This overview of business laws of Pakistan is a very brief description of common forms of businesses adopted by private and public sector investors in Pakistan. An attempt has also been made to outline general requirements and regulatory regimes for each of these forms of businesses in Pakistan.
Business law is essential for businesses to operate successfully within legal boundaries. It provides rules for areas like forming business entities, contracts, transactions, intellectual property, employment, and more. Understanding business law helps owners make choices to comply with regulations and avoid costly litigation. It also establishes standards for fair market participation and efficient business interactions. Overall, business law creates a structured legal system that supports commerce.
The document provides an overview of a report on the impact of the Legal Services Act 2007 on the legal profession in the UK. It is based on over 50 interviews with organizations across the legal sector, regulators, and businesses interested in entering the legal market. Key findings include:
- The Act will introduce "alternative business structures" by 2011 that will allow non-lawyers to invest in law firms and multidisciplinary practices, fundamentally changing the existing structure of the profession.
- Views varied on whether increased competition from large retailers providing legal services ("Tesco Law") will benefit consumers, with about half believing it will in a survey conducted for the report.
- The majority of respondents felt legal firms would come under greater
Should Law Firms Restructure: Is The Trend Towards Incorporation Or Limited L...surrenderyourthrone
This document discusses whether law firms should restructure through incorporation, limited liability, or multi-disciplinary practices (MDPs). It summarizes the models for law firm incorporation in Singapore and the UK, where law firms can be established as limited liability entities called law corporations or limited liability partnerships. While this provides protection against large claims, it may reduce collegiality within firms. On balance, the author argues that incorporation should be allowed to help law firms compete globally and take on greater risks and opportunities.
This document summarizes key aspects of government contracting in Colombia. It outlines five principles: objectivity in selection, procedural economy, transparency, equality, and responsibility. It notes that foreigners may participate under reciprocity agreements. All individuals and entities wishing to contract with the government, whether Colombian or foreign, must register in the bidders' registry unless foreign entities have no domicile or branch in Colombia. Contractors must submit a performance bond, with some exceptions. Public-private partnerships are allowed for up to 30% public funding of private initiative projects through public tender.
This document summarizes recent discussions of a potential merger between two of China's top law firms, Jun He Law Offices and Zhong Lun Law Firm. If approved, the merger would create one of the largest law firms in China with nearly 1,300 lawyers. The merger is seen as a strategic response to the growing reputation of rival King & Wood Mallesons, which has established itself as China's first international law firm through its own merger. While some see benefits to increased scale and synergies from the merger, others note cultural differences between the two firms and challenges with integrating large Chinese firms. The implications of the merger for the competitive landscape and future consolidation in the Chinese legal market are also discussed.
When advising business clients about doing business in Canada, lawyers must turn their minds not only to the kinds of corporate vehicles which Canadian law permits but also the remedies permitted if disputes arise. In this paper, we highlight the range of remedies available in the common law jurisdictions of Canada to protect shareholders and others from abusive corporate action.
This is the fourth update revision of a paper which was first published on the internet in 2005. It has been widely read and has been well-received by clients and other lawyers. We believe that we have been repeatedly quoted by other lawyers. Our paper was used in global corporate law texts in Asia and was including in required reading for a business valuators program in Canada.
This paper begins by discussing the various sources of shareholder rights, including corporate statutes, articles of incorporation and by-laws, and shareholder agreements. Although securities laws will also be briefly mentioned, the securities regime is exceedingly complex and it is beyond the scope of this paper to address it in detail. We then discuss the remedies provided by corporate statute to shareholders who are aggrieved by the manner in which management conducts the business and affairs of the corporation, including voting, court-ordered meetings, derivative actions, the oppression remedy, investigations, appraisals and court-ordered winding-up on the “just and equitable principle”.
The oppression remedy, widely acknowledged to be the most powerful weapon in the shareholder's arsenal of remedies, focusses on two particular points: the broad definition of "complainant" under corporate statutes, and the manner in which the courts have defined the reasonable and legitimate expectations of shareholders and other "proper persons" under the oppression remedy.
