Business Law Summary

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Chapter 1: The regulatory environment 1.1 Company and environments Transformation ‐ combining resources to create products and services Conversion – the process, in a regulated environment, of changing money into resources and products and services into money Regulation – the rules which control behaviour Stakeholders – individuals and groups who may affect or be affected by the actions, decisions, policies, practices or goals of an enterprise PESTLE – Political, Economic, Social cultural, Technological, Legal, Environmental or Ecological 1.2 Law Law – the total of rules at a certain point in time within a territory and or market, which companies and stakeholders must or can implement and which are created and enforced by…show more content…
Contract law is part of the law of obligations Conflicts of law/ international private law (IPL) – the sections in a country’s laws, which deal with disparities between that country’s laws and those of 2 another country. Two fundamental questions and the subsequent legal principles to answer them are: i)Which law is applicable in the contract? The principle is that contracting parties are to decide and agree on which law shall apply and the law provides rules in case they have not made a choice. ii) Which court is competent and which alternatives to litigation are available? The principle is that contracting parties are free to choose a competent court or alternative dispute resolution method Constitutional law – the powers of and the relationship between the principal institutions of a state Administrative law

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