SS2 Commerce Lesson Note on Business Law

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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:

1. 1. Law of contract
   2. Sale of goods Act
   3. Law of agency
   4. Hire purchase laws.

1. 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.

1. 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.

2. Oral contract:

This is a contract that is done verbally and not in written form. It could be in spoken form or in action.

3. 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.

4. Contract of record:

A contract is said to be a contract of record if the contract agreement is acknowledge before a law court,

5. 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

6. 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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