The authors are members of ELLYN LAW LLP Canadian Business Litigation & Arbitration Lawyers, a Toronto law firm, specializing in dispute resolution for small and medium businesses and their shareholders. The firm is a member of the International Network of Boutique Law Firms (www.inblf.com), a prestige network of specialized law firms who have demonstrated pre-eminence their practice fields. Ellyn Law LLP is INBLF’s designated Toronto firm for shareholder disputes and arbitration. Igor Ellyn, QC is the Chair of INBLF's Business Litigation & Arbitration Practice Group.
In the seven years since this paper was first published, ELLYN LAW LLP has acted on dozens of complex shareholder disputes. Despite our long experience in this area, each case brings its shares of new twists and surprises. In each revision of this paper, we have added the benefits of our added experiences.
Vskills contract law analyst sample materialVskills
This document provides an overview of contract law. It defines a contract as an agreement that is enforceable by law. The key elements of a valid contract are agreement, lawful consideration, capacity of parties, free consent, certainty and possibility of performance, and intention to create legal relations. The document discusses different types of contracts such as void, voidable, unenforceable, formal and simple contracts. It also provides details about Indian contract law, which is governed by the Indian Contract Act of 1872.
This document summarizes a new federal securities registration exemption for M&A brokers and how it affects registration requirements under Illinois state law. The SEC issued a no-action letter called MAB that creates an exemption allowing M&A brokers to facilitate transactions without federal registration if they meet 10 requirements. While the MAB exemption affects federal registration, it does not change state registration requirements. In Illinois, brokers must register under the Illinois Securities Law or the Business Brokers Act depending on whether they take the MAB exemption or maintain federal registration. Attorneys must understand how the MAB exemption interacts with state laws to properly advise clients on registration options.
Business law is essential for businesses to operate successfully within legal boundaries. It provides rules for areas like forming business entities, contracts, transactions, intellectual property, employment, and more. Understanding business law helps owners make choices to comply with regulations and avoid costly litigation. It also establishes standards for fair market participation and efficient business interactions. Overall, business law creates a structured legal system that supports commerce.
The document provides an overview of a report on the impact of the Legal Services Act 2007 on the legal profession in the UK. It is based on over 50 interviews with organizations across the legal sector, regulators, and businesses interested in entering the legal market. Key findings include:
- The Act will introduce "alternative business structures" by 2011 that will allow non-lawyers to invest in law firms and multidisciplinary practices, fundamentally changing the existing structure of the profession.
- Views varied on whether increased competition from large retailers providing legal services ("Tesco Law") will benefit consumers, with about half believing it will in a survey conducted for the report.
- The majority of respondents felt legal firms would come under greater
Should Law Firms Restructure: Is The Trend Towards Incorporation Or Limited L...surrenderyourthrone
This document discusses whether law firms should restructure through incorporation, limited liability, or multi-disciplinary practices (MDPs). It summarizes the models for law firm incorporation in Singapore and the UK, where law firms can be established as limited liability entities called law corporations or limited liability partnerships. While this provides protection against large claims, it may reduce collegiality within firms. On balance, the author argues that incorporation should be allowed to help law firms compete globally and take on greater risks and opportunities.
This document summarizes key aspects of government contracting in Colombia. It outlines five principles: objectivity in selection, procedural economy, transparency, equality, and responsibility. It notes that foreigners may participate under reciprocity agreements. All individuals and entities wishing to contract with the government, whether Colombian or foreign, must register in the bidders' registry unless foreign entities have no domicile or branch in Colombia. Contractors must submit a performance bond, with some exceptions. Public-private partnerships are allowed for up to 30% public funding of private initiative projects through public tender.
This document summarizes recent discussions of a potential merger between two of China's top law firms, Jun He Law Offices and Zhong Lun Law Firm. If approved, the merger would create one of the largest law firms in China with nearly 1,300 lawyers. The merger is seen as a strategic response to the growing reputation of rival King & Wood Mallesons, which has established itself as China's first international law firm through its own merger. While some see benefits to increased scale and synergies from the merger, others note cultural differences between the two firms and challenges with integrating large Chinese firms. The implications of the merger for the competitive landscape and future consolidation in the Chinese legal market are also discussed.
When advising business clients about doing business in Canada, lawyers must turn their minds not only to the kinds of corporate vehicles which Canadian law permits but also the remedies permitted if disputes arise. In this paper, we highlight the range of remedies available in the common law jurisdictions of Canada to protect shareholders and others from abusive corporate action.
