The Law And Its Effect On Business

1645 WordsApr 16, 20177 Pages
Written Assignment Unit one BUS3305 Introduction The law as a whole is essential in every society as it serves as a guide for citizens to carry out their daily activities without the fear of repression. The absence of the law in any society always leads to instability, making it difficult for businesses to establish in such society. As the law affect almost every area of our lives, understanding how the law affects business in my country of origin, “Cameroon”, is quite useful as this information certainly act as a catalyst when one looks forward to establishing a business in this country. This paper elaborate three ways in which the law affect business in Cameroon, discusses the nature…show more content…
With this law in place, businesses and business owners can have the calmed mind while carrying their activities in Cameroon. The third aspect of business that the law in Cameroon affects is dispute settlement. The law provide directive that can be follow to appropriately come out of a dispute. Being it a local or foreign investor or business owner, the law gives the business owners the environment to settle dispute by avoiding court entanglement system, but instead can settle dispute by considering arbitration. In this way, disputes between businesses or individuals and businesses can easily be settled, and time saved for the business to continue with its activities. Should in case arbitration failed, the dispute must be taken in the court and judgment passed by the appropriate authority without any form of bias. Using arbitration as a method of disputes settlement is essential in Cameroon due to the fact that when dispute is taken to court, it can take years before judgment can be finally made. The Nature and Sources of Law in Cameroon Turning into the nature and source of law in Cameroon, one will notice that the legal system of this nation is a relic of the colonial era (Charles M. Fomba, 2015). The case of Cameroon is quite unique because it is made up of two distinct systems. These are the English common law and the French civil
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