The knowledge of business law is the most important factor to formulate the business smoothly. website. can send it to you via email. Business law also defines guidelines for providing reliable financial information such as financial statements of business entities. To define Regulations for Business Operations. Technology's influence on business and financial transactions are covered by business law as well as … In short, a better understanding of Corporate, Consumer, and Commercial Law helps in setting benchmarks in product quality, safety standards, production and operational standards, and human resources, thereby protecting the rights of the organisation, its clients, vendors, and employees. For example, if you have an employee who is not doing his or her job, you should know your options. Business law is an important topic to understand due to how intertwined business transactions are with society. You’ll need to buy a piece of property and build your factory, which will be very expensive. The same is true for all other business activity. Forbes School of Business & TechnologyTM is used under license. To provide means by which probable Disputes can be resolved. id=ASH.102618. Importance of business law 1. 1. If you make and sell tires, you must know who will be held liable if someone is injured due to a blowout. The answers to all of these situations and more are provided by business law. To protect Consumer Rights. This program requires you to be a current licensed registered nurse. Why business law is important? If you’re pursuing your undergraduate degree in business or one of the many related degrees such as marketing, human resources management, public administration, accounting, or organizational management, you’ll likely be required to take a business law course at some point in your academic career, so you ought to understand the importance of business law. Such information is required by all stakeholders of the business organization. We need business laws to cover all of these activities so that businesses can operate with some measure of predictability. A business can buy and sell property, sue and be sued, enter into contracts, hire and fire employees, and even commit crimes. To define Basic Setup of a business. In other words, it’s important to enter into contracts with a means of enforcing the agreement. Questions regarding Title IX may be referred to the Ashford University Title IX Coordinator, Leah Belsley, at [email protected], or 8620 Spectrum Center Blvd., San Diego, CA 92123, 800.798.0584 Ext. Please, specify your valid email address, Remember that this is just a sample essay and since it might not be original, we do not recommend to submit it. To protect Employee and Employer Rights. The course is not intended to make anyone an expert in any area of business law, but instead to make business managers, owners, and executives more aware of the many legal issues that arise in the day-to-day operation of any business. Infringement of such properties without consent might be very harmful for any business. Just as there are laws that apply to people, there is a huge body of law that applies to business. Ashford University does not discriminate in its education programs and activities on the basis of race, color, creed, national or ethnic origin, religion, sex, pregnancy, childbirth and related medical conditions, marital status, medical condition, genetic information, service in the uniformed services, political activities and affiliations, age, disability, sexual orientation, gender identity, veteran status, or any other consideration made unlawful by federal, state, or local laws. 2020 Ashford Faculty of the Year Award Winners, Ashford Faculty of the Month: Dr. Michelle Rosser-Majors, Announcing the 2020 Ashford Alum and Student of the Year, Veterans Day Discounts: Free Offers For Veterans, Ashford University #TenacityMade Superstars: October 2020, especially if you’re planning a career in business, Forbes School of Business and Technology™, Professional Affiliations and Memberships, Ashford University Campus Security and Fire Safety Report. Talk with an advisor, tell us a little about yourself, and then get ready for your first day. Before diving into the meaning and importance of why we study business law, let's take a look at the reasons and benefits of studying business law. SAMPLE. Our process spans three easy steps, so you can start learning sooner. Academic Content. © 2018 Ashford University. No. To provide Business Security. Just as there are laws that apply to people, there is a huge body of law that applies to business. Employees’ rights for various factors such as rightful remuneration, working environment, safety, etc all are protected with employment laws. Certain degree programs may not be available in all states. Whether you are an entrepreneur starting your own business, a manager advancing your career at a Fortune 500 company, or just starting out in the business world, studying business law will better prepare you for a successful and rewarding career in business. 89 v. Department of Education, Zenith Radio Corporation v. United States, GET YOUR CUSTOM ESSAY Consumers’ right for valued and quality goods and services are also provided by business laws. FOR ONLY $13.90/PAGE, Importance of the Office of the Investigator General…, The Importance of Law (Legal Back Up) to an…, Importance of Psychological Fitness in Law Enforcement, Criminal Investigation: Its History and Its…, Zuni Public School Dist. id=ASH.060419. Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals. 3. Such definitions of types of business help clarify ownership of the business entities. 4. Without established, predictable property laws that ensure that you are the legal owner of the land, you would be very reluctant to build the factory. This consent includes contact through a wireless number or using automated technology. To protect Intellectual Property of business entities. Hi there, would you like to get such a paper? If you enter into a contract with another business, you need to know who is bound to the contract, as well as what happens if those individuals cannot perform what they legally agreed to do. Business law defines different types of business for setup, such as – Partnership, Proprietorship, Corporation (Private and Public), etc. There needs to be certain rules and regulations to carry on various timely operations in any business regardless of the type of business. Such property may be patents, trade secrets, symbols, copyrights, name, etc. 6. As business becomes increasingly globalized, the business laws of various governments and nations may be in conflict. I consent to receive phone calls, email and/or text messages from Ashford University at the phone number provided. Every state defines its own set of regulations and laws for business organizations. For industries – regulation may be those related with production, for services oriented organization – they may be about providing services, for import/export business – they may be about certain procedures for doing international transaction of goods and finances, etc. A business, as a whole, can come under heat in tough times—people can sue businesses for wrong doings, businesses can commit crimes that put them on the chopping block, and businesses can move and sell the property if they wish to relocate. Business law deals with and the commercial transactions of the organization and consist of a wide range of legal practices which involves … Get a clear understanding of how much it costs to graduate from Ashford University. Explore degree programs, understand tuition costs and learn what it's like to be a student at Ashford University. In fact, IP law is a vitally important tool to understand invention patents, avoid IP infringements and the rules of tough, but fair, competition. Specifically, Title IX/SaVE requires the University not to discriminate on the basis of gender/sex in its education programs and activities. Security, Unique Business law also provides security for business entities against such acts. 47 Bergen St--Floor 3, Brooklyn, NY 11201, USA, Sorry, but copying text is forbidden on this