This is the fourth update revision of a paper which was first published on the internet in 2005. It has been widely read and has been well-received by clients and other lawyers. We believe that we have been repeatedly quoted by other lawyers. Our paper was used in global corporate law texts in Asia and was including in required reading for a business valuators program in Canada.
This paper begins by discussing the various sources of shareholder rights, including corporate statutes, articles of incorporation and by-laws, and shareholder agreements. Although securities laws will also be briefly mentioned, the securities regime is exceedingly complex and it is beyond the scope of this paper to address it in detail. We then discuss the remedies provided by corporate statute to shareholders who are aggrieved by the manner in which management conducts the business and affairs of the corporation, including voting, court-ordered meetings, derivative actions, the oppression remedy, investigations, appraisals and court-ordered winding-up on the “just and equitable principle”.
The oppression remedy, widely acknowledged to be the most powerful weapon in the shareholder's arsenal of remedies, focusses on two particular points: the broad definition of "complainant" under corporate statutes, and the manner in which the courts have defined the reasonable and legitimate expectations of shareholders and other "proper persons" under the oppression remedy.
The authors are members of ELLYN LAW LLP Canadian Business Litigation & Arbitration Lawyers, a Toronto law firm, specializing in dispute resolution for small and medium businesses and their shareholders. The firm is a member of the International Network of Boutique Law Firms (www.inblf.com), a prestige network of specialized law firms who have demonstrated pre-eminence their practice fields. Ellyn Law LLP is INBLF’s designated Toronto firm for shareholder disputes and arbitration. Igor Ellyn, QC is the Chair of INBLF's Business Litigation & Arbitration Practice Group.
In the seven years since this paper was first published, ELLYN LAW LLP has acted on dozens of complex shareholder disputes. Despite our long experience in this area, each case brings its shares of new twists and surprises. In each revision of this paper, we have added the benefits of our added experiences.
Vskills contract law analyst sample materialVskills
This document provides an overview of contract law. It defines a contract as an agreement that is enforceable by law. The key elements of a valid contract are agreement, lawful consideration, capacity of parties, free consent, certainty and possibility of performance, and intention to create legal relations. The document discusses different types of contracts such as void, voidable, unenforceable, formal and simple contracts. It also provides details about Indian contract law, which is governed by the Indian Contract Act of 1872.
This document summarizes a new federal securities registration exemption for M&A brokers and how it affects registration requirements under Illinois state law. The SEC issued a no-action letter called MAB that creates an exemption allowing M&A brokers to facilitate transactions without federal registration if they meet 10 requirements. While the MAB exemption affects federal registration, it does not change state registration requirements. In Illinois, brokers must register under the Illinois Securities Law or the Business Brokers Act depending on whether they take the MAB exemption or maintain federal registration. Attorneys must understand how the MAB exemption interacts with state laws to properly advise clients on registration options.
The document discusses upcoming changes to the UK legal industry as a result of the Legal Services Act 2007, which will come into effect between 2009-2012. Key points include:
1) The Act will establish a new regulatory framework including a Legal Services Board and Office for Legal Complaints. It will also allow for new structures like Alternative Business Structures (ABS) and Legal Disciplinary Practices (LDPs).
2) LDPs, which will begin operating in 2009, will allow partnerships between different types of lawyers and allow up to 25% non-lawyer partners. This is seen as an intermediate step to ABSs.
3) ABSs, which could begin by 2012, will remove restrictions on
This document provides an overview of the Canadian legal system, including the sources and classification of laws. It discusses how common law developed through precedent and statutes are developed through legislative processes. It also summarizes the Canadian constitution and Charter of Rights, noting that rights are subject to reasonable limits and can be overridden by governments.
The authors explain how a Business Legal Checkup ("BLC") can be useful. BLC is a diagnostic tool small and medium size businesses can use to verify if legal aspects of their operation comply with law and to minimize risk, litigation and expense. When the BLC is completed, the business owner receives a lawyer’s report red-flagging matters which need correction, improvement or further legal advice. Contact the authors for more information.
This document contains the answers to six questions related to business law as part of an MBA assignment.
