Business Law

The Principles of Contract Law and their Application to Businesses

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. …

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Types of competitor dealings with antitrust risks

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 preventincomg the anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, education, and without unduly burdening business activity. The focus of …

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How does the US Supreme Court determine if a collaboration between competitors is illegal?

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 such …

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Employee or independent contractor: How to find out?

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 …

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Business Partnership types and their pros and cons.

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 …

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What is a sole proprietorship? What are its advantages and disadvantages?

 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 …

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CONTRACT ELEMENTS

Elements in a legally enforceable 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 …

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