Definition of a Contract: A contract can be defined as an agreement between two or more private parties that creates mutual obligations enforceable by law. The basic compulsory elements that make an agreement a legally enforceable contract include mutual assent or genuine agreement, valid offer and acceptance, adequate consideration, as well as capacity and legality. In some … [Read more...] about The Principles of Contract Law and their Application to Businesses
Survey the students of any law school about their reasons for choosing law and you will find that their answers largely fall into three categories. Some of the students will come from law families, with the expectations of parents and siblings weighing down on them. Others will want to ‘make a difference’. Usually, motivated by an injustice that they experienced first hand or … [Read more...] about 10 Secrets Every Law Student Should Know
For more than a century, the Federal Trade Commission has been protecting the concerns of American consumers. The mission of the Federal Trade Commission or FTC is to protect consumers and competition by preventing the anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, education, and without unduly burdening business activity. The focus … [Read more...] about Types of competitor dealings with antitrust risks
The industry environment in the United States has grown highly competitive and companies are entering into complex agreements and partnerships in order to survive the competition. Whether it is for foreign expansion or funding of innovation efforts, or about bringing operating expenses low, companies are forming complex collaborations to achieve create growth momentum. Mostly … [Read more...] about How does the US Supreme Court determine if a collaboration between competitors is illegal?
While many times mergers of businesses are beneficial for both the consumers and the society and allow businesses to operate more efficiently by allowing them to reduce prices of their products, many times the case can be different. Several times the purpose of a merger between two or more businesses may be gaining more market power or establishing market dominance. In such a … [Read more...] about Mergers and premerger notifications in the United States
The Antitrust laws in the United States play a very important role in ensuring free and fair competition. These laws save the consumers in the US nearly millions or even billions in overcharges. Free and open competition in the US market is beneficial for both the consumers and the society as well. The antitrust laws make it illegal for individuals and businesses to get … [Read more...] about Who enforces the antitrust laws?
In the United States, antitrust laws play a major role in ensuring free and fair competition. Free and open competition is beneficial for consumers as well as society and the economy. However, a large number of consumers might not have even heard of these laws and how they protect them. Apart from the Federal government, most states also have antitrust laws. Every year, … [Read more...] about Antitrust laws in the United States
What is the Federal Trade Commission? The Federal Trade Commission has been protecting American consumers for more than the last 100 years. It was formed on September 26, 1914, with President Woodrow Wilson signing the Federal Trade Commission act into law. However, it opened its doors in 1915. At the time of its formation, the main aim of the commission was to prevent … [Read more...] about The Federal Trade Commission
Advertisements generally do not count as contracts. Instead, they are considered an offer to make a deal. There are several more steps that must be taken in order to convert an advertisement into a legally binding contract. For example, an advertisement or announcement specifying the sale of merchandise at a specified price cannot be considered offers to enter into a contract. … [Read more...] about Are Advertisements Contracts?
Intentional and Negligent Torts By definition Tort is a civil wrong that can be redressed through award of damages. Law has recognized torts as civil wrongs that become grounds for a lawsuit. These wrongs may result in harm or injury on whose basis the injured party can make a claim. Mainly the tort law aims to provide for the damages that occur due to a wrong and tries to … [Read more...] about Tort:Intentional and Negligent
Vicarious Liability: (Held liable for the employee's conduct) Vicarious liability means indirect liability. It arises in cases where the liability of a person’s actions falls on someone else due to the degree of control he exercises on the person accused of misconduct. In the area of employment, the liability of an employee’s acts may fall on the employer. However, there … [Read more...] about Is your employees’ mistake your liability?
Employee or independent contractor video How to decide whether it is an employee or an independent contractor- check out through this video : … [Read more...] about Employee or contractor
What are the differences between employee and independent contractor? At several points it becomes essential for businesses to differentiate between an employee and an independent contractor. There are several points of distinction between the two. Of all the factors that affect one's status as an employee or a contractor, it is the degree of control the person holds on his … [Read more...] about Employee or independent contractor: How to find out?
Partnership in Business and Its Types Partnership: Partnership implies shared ownership where two people or more share the ownership of a single business. The partners don't just share the profits and losses of the business but contribute to every aspect of the business, whether it is the money, resources, labor, or even skills. Since a partnership is between two or more … [Read more...] about Business Partnership types and their pros and cons.
What is a sole proprietorship? What are its advantages and disadvantages? Sole proprietorship is the most common form of business. It is also the simplest structure and the one that is the easiest to start, usually requiring no or scarce formal action. The most important feature of a sole proprietorship is that there is no distinction between the business and the owner. Sole … [Read more...] about What is a sole proprietorship? What are its advantages and disadvantages?
Elements in a legally enforcable contract Contracts: Contracts are a very important part of business agreements. Before two parties form an agreement it is essential that they know their duties and benefits well. Each party is required to perform its duty. Contracts are promises that are enforceable by law. Two parties are believed to have contracted if they form a legally … [Read more...] about CONTRACT ELEMENTS