Business Law is a basic subject and a compulsory subject. Below we mainly briefly introduce the main knowledge points covered in Business Law.
Introduction to Law
Why do we need laws in the first place?
The role of law has the following points: 1. Settle disputes; 2. Maintain social order; 3. Maintain and strengthen community values; 4. Protect vulnerable groups; 5. Stabilize the economy; 6. Prevent abuse of power
The law is divided into Private Law and Public Law
(1) Private Law (between people)
– Contract law
– Tort law
– Property law
–Succession law ie wills
(2) Public Law (between individuals and countries)
– Constitutional law
– Tax law
– Employment law
At the same time, it can be divided into Criminal Law and Civil Law
Criminal law wrongs society
– prosecuted by the state
– punishable by imprisonment
– Standard of proof beyond reasonable doubt
– Murder, treason, rape, theft, etc.
Civil law private mistakes
– The state provides a forum but does not participate
– breach of contract, trespass, nuisance, negligence
– Standards for measuring evidence
Laws change frequently because
The need to resolve legal issues
Changes in community values
Pressure from lobby groups
Changes in technology
The relationship between law and politics
1. While the law is more than politics, the law is shaped and influenced by power and politics.
2. Specific laws are usually the expression of a political ideology, for example, commercial law generally expresses the concepts of free markets and equal opportunity.
3. Legislation is made by politicians to implement government policies and achieve political goals.
Definition of Commercial Law:
1. A set of legal rules
2. By state government or joint government
3. Enforceable in court in a criminal or civil context
4. Related to commercial activities
The Law's Impact on Business
Taxation – the needs of your business structure eg (trust/sole proprietorship/company)
Red tape (eg overly stringent environmental regulations)
Intellectual Property (IP) (TMs, trade secrets, copyrights and patents)
Employment Law - Wages/Hours/Discrimination/Bullying
Enforcement of contracts
Uncompetitive business practices
Level playing field
White collar crime
Misappropriation of public funds
Who will enforce the law?
Criminal or quasi-criminal conduct@Police investigates criminal conduct and reports relevant findings to the Director of Public Prosecutions. Have a look at http://www.opp.vic.gov.au/ DPP suing on behalf of the state.
ASIC is responsible for investigating breaches of corporate law. Check out http://asic.gov.au/
The ACCC investigates breaches of the Competition and Consumer Act 2010. Check out https://www.accc.gov.au/
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