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5 Must-Know Facts About Business Law

The business world abounds with pitfalls, risks and rewards, which makes an understanding of business law so important. Business law is intricate and intense, with a maze of regulations to protect both buyer and seller. A wrong step may result in huge losses or, worst case, put a company out of business.

Business law is a vital part of advanced degree programs such as the Boise State University online Master of Business Administration program. The convenient online MBA is designed for busy business professionals.

What You Might Learn in Business Law Class

Take a whirlwind tour of business law and you see why it is so complicated. Mighty Recruiter outlines concerns, from income taxes to factors affecting an organization's legal structure. How is the company financed? Is it high risk? What potential lawsuits or judgments could be brought against it?

An article posted on LinkedIn lists a handful of business law basics that every entrepreneur should know:

  1. Intellectual property is any idea you develop for products and services that will be offered to customers and will generate income. It can include a wide-ranging number of things, from business ideas to inventions to trade names and trademarks. The best way to protect intellectual property is by patent, copyright or trademark.
  2. Product liability applies when a customer sues a business because of a defective product that caused loss or injury. Several resolutions under product liability exist — contract theories such as express warranty, implied warranty of merchandise and implied warranty of fitness, and tort theories including negligence, strict liability and acts committed under restatement (third) of torts.
  3. Business agreements and contracts are a set of promises or a single promise that is enforceable by law. Two components of the agreement are offer and acceptance. Certain requirements must be met for an offer to be valid. There are also certain requirements required for legal acceptance, and all must be met before a legally binding contract is valid.
  4. Negotiable instruments are used instead of money as a form of payment. Types include promissory notes, certificates of deposit and checks.
  5. Sales contracts involve the sale of goods where tangible personal property is transferred instead of money, services or other goods.

Business law is just one area of coursework featured in the accredited online MBA at Boise State University. Students can complete this program in under a year. The program is designed for working professionals who are looking to move forward in the business world with an advanced degree.

Learn more about Boise State University's online MBA program.


Sources:

LinkedIn: Basic Concepts of Business Law That Entrepreneurs Should Know!

Mighty Recruiter: Understanding Business Law: What You Should Know


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