Risk Lawsuits, A Poor Reputation, And Could Face Criminal And / Or Civil Penalties

1139 WordsDec 8, 20155 Pages
risk lawsuits, a poor reputation, and could face criminal and/or civil penalties. I feel that everyone that works within a company should be informed of the business laws that pertain to them and have the knowledge of how they can affect them. The owner of the business should not be the only one that is familiar with the laws and the depth of them. The employees should have the knowledge of the laws because they can protect and affect them in many different ways. Business owners should protect themselves and their company by being conscious of the laws and abiding by them as well. Contracts are one of the most important areas when it comes to operating a successful business. Contracts provide security for a business and the work that is to be performed. Both verbal and written contracts are binding. Written contracts contain more validity than a verbal contract, however, a verbal contract is just as binding. Contracts are important and should always be written and signed by all parties that are involved in work that is to be performed. Contracts are a great way to protect a business or workers from any future issues that could possibly arise. Good faith and fair dealing are something that go hand in hand with contracts. Good faith is a general assumption that the parties in the contract will deal with one another honestly and fairly. Good faith and fair dealing are implied in all contracts in order to guarantee the promises made within the contract will be met in good

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