Why identify and describe the basic principles of law to special business topics, including international & national law, bankruptcy, agency, landlord-tenant relationships, environmental regulations, land use and lending and financing?

Introduction

There are many special issues arising in conducting business involving special and unique relationships and impacts between both between businesses and also between business and the public.  Some of these special issues involve relationships between creditors and debtors, landlords and tenants and lenders and borrowers. Other special issues arise from the impacts between principals and agents, businesses and citizens of different countries, polluting industries and the public, and local governments and developers.

Specialized areas of law have been created for and applied to each of these special business issues:

• Creditors and Debtors: Bankruptcy law
• Landlord / Tenant : Landlord Tenant law
• Principals and Agents: Agency law
• Businesses from different countries: International law
• Polluting industries and the public: Environmental law
• Lenders and Borrowers: Lending and Financing laws
• Local government and developers : Land Use laws

Of course some businesses are involved with some specialized areas of law constantly on a everyday basis, for example construction giant Kaufman & Broad with land use laws and the Bank of America with lending and financing laws.  But,……almost every business is involved by and is affected by most or all of these special areas of law at some time during their business life raising special legal issues.  YOUR BUSINESS COULD SOMEDAY:

• be sued by a customer from a foreign country IN THEIR COUNTRY, NOT YOURS!
• be seeking city approval to add and build NECESSARY PARKING!
• be obligated under a burdensome unprofitable contract, BY YOUR OWN AGENT!
• face restricted use of electricity limited by ENVIRONMENTAL REGULATIONS!
• be surprised by a threat from your biggest customer to file BANKRUPTCY!
• be forced to involuntarily accept a new LANDLORD!
• be confronted with trying to regain property sold you UNDER FINANCING LAWS!

These special areas of law will affect Your Business someday.  When they do, you need to be informed and ready if you wish be successful in your business.  The business law that follows in this next section is special, and important.  Ponder this basic question as you work through this section:

• Are the competing interests of business and other parties fairly defended and protected by the applicable law?
• Is the bankruptcy law fair to business interests?
• Does the law of landlord/tenant unfairly benefit landlords?
• Do lending and borrowing laws unfairly favor banks?
• Do laws protecting the environment unfairly penalize and discourage business?
• Just who are the real winners and losers under these special areas of law?

Learning Outcomes

• Contrast international laws with national laws
• Identify and explain the chapters in bankruptcy
• List , describe and explain the essential elements of a valid agency agreement and describe its limitations
• List , describe and explain the basic laws that govern the rental contract and remedies for breach
• Identify and describe the basic laws that regulate business operations on behalf of environmental protection
• Identify, describe and explain the basic laws that regulate the type and scope of business operations permitted in a community
• Identify and explain the basic laws and requirements governing secured and unsecured loans

OK, let’s get started!