The website has the complete lesson note for all the subjects in secondary school but this piece showcases the SS2 Commerce Lesson Note on Business Law. You can use the website search button to filter out the subject of interest to you.
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TOPIC: BUSINESS LAW
CONTENT:
- Branches of commercial law e.g. sale of goods, agency, hire purchase etc
- Principle of agency
- Rights and obligations of employer and employee
- Government regulations of business:
- Registration of business
- Patent e.g. intellectual properties
- Trade mark
- Copyrights
MEANING OF BUSINESS LAW
Business Law is a set of laws (rules and regulations) governing the operation of business activities. This laws that govern business activities are classified as commercial laws.
SUB-TOPIC:1 BRANCHES OF COMMERCIAL LAW.
Branches of commercial law include the following:
-
- Law of contract
- Sale of goods Act
- Law of agency
- Hire purchase laws.
- Law of contract:
A contract is an agreement between two or more persons that is legally binding or forced by law, if there is a breach of the agreement. It is intended by both parties to have legal backing
Contracts can be written or oral, such as buying a house employing someone at work etc. Contract is about agreement.
TYPES OF CONTRACT
The following are some types of contract that are common in the business world.
- WRITTEN CONTRACT:
This is a constructional agreement that is written in black and white. It spells out the obligation to the parties in a contract. Some contracts that requires special formalities must be written to avoid complications.
- Oral contract:
This is a contract that is done verbally and not in written form. It could be in spoken form or in action.
- Contract under seal:
This is a written contract that has a seal fixed on the document or the paper that contains the contract. Examples of contract under seal are certificates, contract paper and bond papers.
- Contract of record:
A contract is said to be a contract of record if the contract agreement is acknowledge before a law court,
- Expressed contracts:
Expressed contract is a contract in which both parties to the contract have made oral or written declarations of their intentions and terms of the agreement
- Implied Contract:
These are contracts entered into through acts and conducts t of both parties or among parties to a contract.
Classification of Contract:
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