Business law is composition of different rules, regulations and policies made by government to start up, manage and closing up any entity. It includes to following rules for purchasing and selling property or goods. The present report is based on understanding different case scenarios and related to business property for buying and selling goods. However, legal rules for applying transfer of property and possession is to described. Including this, comparison between different kinds of credit agreements as agents can be understood. Moreover, rights and duties of agent including deep knowledge regarding competition commission within monopolies and anti-competitive practices is to expressed. In addition to this, differing forms of intellectual protection and principles related to protection of inventions through patent rights is to be explained. Apart from this, principles regarding copyright protection and difference between protection of trademarks and business names is to identified. Thus, by studying this report, learners are able to understand business laws and its several terms to carrying on entity effectively.
1.1 Legal rules on implied terms regarding sale of goods and supply of services
Implied terms present compulsory rules for every business entity to be followed for operating activities. In this regard, it aims to supplying a contractual agreements for dealing with other entities and customers. However, there are some legal rules for selling goods and supply of services. As per the given case scenario, it is recognized that in 1st case, Mrs Smith wants to buy hair dryer and contracting with dealer but equipment got damaged before reaching out it to Mrs Smith, still dealer deliver the product (Akintoye, Renukappa and Lal, 2012). In addition to this, implied terms to related to providing rules and policies related to transacting goods. There are some guaranties, warranties and some legal regulations are obtained for business operations. Therefore, organizations require to follow on all obligations. In case of damaging goods, defaulter has to pay fine as per terms. Further, implied terms are interrelated with providing rules and regulations for producing and supplementing goods. Similarly, legal rules are needed to be followed for effective production and distribution of products. Under this system, defaulter party is needed to pay fine to innocent in case of fraud.
1.2 Statutory provisions on transfer of property and possession
Rules of legal policy for related to transformation and possession of goods are followed on that provides information and different cases. In this regard, statutory provisions are related to providing more information about business operations and protecting customers from damage. Under statutory provision, it is stated that in case of damage, owner is liable to pay fine as per terms and conditions. However, different kinds of information and regulations are obtained to present possession on goods as well exchanging products and services are expressed. As per given case scenario, in 1st case, dealer deliver the equipment even it is damaged during supplying therefore, it is responsibility of owner to pay the fine. Including this, in case 2nd, during delivering carpet, it has stolen and further Alf & Sons refused to refund then it is legally obliged for dealer to return fund. Furthermore, in case 3rd, after purchasing hair straightener and it got damaged after first day of use by catching fire. Therefore, in this situation, according to law and its provision, it is liability to pay fine (Bekkers, Duysters and Verspagen, 2002). However, under case 4th, Peter buys car and paid 6500 as well monthly installments is 200 for 2 years. Due to some reasons, he lost his job and further makes plan to stop paying and presenting his cause. Therefore, in this case, it is legal liability of Peter to pay fund by funding. Hence, statutory provisions provide rules and obligations regarding business prospective and fair decisions in case of damaging goods. In accordance to this, entity and customer require to follow on rules and obligations of legal fundamentals.
1.3 Statuary provisions on buyer's and seller's remedies
There are some statutory provisions made for contracting two parties as sellers and buyers. In case of breach the contract for party, rules for defaulter and innocent party is obliged. However, statutory provisions for both parties can be understood as:-
For buyers:- Under section 27, it is duty of buyer to accept delivery of goods in determined time as well variation or defect in goods is able to rejection of goods. In this regard, in case of damage goods, buyer can sue on dealer for fraud same as returning decided money is also legal obligation for customer for purchasing goods (Bowyer, 2000). In addition to this, buyer is free to purchase goods in installment as per company's installment. According to cases, for getting defect in hair dryer and straightener and getting damaged, it is legal responsibility for dealer to pay for fraud. Thus, in case of breaching the contract, buyer may also has to pay the fine as per terms and conditions.
For sellers:- Statutory provisions are also made to understand liabilities of seller for selling or transacting goods. However, for providing damaged goods, seller is liable to pay fine as well acting his accepting. In addition to this, in case of fraud, buyer can claim on seller for not following on terms and conditions (Campbell and Boothby, 2016). Moreover, it is duty of seller to well behaved with customers and presenting loyal things in front of them. Therefore, for sellers, it is mandatory to follow on legal obligations related to possession and exchanging goods.