1) The first question is answered over multiple paragraphs discussing the nature and significance of business law. Key points made include that law prescribes conduct and standards, is imposed on members of society, and is enforced by the executive.
2) The second question defines partnership and lists its essential elements under Indian law.
3) The third question examines the six key rights of consumers enshrined in the Indian Consumer Protection Act of 1986.
4) The fourth question defines bailment under Indian law and lists its essential requisites.
5) The fifth question names the instruments recognized as negot
JOBS Act Rulemaking Comments on SEC File Number S7-11-13 Dated June 6, 2014Jason Coombs
The document is a letter from the co-founder and CEO of Public Startup Company addressing the SEC regarding regulations under Title IV of the JOBS Act. It argues that prohibiting unregistered securities offerings across state lines is unconstitutional and violates free speech and property rights. It urges the SEC to adopt a final rule for Regulation A+ that includes preemption of state securities review for offerings up to $500,000 to help startups raise capital within constitutional limits. It criticizes a letter from members of Congress opposing preemption and argues they have violated their oath of office.
This document provides an introduction and comparison of limited liability partnerships (LLPs) and basic partnerships. Some key points:
1. LLPs were introduced to provide more flexibility for business organizations while maintaining limited liability for partners. They combine features of partnerships and companies.
2. Unlike partnerships, LLPs have separate legal personality and partners have limited liability. However, partners are still liable for their own wrongful acts.
3. LLP registration requirements are simpler than for companies but more formal than basic partnerships. LLPs must also appoint a compliance officer.
4. LLPs can continue operating with one partner for a defined period, whereas partnerships require a minimum of two partners. LLP
Law can be classified in different ways, including criminal/civil law and public/private law. Criminal law deals with crimes against the state and aims to protect society, while civil law resolves disputes between individuals through compensation. Public law involves the government in areas like constitutional, administrative, and criminal law. Private law governs everyday interactions in fields like contract, tort, and family law. Agency law specifically concerns relationships where one person acts on behalf of another principal. The principal is responsible for the agent's authorized actions and the agent owes fiduciary duties to the principal.
This document examines state-corporate crime in Ireland using a case study approach. It discusses concepts like mediated corruption and how corruption can indirectly benefit political actors. It also analyzes Ireland's relatively low levels of corruption in the early 1900s-1920s, when collective moral bonds and respect for the rule of law were strong. However, it suggests definitions of crime are politically shaped. It examines Ireland's 2008 banking crisis and the government guarantee that benefited banks over depositors. Finally, it discusses NAMA and the small number of debtors behind huge loans, reflecting an unsustainable bubble.
International Municipal Lawyers Association: HOW TO FIGHT CORRUPTION? U.S. EX...Kateryna Korobovtseva
How do municipal governments in the USA minimize corruption, increase the level of confidence, promote transparency and increase public access to government? How transparency of local government has been achieved historically?
The Companies Act 2013 aims to promote good corporate governance practices, including self-regulation around related party transactions. It shifts responsibility to companies to ensure fair treatment of stakeholders. Unlike the previous Companies Act of 1956, the new law specifically defines "related party" to more clearly identify transactions that fall under related party transactions. This addresses situations where existing provisions have proved insufficient by bringing related party transactions into clearer focus.
The Provisional Executive Acts Cited In The“Lava Jato Operation” Will Continu...inventionjournals
The Provisional Executive acts in the Constitution of the Federative Republic of Brazil have as their objective the issuance of laws of an exceptional nature by the Chief Executive, and their respective assumptions are the urgency and relevance for a given subject. The present article investigates if the provisional measures studied and that supposedly were edited by purely corporative interests would be considered valid in the Brazilian legal system since it affects the legal legislative process Democratic State of Law and the interest of the society
The document discusses whether P.L. 86-272, a 1959 law that protects businesses from state income taxes if they only solicit sales in a state, is unconstitutional or discriminatory. It notes that the law does not apply to companies that sell services or intangibles. This means those companies can face state income tax liability even if their in-state activities are limited to solicitation. However, companies that sell tangible goods are protected from taxation under similar circumstances. The author argues this unequal treatment may violate the equal protection clause of the 14th Amendment and questions whether updating or changing P.L. 86-272 is overdue to address this potential unconstitutionality.
