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Successful Business Law And Regulation

12 Pages 2902 Words 75 Downloads

Introduction

Business law contains the regulations and legal framework related to production of the goods and services and deliver the same to end users as per the specified regulation. This considers different parties such as partnerships, organizations and companies with limited liabilities. The present report is based on different cases covered in the report that how sales of goods act is important to meet the expectations of buyers and other related parties. Furthermore, different types of credit agreements and agents are explained. In addition to this, different forms of intellectual property are also explained along with inclusion of protection of the trademarks and business names.

Task 1

According to the give case scenario, Mrs. Smith agree to buy a hairdryer promoted in the advertisement. Here, dealer agreed to deliver the hairdryer to Smith in the next day but it got damaged in the moving process (Adams, 2010). However, still the product was delivered to her. For this purpose, terms of Sale of Goods Act are explained as follows-

Title (section 12): It reflects that tilt of the goods indicate the possession of the same which should be there with Smith at the payment of total amount of the assets. The present care reflects that ownership is there with the Smith but still deals should not dispatch the wrong product (Sale of Goods Act 1979, 2014).

Description (section 13): The case shows that defective product cannot be accepted by the Mrs. Smith as it should be of appropriate quality.

Quality (section 14): The quality of product must be appropriate the meet the purpose of the buyers otherwise buyer has right to return the same.

The transfer of product should be done effectively with the presence of the receiver. The present case is showing that Mrs Smith ordered for the carpet to Alf & Sons and also made the full payment for the same with agreement of the delivery of the large roll of carpet. However, when the carpet was delivered, delivery men did not find anybody to pick the same. Owing to this, it was left in the front of premises. Though, no any person of Mrs. Smith found that carpet which was loss of hers (DiMatteo, 2012). Owing to this, she required for refund but company denied for the same. For this purpose statutory provision on the transfer and possession has been considered. In this respective carpet is legal transfer of property to Smith's salon. Justified contract term is also considered under which both parties such as sellers and buyers follow the same procedure mentioned with mutual consent. However, the case is reflecting that Alf & Sons did meet thier duty of care and left the roll of carpet without the presence of any body. Owing to this, respective organization to liable to pay for the damages.

In order to assess the breach of the contract for either buyer or seller, following statutory provision can be considered

Buyer's claim

Buyers have a right to claim for the special performance, as per the given case new dryer can be provided to Mrs. Smith

Claimant can ask for the ancillary damages in case contractual terms do not satisfied by the defendant.

Buyers can claim for the damages in case product is of no use and unsatisfactory

Seller's claim

In case contractual terms are not met and seller is not satisfied with the same he has right to stop the transfer of the product and forfeit the same in case it has been transferred.

As per the contract, Alf &Sons has right to claim for the damages

The seller has right to take advantages of the exclusion clause related to duty of care etc.

The above mentioned provision can be considered to ensure the successful performance of the contract and meet the obligations of all associated parties in an effectual manner.

According to the given case daughter of Mrs Smith found that product defective where the Consumer Protection Act 1987 can be applied. It is helpful to provide the remedy for claimant and ensure the optimum utilization of money invested by them (Goldman, 2013). Although, before claiming for the hair straighter it is important to fulfill the below mentioned circumstances

  • Loss must be occurred to claimant but in the given case loss in not occurred just product was faulty
  • The goods must be faulty and the given case also meet the same condition that hair straightener was not proper
  • Defect must be occurred due to defendant only. In the case it has been found that product was also defective which might become the reason for the loss of the Mrs. Smith's daughter (Jennings, 2010).
  • However, accidental damages and justified wear and tear and clear intention to purchase product must be exist to find the reason for making the claim. It would be effective for Mrs. Smith to find the appropriate amount of loss occurred to them.

The Consumer Credit ACT 1974 consists of several provisions for validity of termination rights and defaults. These are explained as follows

Section 77: As per the given section, Peter has authority to find the credit copy of agreement from the financial institution.