1.4 Product liability statutory provisions related to hair straightener case
The hair straightener case scenario is contract between Mrs. Smith and Currys. In which, Mrs. Smith bought hair straightener for her daughter and it got damaged on next day of use. However, product liability is able through returning the equipment. It can get exchanged by which fine can be gained. However, there is provision made by regarding solution of this case to exchange the purchased hair straightener. In this case, dealer ca exchange or refund money as per terms and conditions (Collis, 2012). Therefore, in relation to provision, Currys requires to pay for damaged goods according to rules and regulations.
2.1 Different types of credit agreements
Credit agreements are related to contract between borrower and creditor, in which borrower grant loan or possesses his property to creditor for some certain time period. There are several kinds of credit agreements that is created between two or more parties. It includes hire purchase, bank loan, credit union and conditional sales. Some of them, credit agreements can be understood as:-
Hire purchase:- Under this system, borrower possesses his goods to creditor as security basis for granting loan (Michaels, 2009). In this process, after determined time, it is responsibility of creditor to inform about his goods and further deciding to sale or operating business.
Bank loan:- It is considered as one of the best credit tool for funding. It includes overdraft, ordinary as well personal loan. In this regard, during situation time, business man can take advantage of overdraft facilities to operate entity. Similarly, according interest rate and deciding conditions, party can also credit money from financial institution as bank (Miller, 2012).
Credit sale:- In credit sale system, consumer has right to transfer property or goods to third party. In case of breach the contract, creditor can sue on debtor for paying fine regarding default.
2.2 Rules, termination rights and default given in scenario
In the given scenario, different cases are presented related to business operations including exchanging goods. However, these cases are in context of Mr. Smith and Peter case. Inc;luding this,cost of goods sold, production and different kinds of scenarios are observed. In accordance to this, different cases can be understood as:-
Case (1):- Under this case, Mrs. Smith is dealing with dealer for buying hair dryer to dealer. However, during supplying this equipment, product got damaged but still deliver sent the hair dryer. By recognizing this problem, it is seller's liability to pay the fine according to term's conditions (DiMatteo, 2012).
Case (2):- In this case study, Mrs. Smith contract with carpet dealer to expand business. However, she has paid all money and parcel is to deliver through courier process. During delivering process, product got lost and further Mr. Smith demand for refund money (Klass, 2010). In such situation, it is liability of dealer to refund the amount as well following the legal obligations. It is because the receiver has not received the product in hand. Thus, the case is in favor of Mrs. Smith that is obliged to Business Law.
Case (3):- This case related to contract between Mrs. Smith and Currys. Under which, Mrs. Smith purchases hair straightener for her daughter and after one day use, it got damaged. In such case, it is liability of Currys to either exchange the equipment or refund money (Lee, 2001). Thus, this case is in favor of Mrs. Smith by which she can take advantage of the business law.
Case (4):- In this case, for expansion of business, Mrs Smith purchases car from Alf & Sons, for which, she deposited 6500 and sets to pay 200 as installments for next 2 years. However, in some circumstances, she lost her job and planning manner to pay the installments (Magid, Cox and Cox, 2006). In this way, she want to not pay installment, which is not fair. Therefore, it is required for Mrs. Smith to pay installment by arranging fund.
2.3 Comparison of different types of agents
Agents are those individuals who presenting effective between two parties. There are several kinds of agents obtained that can be described as below:-
Estate agents:- These agents plays crucial role for dealing in real property on the basis of owners. Therefore, for fixed assets and property related dealings agents help both parties (Oladokun and Aluko, 2014).
Brokers and factors:- Brokers deal in intangible goods that can be feel only but neither touch nor seen. For example; depreciation. While, factors agents deal with tangible goods of business entity that can feel, touch and seen.
Partners:- Partners of any entity are considered as agents for each other.
2.4 Rights and duties of agent
An agent is liable and responsible to follow on his duties regarding business entities for dealing with different kinds of properties. Therefore, rights and responsibilities f an agent can be expressed as:-
Rights of an agent:-
Remuneration:- An agent has right to take adequate salary and his part of sharing profit according to decided terms and conditions.
Reasonable expenses:- There is contract for this but agent has right to incurred reasonable expenditures over performing his job (Palmer, 2014).
