Essays on Individual Or Business

- Identify and discuss the various functions of law. Why are these functions important from a business’s or corporate perspective? Provide examples

The law is defined as a set of rules that governs a society. The rules are in most cases enforced by threat of penalty. In essence, the law helps in regulations which help in governing the conduct handling disputes and dealing with criminal activities. The law performs numerous roles in both the society and in the business world. These roles are classified into three broad sections which include the criminal and civil law, Substantive and Procedural Law and public and private Law.

Criminal and civil law

This law enables the public, government authorities prosecute the public commitment of crimes. On the other hand, the civil ...

Business law and ethics

Business law and ethics

Introduction

Bankruptcy can be defined as the inability of a person or an entity to repay some debt. Bankruptcy is mostly used in legal framework where a debtor fails to honor his or her outstanding debts to a creditor in the course of business. Bankruptcy in big corporations involves long court battles as they try to relieve themselves out of the huge debts that may have been accrued over time. In the legal entity bankruptcy is instituted to try free up the debtor's obligation in paying the debt he or she owes the creditor. Bankruptcy proceedings involve measuring and ...

Credit Refers to ability to obtain good and services before making payments these is normally based on trust that the payments will be made in future ,credit is an everyday tool in business all over the world due to the different nature of business, size and complexity it means not every day will a business have enough cash to meet daily running costs an also suppliers cost these will necessitate business to have goods and services on credit terms to be paid later these will give businesses enough time to look for funds to meet their obligations .these brings the ...