The document provides an overview of real estate brokerage. It discusses that real estate brokerage involves bringing parties together to buy, sell, exchange or lease property. It also discusses the roles of technologies, personnel and license laws in operating a real estate business. The document notes that brokers' compensation is usually determined as a commission earned when a sales contract is fully executed. It also covers the distinction between employees and independent contractors for brokers.
The Real Estate Investment News is the Monthly Publication of Mid-America Association of Real Estate Investors. This month at MAREI: Tax Planning, Asset Protection, Retirement Fund Growth and Record Keeping with Quickbooks.
Carolyn Elefant, an attorney who owns a boutique energy law practice and freelance legal marketplace, writes to request that the Maryland State Bar Association rescind its 1992 ethics opinion prohibiting lawyers from marking up the costs of freelance attorneys. The opinion is outdated as the legal profession has embraced freelance arrangements and the gig economy. Allowing markups benefits clients through lower overall rates, solo and small firm lawyers by incentivizing the use of lower-cost freelancers, and freelance attorneys by providing them work opportunities. Most other ethics authorities, including the ABA, permit reasonable markups. Rescinding the opinion would bring Maryland in line with the modern legal industry while supporting cost-effective and flexible legal services.
Insider Trading and the 08 Economic CrisisTerry Coulon
The document discusses illegal insider trading, its impact on the 2008 financial crisis, and whether the laws around it need amendment. It defines legal and illegal insider trading, noting that in 2008 illegal insider trading cases increased 25% from 2007 and the SEC brought 671 enforcement actions. The securities law has vague provisions around "manipulative and deceptive devices" and defines illegal insider trading. The document argues the law should be amended to close loopholes, increase penalties for offenders like loss of bonuses and stock, and longer prison times.
This document discusses key principles of law, including definitions of law, the elements that make up a just law system, and sources of law.
It begins by defining law as rules established by authority to regulate behavior. It then analyzes the key elements that make up the definition, including that laws prescribe what must, may, and may not be done, and are recognized and enforced by the state.
The document also discusses the principles of a just law system, including equality, uniformity, certainty, generality, authority, and reasonableness. It explains the differences between real and personal rights, and natural and juristic persons.
Finally, it outlines the main sources of law as legislation, case law
Lease financing first began in Brazil with typewriters and later expanded to include machinery and financial institutions in the 1970s. By 1999, leasing operations in Brazil reached $5.6 billion but declined to $9.2 billion the following year due to economic instability. Currently, Brazil has over 70 leasing companies and is the 12th largest country for leasing operations globally at $10.43 billion, though it has faced relative decline recently from an outside perspective. Leasing provides tax advantages in Brazil by allowing lessee payments to be deducted and goods to remain off lessee balance sheets until purchase.
An Overview of Corporate law in PakistanAyesha Majid
In context of this article, law is a system of rules that lays down standards to which we ought to conform originated from legal rule, moral rule and social convention. It is a system recognised by a particular country or community for regulating the actions of its members which are enforced by the imposition of penalties. Law is a fundamental business discipline. Its study allows to develop a wider perspective on both the business and regulatory landscape and specialised expertise that will not only enrich our business career but will also lay the foundations for successful comprehension of the business environment.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It discusses the key components of the legal system and defines business, law, and the various branches of law. It then examines the purpose of business laws and the sources of business law, including common law, statutory law, and administrative law. The major categories of business law that can affect operations are explored, such as tort, contract, sales, agency, property, bankruptcy, and negotiable instruments. Specific prevailing business and labour laws in Pakistan are also outlined.
The document discusses upcoming changes to the UK legal industry as a result of the Legal Services Act 2007, which will come into effect between 2009-2012. Key points include:
1) The Act will establish a new regulatory framework including a Legal Services Board and Office for Legal Complaints. It will also allow for new structures like Alternative Business Structures (ABS) and Legal Disciplinary Practices (LDPs).
2) LDPs, which will begin operating in 2009, will allow partnerships between different types of lawyers and allow up to 25% non-lawyer partners. This is seen as an intermediate step to ABSs.
3) ABSs, which could begin by 2012, will remove restrictions on
This document provides an overview of the Canadian legal system, including the sources and classification of laws. It discusses how common law developed through precedent and statutes are developed through legislative processes. It also summarizes the Canadian constitution and Charter of Rights, noting that rights are subject to reasonable limits and can be overridden by governments.
