Business law for commerical transactions
Business law for commercial transactions
Business law is the law body that covers issues related to the relations, rights, the conduct of persons and well as businesses that are engaged in commerce, sales, trade and merchandising. It is also known as commercial law and is for the most part regarded as a facet of civil law that deals with both the private and the public laws. The law is involved in the governing of the areas that constitute business, consumer transactions as well as commerce. This paper discusses the issues related to business law in two case studies and the options that are available in each instance.
In the first case study, where Bert, Ernie and Oscar are supposed to form a general partnership I solely agree with the formation of the partnership as the trio get into business together. That is because general partnerships thrive and grow when each of the persons or partners brings to the partnership a specific strength. It is up to them to agree on the terms that are to bind the partnership and see to it that the business runs smoothly. Forming a general partnership, the three will enjoy a couple of advantages and still at the same time suffer disadvantages in other ends. The trio will operate under the partnership agreement, which they will not be required to file one with the state, as there are no laws that require an agreement in writing for general partnerships.
The advantages that the trio are bound to …
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