Responsibilities of agent:-
Performing his job role with honesty as well disclosing hidden truth related to business operations.
Handling issues effectively that is useful for reducing conflicts between two parties
Performance management and building up trust of two contract parties.
3.1 Monopolies and anti-competitive practices legislation in UK
In monopoly term, single supplier in specific market sector. However, monopoly for selling and producing goods is presented in this market structure. In this system, attraction towards goods and services are not obtained. In this regard, there are few choices and less varieties for choosing products. Therefore, monopolies are interrelated with attracting consumers towards services that affects on high level of demand for goods and services.
In anti-competitive market, there are different sellers but prices of goods and services are similar (Pratten and Carlier, 2010). In this competitive market, it is difficult to produce products and attracting customers. However, there is tough competition obtained among businesses for production and distribution system.
3.2 Roles of competition commission within monopolies and anti-competitive practices
In monopoly and anti-competitive markets, competition commission plays crucial role for determining actual business performance and their market values. In this process, actual business entity's position is obtained in competitive market. Including this, several kinds of results are presented for facing competition and making place in market. However, through competition commission system, actual ideas are created for enhancing productivity and profitability of firm. Thus, roles of competition commission is essential for enhancing monopolies and anti-competitive practices (Said, 2010).
3.3 Various dominant positions within EU exemption to potentially anti-competitive office of Fair Trading
There are several dominant positions presented withing European Union exemption for trating anti-competitive office of fair trading. In this regard, prices of products are similar as well tough competition is obtained among different entities. However, European Union generates different ideas and guidelines for business operations as well facing competitions (So, 2016). In addition to this, various factors are presented for fair trading and advertising their products related to competitive strategies.
3.4 Application of EU exemptions to EU exemptions to anti-competitive practices
European exemptions for anti-competition practices are interrelated with facing competition and helping all entities for facing competition. Under this system, EU exemptions are applied for anti-competitive practices. In this process, different applications are used for analyzing other business entity's performance that creates ideas for making place by using different strategies. In addition to this, EU exemptions are interrelated with anti-competition practices for effectiveness of fair trading (Sprague, 2016).
4.1 Differing forms of intellectual property
Intellectual property is creative in nature that is useful for taking care of intangible and tangible goods. However, it includes different factors such as patent, trademark, copyright and design right. Therefore, it concentrates on transacting goods as well protecting properties in efficient manner. Under section 2, copyright is created for sustaining uniqueness of property and do not copy (Cornish, 2012). Through this process, properties are keep safe that is useful for keeping goods safe. In addition to this, for patent, there is a certain time decided for fixing the products which can not be copied. Along with this, patent, copyrights and trademark are those intellectual properties that are helpful for prioritizing goods safe as well creating efficiency of products. Thus, intellectual properties are of different kinds that can be used to keep uniqueness of products for certain time and enhancing its efficiency to not copy these tools.
4.2 Principles relating to protection of inventions through patent rights and their infringement
Inventions as copyrights for protecting properties can be obtained through following rules and regulations of fixing assets. However, safety towards sustaining its uniqueness is able to achieve through registering company and its trademark in company house of London. Therefore, it is required to follow on all rules and obligations given by legal proprietorship. In accordance to this, protecting misuse of goods and services provided by organization can be managed and sustained (Miller, 2012). In this process, principles are followed strictly that is valuable to sustain its uniqueness. It is needed to considering patent rights and obligations for their infringement. Thus, copyright and patents are useful for protecting properties safe. Similarly, it is helpful for maintaining its own identity for long time or fixed time periodicity. As per the given case scenario, it is necessary for Tony and James to applying patent and copyright on property that will be effective for organization's protection as well sustaining its efficiency for producing goods and services efficiently.
4.3 Copyright protection principles and their infringement in given scenario
According to given case scenario, Tony and James are required to protect their properties by using copyright and patent. It will be able to creating difference in features as well various kinds of principles are required to obliged. In this regard, it is essential to keep property safe and taking care of its uniqueness. However, business law is related to presenting its quality feature an d increasing efficiency as well protecting goods for certain time that no one can copy their quality services and unique features in market for producing and supplementing goods (So, 2016). Thus, by applying copyright and patent principles, Tony and James can maintain their differences and uniqueness for quality services. Hence, business law related to copyright, patent and trademark are important to carrying on entity and its effectiveness for protecting their goods and maintaining its position in efficient manner.
