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Discuss the importance of [an aspect of your chosen discipline] and its potential effect on [a specific challenge] in the 21st century
Law is a set of rules created and enforced by an authoritative body to regulate conduct and behavior. Law promotes justice, peace, harmony, interaction, and cooperation in society. The study of law as a course has existed for many years, and students continue to graduate as lawyers from universities all over the world. Institutions of her learning, such as the University of West Australia, continue offering this course and continue to advance it in terms of qualified lecturers, reading materials, and reference material. The study of law takes several years, but the scholarly honors from the study are famously prestigious.
Law has many disciplines among corporate law. Corporate law aims at helping clients do their business in accordance with the law. A corporate lawyer helps a business prepare from its initial incorporation, during its growth and is also responsible when a business is faced with bankruptcy (LoPucki 2018). With the rapid modernizing 21st century, businesses are involved in many activities, consequently increasing the chances of filling suits or a client suing the business. Without corporate law, many business transactions would have many challenges to complete. Corporate organizations could end up making a lot of losses if their businesses were not protected by the law. Innocent buyers could end up losing a lot of money when the goods they buy have defects, and there were no ways to recover their already spent money. The importance of corporate law in helping businesses and their clients has a huge impact on solving contract issues.
The most common contract is the contract of sale, where goods are exchanged between a buyer and a seller. In case of a breach of contract sale, a seller can suit the buyer. Under this contract, if goods are passed to the buyer, and he willingly refuses to pay for the goods against the terms of the contract, the seller can sue him for the price (Wei 2016). When a buyer illegally refuses to pay and accept the goods, the seller can sue him for damages for non-acceptance. The buyer can sue the business when a buyer willingly refuses to deliver the goods the buyer can sue for damages for non-delivery. A buyer can also sue for specific performance. A court upon the request by the buyer can decree that the seller carries out an activity that breached the contract. If goods were never delivered, a court could command the seller to deliver the goods without giving him an option.
Corporate organizations hire employees to work for them so as to be able to conduct business. During the hiring of these workers, there are agreements that are made between the employer and the employee. The employer and employee enter into a contract of employment. In many circumstances, businesses wrongfully dismiss their workers, and these workers without realizing have a right go home with hurt feelings (Freedland et al. 2016). On the other hand, employees willingly quit their jobs without minding what impact their actions might have on the employer. An employee can sue a business for illegal dismissal without notice, and the employer can sue an employee if the resign from work without notice. An employee may be required to pay for the damages caused to the employer and his fellow employees due to his actions (Reynolds 2020). An employer who wrongfully refuses to pay their employees can be sued by the employee for illegal deduction of wages through his trade union.
To reduce the cost of production, businesses have adopted the practice of leasing their properties to conduct their business instead of purchasing their own properties. A lessor (owner of the property) and the lessee (the organization hiring the property) enter into a contract of lease. A business can lease a store to its product to avoid the high cost of building its own store. The lessor and the lessee can sue each other for breach of contract. A lessee can terminate the lease if the breach endangers his safety and that of his property, and issue to the lessor a notice containing the details of the breach. A lessee can forfeit the rent in case the lessor does not perform his obligations of the contract. A lessee can sue for damages if the lessor does not repair the premises. If the lessor withholds the consent of lease, refuses to handover property, the lessee can sue for damages. The lessor has the right to recover rent not paid by the lessee. The lessor issues the lessee with a notice showing the rent in arrears and the time the lessee is required to have paid the whole rent. When the time is over, the lessor can file a legal suit against the lessee.
A willing buyer might not have enough money to buy a good that he would like. Certain businesses, however, offer these goods on a hire basis. The buyer hires a good at a hire purchase price. The buyer is required to pay an initial deposit and pay the remaining amount in installments (Motallebi 2017). The hire purchase price is, however, higher than the selling price of the good. This is called a hire purchase contract. There are remedies in corporate laws that protect both the hirer and the seller in this contract. The owner is protected by implied warranties and conditions. The hirer is allowed to enjoy the right to quiet possession of the good; under no circumstance should a person claim the possession of the good during the contract. The goods offered in a hire purchase contract should be of merchantable quality and should much the description that the hirer gave in the contract. The hirer can only sell the good once he has completed paying all the installments. In case of a breach, the seller has the right to forfeit the deposit, claim damages for any loss suffered, and repossess the goods.
Two or more people may enter into one business with the aim of raising more capital that would have been otherwise hard to raise. This form of business enters partners into a partnership agreement. In this contract, partners share the profit made by the business and are also liable for losses, debts, and obligations of the business together (Capaldo 2016). The duties and responsibilities of each partner are found in the partnership agreement. A partner who fails to perform his fiduciary duties may face specific penalties found in the partnership agreement. The partner who breaches the contract can be expelled from the partnership, or his authority can be reduced. The partnership can also be dissolved through a lawful process.
Corporate law continues to propel business due to the many solutions it offers. Businesses that want to enter into a contract with individuals are already aware of the way they should carry out their obligations. Parties in a contract are also aware of their rights and the remedies they could face in case they were to breach the contract. All these aspects of corporate law lead to a better working environment and even offers job security to many people in the world.
Works Cited
Capaldo, J., Izurieta, A., & Sundaram, J. K. (2016). Trading down: unemployment, inequality and other risks of the Trans-Pacific Partnership agreement (No. 16-01). GDAE, Tufts University.
Freedland, M., Bogg, A., Cabrelli, D., Collins, H., Countouris, N., Davies, A. C. L., … & Prassl, J. (Eds.). (2016). The contract of employment. Oxford University Press.
LoPucki, L. M. (2018). A Rule-Based Method for Comparing Corporate Laws. Notre Dame L. Rev., 94, 263.
Motallebi, M., & Khosravi, H. (2017). Comparative Study of Hire-purchase in Iran and English Common Law. J. Pol. & L., 10, 1.
Reynolds, C. (2020). Reconstructing the Cornerstone of Employment Law: From the Contract of Employment to Relational Contract Theory. King’s Inns Student L. Rev., 9, 35.
Wei, Z. H. A. N. G. (2016). Interpretation Theory of Contract of Sale Guaranteeing Private Lending Contract. Law Review, (2), 19.