Introduction

Legal Environment of Business Law is a course that provides the awareness relating to business organizations, and property. Other popular areas include contracts, sales, commercial paper, agency and employment law, insurance, wills and estate planning, and consumer and creditor protection. Business law has useful issues such as starting a new business. It also needed for selling, or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others.

What I have learnt from Business Law

During this course, I find out special subject matters which were not familiar to me. I have found this course very interesting as I am learning lots of new things. I learned for every transaction we have to make valid contract. There are also voidable and void contract which we have to avoid. To make any contract we have to communicate with other parties. To communicate with other parties, we can rely on various modes of communication. To make a valid contract, we should have the knowledge about capacity of the parties. When the object of the contract fulfill we need to discharge the contract. When we are interested to set up a partnership business we do all the paper work very carefully to avoid any kind of misunderstanding. Marin insurance can be helpful for trade and fire insurance can reduce the damages. Knowledge of Bus law improves the utilization of agent and agency. It describes different kind of business forms. I learn about various forms of negotiable instruments. In one word I can say Business law make me aware about law related to business.

How I Can Utilize the Knowledge of Business Law in My Professional Life

As I am a student of Business Administration my profession will be business related, Business law will without doubt useful. To run any kind of business or organization of business or for doing any job in business sector, at least a basic thought of business law is required badly and business laws enlighten us the broad area of laws related to business briefly. I will use the knowledge of business law to form my business organization legally and follow all the rules and regulations specified by the government. In business we have to do lots of transactions. But for any transaction we have to make contracts. Thankfully, through business law gave us all information about valid, void and voidable contract, so that I can avoid any kind of complication concerning contract. More over I know every clause of capacity of the parties, so that I would not make any contract with minor or a man with an unsound mind or anyone who have failed to fulfill the essentials to gain the capacity.

This is the age of communication and prospers of a business relay on communication. In business law there are some rules of communication, as I have the knowledge of it I can make out most of it. We do not only make contract, we also discharge the contract by fulfill the liability. But some time it would not possible to discharge the contract by performance, and then I will discharge the contract by following other ways which I have learnt in business law. I would make insurance for my organizations property and transaction which will reduce the risk. When there is limited risk I may concentrate to flourish my trade and business. And by the knowledge of various forms of negotiable instruments I can make transactions in debt. So I can say, we can use business law will be very useful for our future professional life. It has improved my ability of format and run a business organization.