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Summary Business Law
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Summary of 11 pages for the course Business Law at Avans
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Law summary 1 – Introduction to LawUnit 1
Terminology
Abbreviations and meaning Latin Phrases and meaning
E.g. For example Inter alia Among other things
Inc Incorporation Vice versa And the other way around
A.k.a. Also known as Ipso facto By that very fact
P.p. On behalf Per capita Income per head
Recd Received Prima facie At first sight
VAT Value added tax Caveat emptor Let the buyer beware
P.r. Proportional Bona fide In good faith
representation
AOB Any Other Business Toties quoties As often as the thing shall happen
E. & o.e. errors & omissions
excepted
IOU I owe you
Sources and types of law
- Written or civil law: advantage easy to find & laws made by a chosen body.
Disadvantage: rigid out of touch
- Unwritten or common/verbal law: advantage flexible up to date.
Disadvantage power with non elected judge difficult to find.
- Unwritten = not contained in one document.
- The law about how a country rules itself is written in the constitution.
- Not all constitutions are written.
- The oldest discovered written constitution is from 2050BC.
- National law is made by a country and applied to that country.
- Statutory (written) laws are made in parliament by government.
- Legislation is law that is enacted by parliament.
Law making – English system
Draft bills – Bills issued for consultation before being formally introduced to
parliament.
Bills – A bill is a proposal for a new law, or a proposal to change an existing law
that is presented for debate before parliament.
Acts – An act of parliament changes an existing law or creates a new law.
Delegated legislation – Delegated or secondary legislation is usually concerned
with detailed changes to the law made under powers from an existing Act of
parliament.
The parliament acts – Although rarely used, the parliament Acts provide a way of
solving disagreement between the Commons and the Lords.
Law making
Principle of judicial precedence
Decisions made by judges in a higher court must be followed by judges in lower
,courts.
Decisions are binding on lower courts.
Law making – EU
EU lawmaking bodies: European parliament, European council and European
commission.
Council of ministers-nominated to represent member governments. European
parliament-elected Members of European parliament’s to represent people.
Period of 5 years.
Members of the European parliament must only represent the EU.
The EU legislation consists of treaties, directives, regulations and decisions of
court (of justice).
Regulation – A binding legislative act.
Directive – A goal that all EU countries must achieve.
Decision – Binding on those to whom it is addressed. E.g. an EU country or
individual company.
Purpose of the EU
- Originally to ensure peace following the Second World War.
- Peace, unity, equality, freedom, security and solidarity.
- One way to achieve some aims is by using a single or common market.
- Four freedoms:
- Freedom of movement of goods.
- Freedom of movement of services.
- Freedom of movement of people.
- Freedom of movement of capital.
, Law Summary 2 – Businesses
Types of business contracts
Employment: Most likely you need people to work in your business. These
people are employees and you need a contract of employment for them.
Sales of Goods or Services: You will have something to sell. What you are
selling to your customers or consumers is the subject to a Sale of Goods or
Services contract.
Sale of Goods: You may need to buy some raw materials, office items from a
supplier. In this case you are the consumer and you also need to have a Sale of
Goods contract here.
Property or Land law: If you want to rent a shop, office space or something
else you will need a rental or lease contract. If you want to purchase property
you will need a Sale of land contract and possibly a mortgage.
Insurance: Of course you need to have insurance in case anything goes wrong
in your business.
The most common forms of English legal business entities
Sole trader
- Any person may set up a business as a sole trader.
- Has independent control of the business.
- Keeps all profits
- Must provide all start-up capital, may include a loan.
- Has total responsibility for all legal liabilities and financial risks.
- If business gets into debt the sole trader could be declared bankrupt.
- Self-employed and responsible for submitting taxes: paying income tax.
Why? Minimal paperwork, no registering costs, no need/want of financial
security.
Partnership
- Two or more people starting a business with a view on making profits.
- Share of responsibility and running the business on agreement among its
members.
- Are self-employed and responsible for submitting taxes: paying income tax.
- Partners could be declared bankrupt.
Why? May need someone else’s expertise, able to raise more money, still less
paperwork than a registered business.
Limited company
- Can be public or private.
- Public means that shares may be transferred freely by the public. Private means
shares are held only by participants of the business.
- Pay corporate tax; no income tax
Private limited company
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