The authors explain how a Business Legal Checkup ("BLC") can be useful. BLC is a diagnostic tool small and medium size businesses can use to verify if legal aspects of their operation comply with law and to minimize risk, litigation and expense. When the BLC is completed, the business owner receives a lawyer’s report red-flagging matters which need correction, improvement or further legal advice. Contact the authors for more information.
This document contains the answers to six questions related to business law as part of an MBA assignment.
1) The first question is answered over multiple paragraphs discussing the nature and significance of business law. Key points made include that law prescribes conduct and standards, is imposed on members of society, and is enforced by the executive.
2) The second question defines partnership and lists its essential elements under Indian law.
3) The third question examines the six key rights of consumers enshrined in the Indian Consumer Protection Act of 1986.
4) The fourth question defines bailment under Indian law and lists its essential requisites.
5) The fifth question names the instruments recognized as negot
JOBS Act Rulemaking Comments on SEC File Number S7-11-13 Dated June 6, 2014Jason Coombs
The document is a letter from the co-founder and CEO of Public Startup Company addressing the SEC regarding regulations under Title IV of the JOBS Act. It argues that prohibiting unregistered securities offerings across state lines is unconstitutional and violates free speech and property rights. It urges the SEC to adopt a final rule for Regulation A+ that includes preemption of state securities review for offerings up to $500,000 to help startups raise capital within constitutional limits. It criticizes a letter from members of Congress opposing preemption and argues they have violated their oath of office.
This document provides an introduction and comparison of limited liability partnerships (LLPs) and basic partnerships. Some key points:
1. LLPs were introduced to provide more flexibility for business organizations while maintaining limited liability for partners. They combine features of partnerships and companies.
2. Unlike partnerships, LLPs have separate legal personality and partners have limited liability. However, partners are still liable for their own wrongful acts.
3. LLP registration requirements are simpler than for companies but more formal than basic partnerships. LLPs must also appoint a compliance officer.
4. LLPs can continue operating with one partner for a defined period, whereas partnerships require a minimum of two partners. LLP
Law can be classified in different ways, including criminal/civil law and public/private law. Criminal law deals with crimes against the state and aims to protect society, while civil law resolves disputes between individuals through compensation. Public law involves the government in areas like constitutional, administrative, and criminal law. Private law governs everyday interactions in fields like contract, tort, and family law. Agency law specifically concerns relationships where one person acts on behalf of another principal. The principal is responsible for the agent's authorized actions and the agent owes fiduciary duties to the principal.
This document examines state-corporate crime in Ireland using a case study approach. It discusses concepts like mediated corruption and how corruption can indirectly benefit political actors. It also analyzes Ireland's relatively low levels of corruption in the early 1900s-1920s, when collective moral bonds and respect for the rule of law were strong. However, it suggests definitions of crime are politically shaped. It examines Ireland's 2008 banking crisis and the government guarantee that benefited banks over depositors. Finally, it discusses NAMA and the small number of debtors behind huge loans, reflecting an unsustainable bubble.
International Municipal Lawyers Association: HOW TO FIGHT CORRUPTION? U.S. EX...Kateryna Korobovtseva
How do municipal governments in the USA minimize corruption, increase the level of confidence, promote transparency and increase public access to government? How transparency of local government has been achieved historically?
The Companies Act 2013 aims to promote good corporate governance practices, including self-regulation around related party transactions. It shifts responsibility to companies to ensure fair treatment of stakeholders. Unlike the previous Companies Act of 1956, the new law specifically defines "related party" to more clearly identify transactions that fall under related party transactions. This addresses situations where existing provisions have proved insufficient by bringing related party transactions into clearer focus.
The Provisional Executive Acts Cited In The“Lava Jato Operation” Will Continu...inventionjournals
The Provisional Executive acts in the Constitution of the Federative Republic of Brazil have as their objective the issuance of laws of an exceptional nature by the Chief Executive, and their respective assumptions are the urgency and relevance for a given subject. The present article investigates if the provisional measures studied and that supposedly were edited by purely corporative interests would be considered valid in the Brazilian legal system since it affects the legal legislative process Democratic State of Law and the interest of the society
The document discusses whether P.L. 86-272, a 1959 law that protects businesses from state income taxes if they only solicit sales in a state, is unconstitutional or discriminatory. It notes that the law does not apply to companies that sell services or intangibles. This means those companies can face state income tax liability even if their in-state activities are limited to solicitation. However, companies that sell tangible goods are protected from taxation under similar circumstances. The author argues this unequal treatment may violate the equal protection clause of the 14th Amendment and questions whether updating or changing P.L. 86-272 is overdue to address this potential unconstitutionality.
