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WEEK 9
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 require 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.
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