Basics of Business Law: An Introduction to the Course

Business Law Overview and Introduction

Business law is a broad area of the law that encompasses all of the laws governing the rights, relationships, and conduct of businesses and individuals engaged in commerce, sales, and trade. It includes the study of issues of both private and public law, which applies to individuals and businesses involved in, or preparing to engage in, commercial transactions. From the point of view of business, and commercial law, the relevant business law for purposes of our course could include anything from environmental law, antitrust law, real estate law, product liability law, intellectual property law, labor law (union / non-union issues), employment law, contract law, franchise law and unfair competition law, to shareholder’s rights law and securities law and the regulation of stocks, bonds and other investments, such as mutual funds.
Given the extensive breadth of business law, all those who are involved in any way with starting, running , financing or harvesting the fruits of businesses should have some fundamental understanding of business law, particularly commercial law. From people who own their own business to investors and vendors to executives and management, everyone in the world of commerce should be reasonably familiar with the laws that could potentially apply to them and their businesses. Most people are not, particularly those that are not lawyers, and most owners, executives and managers at companies do not have significant experience with legal issues. Businesses can become saddled with unwanted and heavy legal exposure by doing business without giving sufficient attention to the legal issues that surround how the business operates. As a lawyer who advises companies on business matters and acts as their attorney, I always find it interesting how lawyers often forget that they could be great assets to their business clients if they promote what they know and refer their clients to legal counsel when they are seeking legal help.

Course Goals and Learning Objectives

Course objectives and Learning outcomes:
On successful completion of this unit students will be able to;
Demonstrate a basic knowledge and understanding of the legal concepts and principles which apply to business.
Demonstrate an understanding of the sources and types of legislation that apply to business, and the range of courts and decision making fora which comprise the Australian law system.
Identify and evaluate legal issues and formulate solutions to business law problems.
Research, analyse, and interpret legal material.

Topics Covered in a Business Law Course

In a typical business law course, the following topics are often addressed: Contracts: Understanding the fundamental nature of contracts is essential in the world of business. The course will touch upon the requirements for a legally binding contract, the concept of breach of contract, and the potential remedies available if a contract is breached. Corporate Structure: The formation and structure of a business entity is key to its operation. The course will cover types of business entities, formation requirements, liability issues, and considerations for management and control. This may also include a discussion of corporation formalities and more advanced topics such as mergers and acquisitions. Intellectual Property: Intellectual property assets – from patents to trademarks to trade secrets – are crucial to the success of many businesses. The course will provide an overview of the different types of IP protection available, how to obtain and maintain those protections, and enforcement issues. Employment Law: Most business entities now have employees, so understanding employment law is essential. Topics may include hiring, firing, discrimination and harassment issues, wage and hour law, FMLA, and other workplace regulations. Additional Topics: Other topics that may be addressed in a business law course include bankruptcy, securities regulation, antitrust, sales of goods and related laws under the UCC, consumer protection and other general commercial law matters.

Format and Structure of a Business Law Class

Given the diversity of university programs, a business law course may be a standalone subject or comprise of multiple subjects within one program. Typically, a business law course is delivered via a combination of lectures, tutorials, workshops, practical seminars and assessments. When these components are integrated into a single point of contact, a clear, comprehensive overview of the administrative law appears.
Lectures are often or always used to introduce the fundamentals of business law. Because lecture material is sometimes omitted from assessments, students may think that this makes lectures optional. However, many students find that they are better prepared for exams if they attend lectures. In addition to this benefit, attending lectures ensures that you are given adequate access to the most up-to-date and relevant current law.
Lectures are also designed to familiarize students with the different types of lecturers that will deliver their course material. Not all business law courses across all universities have the same format. If you know your lecturer’s format it is possible to adjust your studying technique to match. For example, some students prefer to take notes in long-hand, while other students prefer to type, due to typing being their preferential style of information retention.
In a study devised by Professor Timothy P. Roth, Roth shows that listening to a lecturer and then writing down that information into long-hand during a lecture produces more short-term learning than if a student had gone home and read the lecture that night. There is, however, no research evidence on whether long-hand provides for better short term learning than typing.
Adding to a lecture, or in place of a lecture, a tutorial can test your understanding of course concepts. In smaller groups, these classes offer the opportunity for a tutor to better identify your strengths and weaknesses and provide you with feedback. Situational exercises (also called tutorials) assess the ability to apply what has been learned in lectures.
The needs and priorities of students vary depending on their business law course. Therefore, some students may have a preference as to whether their tutorial includes problem questions or whether the attention is placed on the lecture content. A tutorial group of around seven to thirty students meets weekly or fortnightly. Some students refer to smaller tutorials as a seminar and larger ones as tutorials.
With an average of twenty to forty enrolled in each class, the business law online lectures cover the same ground as real life lectures, except with added accessibility. Students can attend the online lectures from anywhere in the world and at any time. Many universities provide video recordings of their professors’ lectures each week. The lecture recordings are useful tools that help students revise course content.

