Business law is a section of the law primarily concerned with business conduction. It aids businessmen to be informed about the legal significance of business transactions. It is a very important aspect of law to business people. It is therefore very important as it is used to educate people involved in business transactions to know about the legal aspects of their businesses and the implications of law on their businesses. From this series of lectures, a lot has been gathered concerning businesses that can greatly aid business people.
During this course, several lessons have been learnt which have been very instrumental to us and to those who are business oriented as well. The first aspect of the course we learnt about contracts. A contract is a legally binding agreement, either spoken or written, between two given parties. When it is breached by one party, the other party gives the afflicted one a legal remedy. There are different types of contracts including unilateral contracts, bilateral contracts, executory and executed contracts, and finally void and voidable contracts. All these have different conditions depending on what the businessperson is interested in. Therefore, for a business to succeed, the individual should be able to understand, at least partially what is involved in such conditions and legal bindings. This is to prevent unnecessary law suits and losses to their enterprises and to put them in the know, should they find themselves in a legal tussle.
From these series of lessons, the aspect of breach of contracts has also ben expounded on keenly. A breach of a contract occurs in a scenario whereby the binding agreement or the agreement that two parties had agreed upon is not honored by one of the two binding parties. One party in most cases usually forfeits the initial agreement and fails to honor whatever the two had agreed upon. Breach of contract may be either actual or anticipatory. Actual breach occurs where one party refuses to form his side of the bargain completely on the due date or performs incompletely. Anticipatory breach occurs where one party announces, in advance of the due date for performance, that he intends not to perform his side of the bargain. This is a very important aspect of business law because the individual should be aware that when he signs a given contract with another party and the other party fails to honor his side of the deal, then there are legal implications which can then be sought to ensure he doesn’t undergo losses in his business. Apart from damages, there are injunctions and order of specific performance. All these are remedies that exist if there happens to be a breach of a contract.
Another dimension learned in these series of lectures there has also been discussions of the uniform commercial code and the common contract law. This is a comprehensive uniform code which mainly focuses and addresses several aspects of business and commercial law. Several aspects of business transactions are included in the code including matter of sales, leases, negotiable instruments, bank deposits, funds transfers, letters of credit, bank sales, investment securities and secured transactions. The common contract law mainly governs several contracts whereas the uniform commercial contract governs sales contracts. All these are very important to any business person. There are several differences between the uniform commercial code and the common contract law which have also been learnt in this course.
Next, we also learnt about click to accept agreements. The click and accept system is the setting whereby a consumer is provided with an agreement online to which they should accept or refuse the offer provided to them by the service provider. However, this should only be done after the consumer has gone through the entire document, read all the parts of the agreement and decide that it is comprehensive and satisfactory to their needs. In this lesson, we learn that in several instances, consumers often scroll to the last part of the agreement and click on the accept options before reading about the terms and conditions. In the currently increasingly busy world, most individuals either lack the time or the energy to go through such agreements to the very end. As a result, they end up accepting agreements that they are not actually conversant with which could have extremely dire consequences in their future. In my view from all this, it is quite unfair at all to hold consumers to these terms.
The lesson I found extremely important was the one on the breach of contracts. Several times, this occurs in the business field and it leads to a series of legal confrontations. It was good to learn that when there is a breach, there are stipulated remedies which can be sought to ensure that one is placed at the financial level that they were in before they got involved in the business. These remedies have been discussed earlier in these documents. An injunction refers to an order by the court requiring a person to perform a negative obligation. There are two main categories of injunctions which include prohibitory injunction and mandatory injunction. The prohibitory one prohibits one party from performing whatever they were to perform. The mandatory one means that the agreement the two had has to be actualized by all means.
The other remedy available is an order of specific performance. In this case, an order is provided by the court that requires the performance of the positive contractual obligation. This forces the person who breached the contract to fulfil his part of the bargain as a solution or remedy to the breach. The final remedy available is the provision of damages. This requires the offender to pay the other party some amount of money. It is a monetary sum fixed by the court to compensate the injured party, in this case, the innocent party. The main objective of damages is usually to put the injured party into the same financial position he would have been in had the contract been properly performed.
The sub topic that requires some emphasis is the one on The Uniform Commercial Code and the Common Contract Law. Despite adequate differences between these two more needs to be added into the actual practical aspect of such and how they effectively aid in business law effectively. This is because, even though the two aspects are very different, there ae several similarities that exist between the two. A focus on these would be very important as we go on with the course.
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BA 265 WEEK 4 ASSIGNMENT Reflection.docx