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FAQs on Business law - B Com

1. What are the main principles of business law?
Ans. The main principles of business law include contract law, which governs agreements between parties; tort law, which deals with civil wrongs and liabilities; property law, which covers ownership and rights to property; and corporate law, which regulates the creation and operation of businesses.
2. What is the significance of contract law in business?
Ans. Contract law is significant in business as it provides a legal framework for parties to enter into agreements and enforce their rights and obligations. It ensures that agreements are legally binding, protects parties from breach of contract, and provides remedies in case of disputes.
3. What is the difference between a tort and a contract in business law?
Ans. In business law, a tort is a civil wrong committed by one party against another, resulting in harm or injury. A contract, on the other hand, is a legally binding agreement between parties that outlines their rights and obligations. While tort law deals with civil liabilities arising from actions or omissions, contract law focuses on the enforcement of agreements.
4. How does property law impact businesses?
Ans. Property law impacts businesses by governing ownership and rights to property. It ensures that businesses have legal protection over their assets, such as real estate, intellectual property, and tangible goods. Property law also regulates transactions involving property, such as leases, mortgages, and transfers, providing businesses with legal certainty and protection.
5. What are the key legal considerations for starting a business?
Ans. Some key legal considerations for starting a business include choosing the appropriate legal structure, such as sole proprietorship, partnership, or corporation; registering the business with the appropriate government authorities; obtaining necessary licenses and permits; complying with tax obligations; and understanding and complying with employment and labor laws. It is important for entrepreneurs to seek legal advice to ensure they meet all legal requirements and protect their business interests.
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