Jurisdictions, Jurisprudence, International Trade and Laws

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Legal Environment of Business

A business is governed a set of legal rule and regulations that are mandatory for the organizations to follow in any case. To ensure the compliance of business activities, organizations follow the set rule in regard the business activities and strategies. It forms an external environment that is considered as a crucial factor in the success or failure of a business organization (Cross & Miller, 2008). There are different legal theories and concepts that are used by the legal bodies to supervise the business related activities of organizations. Organizations before taking any step at international level assess the legal framework of a particular country and after take decisions to enter in that country for business plans.

Types of Jurisdictions

There are different types of laws that govern the different bodies in an organized form. These laws are developed for regulating the activities and to keep a vigilant watch over the actions of people. These are as follow:

Private Law: These covers law of obligations and law of contracts. It is a form of association between the organizations and individuals. Most of the time, it is enforced through the state court system. It operates to provide value to the society. These laws are applicable and developed for the corporations and specific individuals (Cross & Miller, 2008). It enforces the duties and laws for the individuals. These are mainly segmented into two parts. These are as follow:

Tort Law: This law handles the injury that is performed with or without intention to the property or persons. Tort is the violation of duty. Tort case covers different aspects that may be covered under the tort law violation. It covers trespassing on the land of another person, battery on a person, damage to the property, assault, nuisance creation, medical malpractice etc (Meiners, Ringleb & Edwards, 2008). Person commit such kinds of cases are held liable for the breach of tort law. It is also applicable to the criminal acts against a society or an individual person.

Contract Law: These types of laws are developed between the private individuals for a contract or agreement. These cover a compensation for failing to meet the requirements of the developed agreements among the private individuals. Contract laws handle with the sale of real estate, merchandize, professional service, sale of clothing, provision of work, labor etc. It protects the rights of individuals involved in an agreement (Cross & Miller, 2008). It panelize the individuals who breach the contract or agreement in the form of fines or imprisonment

Public Law: Public laws are developed to govern the relationship between the private individuals and governmental bodies. Government and governmental agencies enact the laws to protect the society from crimes (Cross & Miller, 2008). Its main objective is to deal with the societal issues at federal as well as state level to ensure a safe environment for the society. It also covers a law that adopts actions to panelize the offenders. It is as follows:

Criminal Law: According to the criminal law, persons who commit a conduct that is injurious for the public is titled as a crime. The ...