed below: There are statutes of limitations rules setup that state when an individual can file a lawsuit claiming product liability. Business law encompasses all of the laws that dictate how to form and run a business. A small business owner must ensure that they review and study the local rules and regulations in any country that they plan to do business in. Donya Zimmerman has made article contributions to the Simply Inspirational Women in Business Journal for 2014 published by Dr. Cheryl Cottle. Convention This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade. Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Arbitrator favored one party over another, was not impartial, or acted in a corruptive manner; and 3. The settlement conference is usually done mid-way during the trial or about two or three weeks before the trial. Can accept the terms verbally or by way of verbal agreement and handshake. If the arbitrator acted in any way that can be considered misconduct on their behalf. Avtar Singh, Mercantile Law, Eastern Book Company; Chandra Bose, Business Laws, PHI, 2008; Bulchandani, Business Law for Management, 2009, Himalaya Publishing; Kumar, Legal Aspect of Business 1st, ed. Click here to find out how to write for us. Acquire an understanding of the principles and practical implications of the law of business. International Law Concepts Course Content Objectives: Describe and explain important legal concepts, demonstrate the ability to apply them to new situations, and communicate solutions; demonstrate how the legal environment controls activities between businesses and private citizens, between businesses and competition and between businesses and the employees who work … 2009, Cengage Learning Internet marketing has made business possible for everyone throughout the world; it is also good to understand the rules and regulations of doing business. Business law, which is also referred to as mercantile or commercial law, is the group of rules that governs the dealings between individuals or companies involved in commercial matters. Can accept the terms by way of sending notice in the mail (mailbox rule). She has a few books in the works that will be published and released in the latter part of 2015.