Who Should Take A Business Law Course

A typical business law course, such as the one offered by Law Shelf Continuing Legal Education, covers a broad range of topics and is well suited for a number of different individuals. Business students, for example, will benefit significantly by gaining a better sense of what regulations they may be dealing with down the line in their careers, whether they enter the business world as a manager, finance expert, computer programmer or some other type of position. Entrepreneurs just starting their own endeavors will find themselves dealing with a host of different legal issues routinely, and therefore should have a good understanding of what they will be up against when they encounter complex regulatory environments and significant business real estate decisions . Certain political science students who are more focused on a potential career in policymaking, lobbying or corporate relations may also benefit more directly from a business law course than those looking to become corporate lawyers—having business law-savvy individuals involved in political and regulatory matters is valuable.
Those who will benefit the most from a course in business law are people who will be or already are making important hiring, management and policy decisions. People who have administrative or executive functions are very frequently called upon to make significant choices with important legal implications, even if those choices do not directly require them to enforce the law in their workplace. This includes but is not limited to representatives from human resources, managers of various departments of a company, upper-level interns, and owners of SMEs.

Career Paths after Completing a Business Law Course

The array of career paths available to those who complete a course in business law is extensive. Attorneys and others that have taken undergraduate or graduate-level business classes have transitioned into compliance roles, where they ensure organizations meet all legal obligations. Businesses are increasingly under scrutiny from the government, and organizations want to avoid the negative publicity and fines that can come with non-compliance issues. For this reason, compliance professionals are in high demand. Other non-attorney professionals move from the classroom into business consulting. Business consultants must have top-notch analytical skills, enabling them to examine data and make practical recommendations. These professionals are also able to explain complex relationships between law principles and various business functions. They frequently have an extensive background in both law and business strategy. Some individuals that have studied business law choose to educate the next generation of leaders in the field. Business law instructors have advanced knowledge of this vital subject that regulates how business operates. From global trade to human resources disputes, knowledge of business law is essential to protect corporations or other business entities. While some individuals with business law backgrounds might ultimately choose to practice as attorneys, there are many opportunities for those without a law degree. Understanding the law guarantees opportunities throughout the professional world.

Commonly Asked Questions about Business Law

I would like to share a few of the commonly asked questions about business law courses, so that you can start out with a clearer idea of what is going to be expected of you, and also to avoid as many nasty surprises as possible.
Q: Do I need any prerequisites before taking this course?
A: For most entry level courses, an introductory business law course is preferable, either at the undergraduate or graduate level. For more advanced courses, you should understand the material you will be learning. For example, if you are planning on studying contract law, you should have already learned the basics of contract formation, such as offer, acceptance and consideration .
Q: How long will it take for me to complete this course?
A: That depends quite a bit on you, and how much time and effort you are willing to devote to studying and completing the course material. The harder you work, as well as your prior business law knowledge, will directly affect how long your course should take.
Q: Does this course require any books or books, or additional materials?
A: Most entry courses do require textbooks. More advanced classes generally only require book writing material such as pencils or pens.
Q: Is there anything I can do to prepare myself ahead of time for this course?
A: It is not uncommon for some students to audit classes before taking them. If you want to audit a class, simply contact the college you are interested in and ask the counselor for a list of classes you can audit and attend.