Section 87 and 88: The default notice of 14 days should be served to seller for the purpose of termination. This period can be extended to 19 days only in some special cases.

In this manner, Peter can effective terminate the contract made the Alf & Sons as he does not have proper money to pay for the care. However, default notice must be provided in the given time frame (Klass, 2010). On the other hand, Peter can also find the credit note or provide the same to company so as to get the extension for payment of the installments. Moreover, Peter must be clear with the proper security to company and the accordingly either wind up or continue the contract.

Task 2

The consumer Credit Act 1974 provide the scope of credit agreements under which regulatory framework must be accomplished by the parties. Here, the type of credit agreements is divided into two parties such as Debtor-creditor-supplier agreement under which third person can be assigned for granting the loan through which suppliers get the payment. However, role of suppliers and creditors remain very different in both the cases (Miller, 2012). On the other hand, debtor-creditor agreement also take place between parties under which seller and buyers are directly interacted. Though, the terms of contract are determined by the sellers only. In the given case study, Peter can write to latter to hold the payment procedure until he get the new job. At this juncture, company has right to forfeit the vehicle in case payment is not made.

As per the given scenario, Peter is suggested to make the agreement related to Debtor-creditor-supplier for the purchasing the new car. It would be effective to get the loan and make the payment of the same at the time when he get the earning with the new job.

There are different types of agents who deal with the buyers and sellers in order to purchase and sale of goods and services. For this purpose, agency agreement are supported through specific type of agent. These type of agent are explained as follows

Non-exclusive agent: Under this, there remain more than one agent who work on the behalf of principal on the basis of certain rights and obligations. However, the obligation of the agent may have variation in accordance with specification of the agency. It would be effective to perform the respective contract and ensure successful deal (Olmos, 2011).

Exclusive agent: These are those agents who work on the behalf of their principal and possess authority to take some actions. The responsibilities and authorities are shared between parties in accordance with the contractual agreement.

Communication agents: They handle the work related to mailing, coordination and among the parties so as to ensure the successful performance of the contract. It facilitates to ensure clear communication between all related parties and confirm the most effective mode of communication.

Agents in the contract play important role related to handling all related task. They need to perform several kind duties and rights through which they can effectively accomplish the given targets. It has been explained as follows

Rights of agent: The agent have right to make several changes in the amount or other related minor aspects of contract. This facilitates to make the final payment to principal effectively. However, justified reason must be provided in case of any kind of changes with regard to payment or transfer of the goods. For this purpose, they get the appropriate kind of remuneration in context of services rendered (Warren, 2012).

Duties of agent: The major duty of the agent is to comply the standard aspects in accordance with obligations and rights. They must work in their boundary and justifiable work must be done so as to ensure the better performance of the contract under consideration. For this purpose, agent must not comply with the mentioned standards and regulations. In addition to this, instruction mentioned by principal must be followed by the agents through which it becomes easy to work in an ethical manner.

  • The government of UK impose several kind of regulations for corporation owning more than 25% stake as it is considered as the monopolistic. For this purpose, following mentioned regulations are set out
  • Competition Act 1980 and 1994-Under this, specific standards are set so that parties do not conduct their unethical conduct and work as per the set criteria or parameter related to promotion, packaging and pricing etc.
  • Monopolies and Mergers Act 1965-Expansion related phase should be minimized for promoting the monopolistic
  • Monopolies & restrictive practices ACT 1948-Fair terms and policies should be considered in order to operate the business effectively.

The competition commission in UK ensure to set the appropriate procedure for the ethical conduct of the business and promote the more fair practices. Here, companies are provided power and authority to operate their business effectively and become the monopolistic. Not only this but the appropriate facilitates are provided for the betterment of the business and via funding facilities and technologies expertise etc (Pratten and Carlier, 2010).

However, penalty is imposed on the businesses not follow the set practices of the government and ensure the well being of both parties such as buyers and seller. At the same time, multinational businesses are supported in each aspect so as to expand their operation at global level and earn more profit.