4.4 Comparison and contrast of protection of trademark and business names
Trademark is distinctive in nature that includes slogan, word, design to present uniqueness of entity. Therefore, trademark of any business organization is intellectual property that cannot be copied. In accordance to this, it is considered as fixing position of property for identifying business position and performance. Hence, trademark is related to presenting businesses' performance as well presenting its uniqueness. Including this, business name is also that kind of unique thing that is interrelated with different business essentials. However, business name is different form its trademark in which name identity of business entity is presented. Moreover, business name is quality feature as per which its goal, mission, slogan is get prepared. In this regard, trademark is contrasts with business name that affects competitive and different strategies (Goldman, 2013).
The report is concluded that business law is essential for keeping identity of organization effectively as well increasing efficiencies for maintain good reputation. In addition to this, different case scenario and business laws are determined for following on rules and regulations to protect entity and its services safe. However, different principles for keeping uniqueness of entity is presented by using different tools. Including this, various marketing essentials are described in the form of competition as monopolies and anti-competition. In this regard, through this study, business rules for establishment, management and closing up are presented that is useful to express varieties of ideas to protect business entity. Hence, through this study, role of agents including their different kinds are described. Moreover, different credit agreements and types are presented to carrying on entity efficiently. Thus, different aspects of business laws are understood through this report to carrying on firm at high level that affects on efficiencies and its market position.
Books and Journals
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- Bekkers, R., Duysters, G. and Verspagen, B., 2002. Intellectual property rights, strategic technology agreements and market structure: The case of GSM. Research Policy. 31(7).pp. 1141-1161.
- Bowyer, M. L., 2000. Insurance contract law and regulation and competition in the UK insurance industry: The missing link. Journal of Financial Regulation and Compliance. 8(2). pp.140 – 150.
- Campbell, E. and Boothby, C., 2016. University law clinics as alternative business structures: more questions than answers? Edited by Francis King.The Law Teacher. 50(1). pp.132-137.
- Collis, J., 2012. Determinants of voluntary audit and voluntary full accounts in micro-and non-micro small companies in the UK. Accounting and Business Research. 42(4). pp.441-468.
- Cornish, G., 2012. Dictionary of Intellectual Property Law. Reference Reviews. 26(2). pp.13 – 14.
- DiMatteo, A. L., 2012. Common European Sales Law: A critique of its rationales, functions, and unanswered questions. Journal of International Trade Law and Policy. 11(3). pp.222-240.
- Dimatteo, L.A., 2016. International Business Law and the Legal Environment. Routledge.
- Goldman, A., 2013. Business law: Principles and Practices. Cengage.
- Klass, G., 2010. Contract Law in the USA. Kluwer Law International.
- Lee, R., 2001. Negligence. Property management. 19(5).
- Magid, J. M., Cox, A. D., andd Cox, D. S. 2006. Quantifying brand image: Empirical evidence of trademark dilution. American business law journal. 43(1). pp 1-42.
- Michaels, R., 2009. Comparative Law by Numbers? Legal Origins Thesis, Doing Business Reports, and the Silence of Traditional Comparative Law.American Journal of Comparative Law. 57(4). pp.765-795.
- Miller, R. L. R., 2012. Business Law Today: The Essentials. 10th ed. Cengage Learning.
- Miller, R., 2011. Modern Principles of Business Law. Cengage.
- Oladokun, T. T. and Aluko, T. B., 2014. Dispute resolution in corporate multi-tenanted property management: a case study. Journal of Corporate Real Estate. 16(1). pp. 22 – 32.
- Palmer, C. R., 2014. Common law environmental protection: the future of private nuisance, Part I. International Journal of Law in the Built Environment. 6 (1/2). pp. 21 – 42.
- Pratten, J. and Carlier, J., 2010. Wine sales in British public houses. International Journal of Wine Business Research. 22(1). pp.62 – 72.
- Said, M., 2010. The implementation paradox: intellectual property regulation in the Arab world. Journal of International Trade Law and Policy. 9(3). pp.221 – 235.
- So, B.K.L., 2016. Business, Law and Education for Modernity. Routledge.
- Sprague, R., 2016. Editor's Corner: Publishing Impactful Scholarship.American Business Law Journal. 53(1). pp.5-8.