BUSINESS LAW

Business Law



Business Law

Introduction

In this paper, we are discussing some cases with reference to business law. There are four different cases which require to be solved by applying the proper law. In order to provide solution to these case, we have to identify what business law is.

Business Law

Business law governs the practice of business and defining the legal regime applicable to business transactions. This is, broadly, is the branch of law governing the exercise of trade. It is, therefore, a branch of private law (against which the civil law stands as common law) the object can be defined as an objective or subjective criteria. The objective criterion refers to the trade or commercial transactions, while the subjective test is referred to the person who has the quality of retailer.

In most of the legislation, a relationship is considered commercial and therefore subject to commercial law, if there is an act of commerce. Current trade law refers to these acts, which are intrinsic, although in many cases the individual who performs not have the quality of retailer (target system), without prejudice to this, there are legal systems where the system is subjective, based on the company, regulating both its status as the exercise of economic activity in its relations contract held by the business between them and third parties (Barnett 2008, 47).

When a party suffers loss or damage in consequence of a breach of contract, by non-performance or defective performance, he is entitled to recover compensation from the party breaking the contract. However the question arises as to what extent the injured party can be compensated for. We will examine different types of damages that are available as a remedy of breach of contract and their adequacy in compensating for the breach. According to the law, the injured party should be compensated with an amount that would have been equivalent to the performance of the contract if it had occurred by default. This concept supports the doctrine of restitution which states that the defendant has no right to enrich himself discriminatorily and the plaintiff does not have to suffer loss in case of breach of contract assumingly. There are some important clauses that need mention in this regard.

In case of non-performance or defective performance of contract, the injured party firstly has to approach the court of law on the basis of a right to sue the defaulters. In case of not filing sue; there will be no entitlement to the damages from the defendants. The court will assist the injured party in recovering the damages. Similarly, the party who commits the breach will not be naturally liable to compensate the other party who is suffering. It is only after the decision of the court that the defendant is entitled to offer financial compensations to the injured party. Hence when a breach occurs, the party complaining of the breach has no other option to obtain relief except to proceed towards the court and sue the offender (Beale 1935, ...