What is Business Law?
Business law is the portion of the legal system which guarantee an orderly conduct of business affairs and the settlement of legitimate disputes in a just manner. It establishes a set of rules and prescribes conduct in order to avoid misunderstandings and harms in our business relationships. Business can be defined as any legal activity done for purpose of earning profit by selling different goods or providing services to a person. Common examples of business laws are real estate business law, intellectual property law. It is very important to learn this law from the best business law schools in the world. Business law knowledge is very important for corporate world.
Best 25 business law schools in the world
|S.No||Business Law School||Location|
|1||New York University (NYU) School of Law||New York City, New York|
|2||Columbia University - Columbia Law School (CLS)||New York City, New York|
|3||Leiden University - Leiden Law School||Leiden, Netherlands|
|4||The London School of Economics and Political Science (LSE)||London, United Kingdom|
|5||University of Toronto (UofT) - Faculty of Law||Toronto, Canada|
|6||Queen Mary University of London (QMUL)||London, United Kingdom|
|7||King's College London (KCL)||London, United Kingdom|
|8||Osgoode Professional Development - Osgoode Hall Law School of York University||Toronto, Canada|
|9||University of Edinburgh - Edinburgh Law School||Edinburgh, United Kingdom|
|10||University of California, Berkeley Law||Berkeley, California|
|11||Stanford University - Stanford Law School (SLS)||Stanford, California|
|12||Maastricht University||Maastricht, Netherlands|
|13||University of London - LL.M. Program||London, United Kingdom|
|14||University Paris 1 Pantheon-Sorbonne - Sorbonne Law School||Paris, France|
|15||Georgetown University Law Center (GULC)||Washington, District of Columbia|
|16||University of Groningen - Faculty of Law||Groningen, Netherlands|
|17||University College London (UCL)||London, United Kingdom|
|18||University of California, Los Angeles (UCLA) School of Law||Los Angeles, California|
|19||University of Southern California||Los Angeles, California|
|20||Fordham University School of Law||New York City, New York|
|21||Freie University (FU) Berlin||Berlin, Germany|
|22||University of Oslo - Faculty of Law||Oslo, Norway|
|23||Tilburg University - Tilburg Law School||Tilburg, Netherlands|
|24||University Wien - University of Vienna||Vienna, Austria|
|25||University of Pennsylvania Law School - Penn Law||Philadelphia, Pennsylvania|
What is business law and its importance?
All legitimate business needs to operate within a frame work of the law. It is essential for the persons working within the business world to have an understanding of how law works and affects business. The law sets down rules for setting up and administration of certain type of business and governs areas of employment of the staff.
Business Law objectives
Following are main objectives of business law:
The basic purpose and function of the business is to earn profit. The profit is the return to the owners of a business who have invested their capital in the business. A business exists to maximize its profit by selling the products to the customers. Profit is the main objective of the business. The profit is calculated by adding the all amounts received from the consumers and the deducting from it the expenses incurred on the production and selling of that product. To increase the profit in a business, a person is required to increase its sales and reduce its expenses.
2. Legal activities
All business needs to register with the government otherwise their activities are regarded as illegal. Further, business that does not include illegal activities such as smuggling, bribery, and robbery or like illegal activities is not covered under the business. A business needs to be in the legal form in country which requires registering it with the relevant government department. The registration of business is necessary to make its activities legal.
3. Satisfaction of Human Needs and Wants
The businesses exist in the markets to fulfill the different economic needs and wants of the customers. These wants are served through the provision of many products in the markets. The good quality of products helps a business to grow and get more customers.
4. Benefits for the society
The modern business concept is to serve society in terms of providing goods and services, providing employment opportunities & saving time of customers by providing high quality of goods.
A business can be started in the form of selling goods or providing services to the customers. Every business exists to meet the economic needs and wants of the customers. This means to include new and advanced features in the production of goods and services. A business can earn more profit by differentiation and innovation.
6. Employment opportunity
Business provide employment to oneself and society.in this way, higher living standards and social progress are achieved. The people are engaged in different professions through the conduct of businesses. It impacts positively upon income growth, economic development and employment level.
Scope of Business Law
The scope of business law is indeed vast. It deals with the set of governance rules related to certain business transactions and relations between business representatives, dealers, customers, and suppliers.
Following are the requisites of effective legal rules influencing business:
- Rules Must be Obeyed Voluntarily
The primary objective of a legal system is to set forth guidelines for human conduct that will cause people to behave in the way society wants them to behave. This is the “preventive” function of law.
- The Rules Must be Just and Reasonable
Popular belief is that people comply with the law out of fear of prosecution, as a force of habit, or out of a feeling that doing so is right.
- The Rules Must be Flexible
Since the material circumstances of community life, and with them the values and attitudes of the community are continually changing, the system of rules under which the community lives must be flexible and adaptable. There must be ways to bend existing rules to meet novel situations, and ways to make more substantial changes in the rules when such changes seem necessary.
- The Rules Must be Knowable
If the community expects its members to comply with the legal rules, they must know what the rules are. It is obviously not necessary for every citizen to know all the rules, though the popular dictum is: “ignorance of law is no excuse.” But the experts in the field – the lawyers – must be knowledgeable about all rules and be in a position to advise their clients on the probable consequences of their acts.
Problems Related to Business Law
Following are the biggest challenges that a business can face:
- Uncertainty about the future
- Financial management
- Government Policy & Regulation
- Monitoring performance
- Regulation and compliance
- Competencies and recruiting the right talent.
- Exploding data
- Customer service
The business law studies are very important, as it helps the management professionals in realizing the business ethics, he or she must follow, in order to run a proper and authenticated business. This must be in accordance with the laws and regulations prevailing in the society. The business law studies are necessary for every management graduate whether he want to setup a proper business, or willing to join a service as a manager.