Legal Provisions in Business Environment
Contract laws are primarily designed to encourage commerce by assuring those who freely enter into agreement that the law will protect their expectations. If one side reneges on its negotiations, the other can go to court to seek a remedy that would give the plaintiff the benefit of the bargain from the deal. The growth in contract law has reached all countries, aware that economic development depends on a sound legal framework and an efficient and accessible court system. Currently, we find a mixture of pre-modern customs, colonial forms, and newer codes designed to keep up to date with business needs. The study of evolving legal systems in U.S reveals much about the relationship between contract law and the social change. The convergence of partnership and close corporation rules may have equally complex implications for the legal doctrine of the fiduciary business duties.
From a legal perspective, broad fiduciary duties will be justified based on the organizational characteristics of closely held firms to prevent greater threat of opportunities behaviors. Still, it may be argued that the role of contract laws should vary across the type of organizations’ business form. On this view, strict contract rules could very well be counterproductive in the closely held firms, encouraging firms to engage in over monitoring and litigation at the expense of productivity. Indeed, the ever-changing business environment casts doubts on the adequacy of applying partnership-type broad fiduciary duties to all kinds of firms. The developments in lawyer mobility in the United States exemplify situation-specific characteristics of contract laws. However, some scholars have indicated that under the influence of the contract laws to the business environment will be accompanied by a significant reduction in the fiduciary duties of partners. The contractual approach will allow the partners to amend their fiduciary obligations, a trend that will eventually undermine the function of the fiduciary law.
Early nineteenth- century American tort law focused primarily on issues of trespass, assault and battery, and defamation; but with the emergence of the transportation and industrial revolutions, tort law had to provide remedies for injuries to the innocent strangers arising from new events such as industrial accidents, train wrecks, and steamboat explosions.
Tort law obliges firms to ensure that their activities do not cause damage, intentional or accidental, to others and is in addition to any contractual arrangement that may exist. Business activities, therefore, that involve, for example, negligence leading to injury to a customer, selling defective goods, or counterfeiting another company’s products is a tort. Scholars suggest that the expansion of tort law will see that compensatory damages will reimburse a plaintiff for actual losses, to make the plaintiff whole and put her or him in the same position that she or he would have been in had the tort not occurred.
There can be little question that, whatever might be said about the treatment of collateral sources in tort for loss-distribution purposes; optimal deterrence will be best served by a rule that ignores these sources in determining the amount of damages for which a defendant is liable. Otherwise, defendants are not threatened with liability for the full social cost of their actions. Similarly, given the criticism that the traditional, non-offset collateral source rule continually receives at the hands of the proponents of certain versions of tort reform, the distributional consequences of the offset approach should also be considered. Thus, even if the loss distribution is ruled out as a major goal of tort, it is not possible to escape thinking about loss distribution in establishing and evaluating tort law’s treatment of the collateral sources.
Recent success in the tort reform movement has generated victories in the enactment at the state level of legislation that erects new procedural hurdles for claimants as well as caps on damages awards. In future, may courts at the state and the federal level, including formerly “progressive” courts such as the California Supreme Court as well as the U.S Supreme Court, will be substantially influenced by the movement, as evidenced by the issuance of decisions over the last five years that have tended to make it more difficult for certain classes of tort claimants to recover; decisions always justified in terms of the need to fend off frivolous claims and protects business from ruinous liability.
Cybercrime has become an increasingly critical problem for businesses today. Modern era is where the role of the cyberspace: internet, e-commerce, and electronic signatures are very significant, and have to play a crucial role in e-commerce and business. The average law of contract is applicable and apparent, indicating the actual time and the place the deal was strike between the parties involved. As in the regime of the internet where e-commerce transactions are not specific to the time and place of the parties entering into agreements with the help of e-commerce and electronic signatures, therefore, there are ambiguities in the electronic world to find out the exact time and place of the formation of contracts. In e-commerce, cyber laws will enable one to extend the reach of his business by bringing in customers from previously untouched regions without incurring additional expenses of operating under extensive technological systems and expensive advertisement campaigns.
It will be fundamentally importance for the cyber laws to explore and underline reliable approaches on how the different formations of contracts can facilitate attainment of the business agendas. Thus, the trend of the cyber laws which are primarily based on the UNCITRAL Model Law about the time and place of data message through the internet regime will develop significant importance to the place of the business of the parties for the formation of contracts in U.S. Therefore, in order to have proper security procedures to secure electronic records and electronic signatures, proper cyber laws are very essential.
The fast growth of the Internet as well as the cyberspace has contributed towards reliable and efficient means of accessing and sharing information. Accordingly, legal issues are situated at high risk including the infringement of the copyrights, patents and the trade secrets. The validity of the internet utilization policies are constantly subjects into questioning given the development of broad range of Apps that leads to fluidity in the Internet as the medium of communication. Research indicates that users of these Apps manipulate them within seconds and act contrary to the Cyber provisions. It is becoming increasingly evident that the process of mapping existing legal concepts and tools into this new domain is not straightforward, and that a number of familiar legal concepts will need to be rethought and perhaps, re-engineered before they can be efficiently applied in the new environment. Moreover, the laws governing cyber-attacks, or any armed attack, require, indeed, demand that certain thresholds be met before a cyber intrusion can be labeled and treated as an actual attack
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