The law is an interesting topic to study. When studying this course, on gets the impression that they are in the wrong profession all the same. Its argumentative nature creates some interest in the minds of students pursuing different courses. During earlier years, the course was not a part of other units studied by other students. However, after experts realized the unawareness among university and college grandaunts within the workplace, there was a need to integrate the course as a unit for almost every other course in institutions of higher learning. The law is part of life. Lacking the required knowledge regarding guidelines required in executing something creates many inconveniences within the bureaucratic structure of an organization. The course, therefore, serves as a catalyst for ones intellectuality in the workplace. Its significant benefits in the business field are discussed below.
Law, as a course assists me, as a working individual in the business sector understand the various cases that may result in introduction of lawsuits against the organization am working for. Though am not already employed in reality, the knowledge aids me in understanding why certain companies underwent specific lawsuits before I join them. This knowledge can also aid me in answering any questions that may arise in an interview as regards to the companys history of court proceedings. Many employers use this as a grilling tool to establish ones understanding of diverse business aspects. Legislative knowledge, therefore, provides me with an added advantage.
Apart from seeing me through my job interview, the course plays an important role in my understanding of the kind of market the organization belongs. Based on the sales rates over the years, a well-educated business student should be able to identify the type of market his organization operates in. If there is consistency in the sales per year, I can tell that the organization is in an oligopolistic or monopolistic market. The profits, in this case, are in most cases abnormal unlike those of perfectly competitive markets. The quantities produced, and the differentiation in production also aid me in better understanding the market we are in.
In addition, the basic information I can get from my background research on the organization can help me familiarize myself with the category of business the firm belongs to. According to the law, businesses can be grouped based on the members who hold a stake in the business. In this case, I can distinguish a sole proprietorship from a partnership or cooperative. On the other hand, the extent of operations and managerial positions in an organization can also assist me in determining whether the organization is a private entity or a public organization. In the case of private firms, the names of managerial directors tend to be identical since the entity may be family owned. If the managerial positions are characterized by among other things, duration of leadership, then most likely, the organization is a government entity.
Property law is another interesting but complex part of the course that aids one in identifying varying market situations. In every market, there never lacks a business that emerged as a result of a certain innovation. These kinds of organizations tend to hold on to their production rights using legal documents known as patents. In others, for example, film industries, there is need to retain the creativity of an individual and halt any attempts of duplication. In such organizations, copyrights act as a legal means of hindering duplication of individual creativity. In the case of competitive markets, there is a need for customers to be able to distinguish the products of the different firms in the market. This is because all the firms in such markets produce a homogenous product such as exercise books. So as to differentiate their products, these firms establish independent trademarks that promote their products.
The most important component of the course is contract law. This topic handles all matters that relate to the manner in which a business is managed. It entails among other needs, the guidelines followed by an organization while executing its business transactions. This topic has assisted me to understand the many ways through which a contract can be rendered null and void by either party. The topic also aided me in understanding the decisions that lead to a breach of contract and the many remedies offered to the aggrieved party. The topic also provided me with a complete understanding of the various types of business contracts and the manner in which they should be interpreted. I am also able to distinguish a legal and binding contract from an illegal contract given the required conditions. This way, I am also able to establish the contractual capacity of another partys business.
The law also applies to the employer and the employee. The chapter on Tort Law gives a detailed overview of the many obligations and remedies for each party. As a potential employee, therefore I understand my rights, what my employer expects of me and the ways in which am supposed to compensate my employer in case am in breach of my obligations. The same case applies to my employer. If he breaches his obligations to me, I am aware of the consideration he is supposed to provide me. In addition, my understanding of business ethics has enabled me to understand the various means through which my employment can be terminated. Unethical behavior such as fraud and negligence should render the one responsible for immediate suspension, sacking, or even prosecution by the court. As such I am now aware of what am supposed to do and what am supposed to avoid despite any circumstances.
With this knowledge, I am of the view that surviving in the business sector is not going to be a daunting task for me. I will endeavor to ensure transparency and adherence to the law in all my professional undertakings. As a loyal employee, I should be committed to maintaining the good name and reputation of the business as I am committed to maintaining a good reputation for myself.
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