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The dominant position within the EU common market can be considered in term of companies which are performing in a better manner and expanding their venture at rapid speed. It enables business to create their strong presence in the marketplace and do not allow others to take part in the procedure of making profitability (Heminway, 2013). However, business keep on innovating the products and services and create the tough competition for the other companies which are coming from other members countries. On a critical note, such kind of companies charge higher prices for the product and might refuse the deal with certain class of people.

The application of EU exemption is considered as the important aspect due to its significant impact on the performance of the businesses. For example, companies under the article of 101 are not eligible for the competition regulation and rules. Owing to this, they might not get that much support to operate their business and get the other additional facilities to secure their competitive edge in the marketplace (Adams, 2010). It is the result that such kind of businesses face issues in creating their competitive edge and dealing with varied kind of services and products. Hence, the exemption of EU affect the competitive practices in the marketplace.

There are varied forms of intellectual property which are applied by the business. It has been explained in the following mentioned table

Intellectual property

Explanation

Patent

The patent is provided for 20 years maximum. Such kind of things are opted for innovation and technologies etc.

Copyright

It is grated for the protection of the creative thinking of people. It consists of films, plays, dramatic work and music, computer programs as well as photographs etc.

Trademarks

This is helpful to ensure the safety of the mark or name of the organization by assigning a particular symbol. It consists of logo and other graphical presentation of the business which defines itself in an effectual manner.

The trademark and business names are different from each other and this difference can be understood with the help of following mentioned table

Basis of Difference

Trademark

Business name

Definition

It is mark, sign or special identify given for organization which make it different from others.

The name of the organization is its own identity which aids to create its unique position in the marketplace.

Use

The customer can be attracted by using trademark as they choose a particular brand just by seeing its trademark.

Business is mere recognition of the firm in front of other corporation operating in the same sector.

Infringement

The owner of the business has legal right to take action against any kind of infringement.

 Warning letter and other related kind of aspects can be applied by the businesses.

Task 3

Patent is the important intellectual property right which is assign to protect the right of individual of business with regard to innovation own creation. For this purpose, as per the given case scenario both Tony and James can follow the below mentioned principles

  • Any information related to patent must not be transferred to another party so as to protect the innovation from copying and moving into another direction.
  • The use of patent can be ensured in both commercial and business purpose.
  • Tony and James must get the patent in less time span and ensure to renew the same in date of expiry (Goldman, 2013).
  • The procedure related to acquisition of patent is very costly and time consuming and it should be avoided by both of them.

Accordingly to the Tony and James same game with a little variation was introduced by another party in the market. It can be critically evaluated that they did no have patent of their creation. Owing to this, they cannot claim for the same but little more variation can be added in their creation so as to launch it into the marketplace and the immediately the patent of the same (Olmos, 2011). However, the type of creativity define the time period allowed for the copyright. Owing to this, both James and Tony can take legal action in case they already have the copyright for their new developed games.

Conclusion

The aforementioned report concludes that all organization working in the UK must follow the regulatory framework defines by the UK and EU both. Not only this but the regulatory framework must be focused through which it becomes easy to cope up with the changing scenario. It can also be concluded that intellectual property right must be taken on right time for unique creation by taking the help of suitable agent. This would be effective to protect the protect and determine the success of the business and creation of individual.

References

  • Adams, A., 2010. Law For Business Students. 6th ed. Pearson Education Ltd.
  • DiMatteo, A. L., 2012. Common European Sales Law: A critique of its rationales, functions, and unanswered questions. Journal of International Trade Law and Policy.
  • Goldman, A., 2013. Business law: Principles and Practices. Cengage.
  • Heminway, J. M., 2013. Teaching Business Associations Law in the Evolving New Market Economy. Journal of Business & Technology Law.
  • Jennings, M. 2010. Business: it’s Legal. Cengage
  • Klass, G., 2010. Contract Law in the USA. Kluwer Law International.
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