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Business Law

The heart of Capitalism comprises two basic principles:  Supply and Demand and Contractual Agreement. A business transaction occurs when Contractual Agreement is successfully employed to address a Supply and Demand issue; legal tender is a mechanism utilized to expedite a business transaction.

An implicit business contract may be as simple as money and goods changing hands, such as a purchase performed at a local shop or department store. An explicit business contract may be as simple as a handshake agreement for one individual to perform a service in exchange for compensation by another.

Ah, but were the world always so simple! Business Law has evolved because:
  • things are not always simple;
  • a transaction is not always successful, i.e., disagreements arise;
  • not everyone is honest;
  • circumstances external to a business transaction may create no fault scenarios that demand resolution;
  • expectations often do not match reality or final product, resulting in a “That’s not what I said I wanted,” scenario;
  • changing situations may require reinterpretation and renegotiation;
  • the terms fair practice and fair value have different meanings to different people, making it necessary to formulate rules of conduct;
  • transactions must be recorded in a universal format for future reference.
The Law is a set of rules and codes of conduct governing societal behavior; Business Law is the subset of these rules and codes that apply to business transactions.

Authored by Kenneth L. Anderson.  Original article published 9 January 2004, updated 4 July 2005.

Our Business Law section identifies areas of business requiring legal expertise and provides resources you can use both to become better informed and to accomplish those legal transactions necessary for the operational success of your business. Business Law listings in other sections of the Business Center such as Starting a Business and Business Maintenance reference the Business Law section.

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