The document provides an overview of real estate brokerage. It discusses that real estate brokerage involves bringing parties together to buy, sell, exchange or lease property. It also discusses the roles of technologies, personnel and license laws in operating a real estate business. The document notes that brokers' compensation is usually determined as a commission earned when a sales contract is fully executed. It also covers the distinction between employees and independent contractors for brokers.
The Real Estate Investment News is the Monthly Publication of Mid-America Association of Real Estate Investors. This month at MAREI: Tax Planning, Asset Protection, Retirement Fund Growth and Record Keeping with Quickbooks.
Carolyn Elefant, an attorney who owns a boutique energy law practice and freelance legal marketplace, writes to request that the Maryland State Bar Association rescind its 1992 ethics opinion prohibiting lawyers from marking up the costs of freelance attorneys. The opinion is outdated as the legal profession has embraced freelance arrangements and the gig economy. Allowing markups benefits clients through lower overall rates, solo and small firm lawyers by incentivizing the use of lower-cost freelancers, and freelance attorneys by providing them work opportunities. Most other ethics authorities, including the ABA, permit reasonable markups. Rescinding the opinion would bring Maryland in line with the modern legal industry while supporting cost-effective and flexible legal services.
Insider Trading and the 08 Economic CrisisTerry Coulon
The document discusses illegal insider trading, its impact on the 2008 financial crisis, and whether the laws around it need amendment. It defines legal and illegal insider trading, noting that in 2008 illegal insider trading cases increased 25% from 2007 and the SEC brought 671 enforcement actions. The securities law has vague provisions around "manipulative and deceptive devices" and defines illegal insider trading. The document argues the law should be amended to close loopholes, increase penalties for offenders like loss of bonuses and stock, and longer prison times.
This document discusses key principles of law, including definitions of law, the elements that make up a just law system, and sources of law.
It begins by defining law as rules established by authority to regulate behavior. It then analyzes the key elements that make up the definition, including that laws prescribe what must, may, and may not be done, and are recognized and enforced by the state.
The document also discusses the principles of a just law system, including equality, uniformity, certainty, generality, authority, and reasonableness. It explains the differences between real and personal rights, and natural and juristic persons.
Finally, it outlines the main sources of law as legislation, case law
Lease financing first began in Brazil with typewriters and later expanded to include machinery and financial institutions in the 1970s. By 1999, leasing operations in Brazil reached $5.6 billion but declined to $9.2 billion the following year due to economic instability. Currently, Brazil has over 70 leasing companies and is the 12th largest country for leasing operations globally at $10.43 billion, though it has faced relative decline recently from an outside perspective. Leasing provides tax advantages in Brazil by allowing lessee payments to be deducted and goods to remain off lessee balance sheets until purchase.
An Overview of Corporate law in PakistanAyesha Majid
In context of this article, law is a system of rules that lays down standards to which we ought to conform originated from legal rule, moral rule and social convention. It is a system recognised by a particular country or community for regulating the actions of its members which are enforced by the imposition of penalties. Law is a fundamental business discipline. Its study allows to develop a wider perspective on both the business and regulatory landscape and specialised expertise that will not only enrich our business career but will also lay the foundations for successful comprehension of the business environment.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It discusses the key components of the legal system and defines business, law, and the various branches of law. It then examines the purpose of business laws and the sources of business law, including common law, statutory law, and administrative law. The major categories of business law that can affect operations are explored, such as tort, contract, sales, agency, property, bankruptcy, and negotiable instruments. Specific prevailing business and labour laws in Pakistan are also outlined.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It defines key concepts like the legal system, business, law, and different types of business laws. It also outlines various laws prevailing in Pakistan, including contract law, negotiable instruments act, companies ordinance, labour laws like workmen compensation act and factories act. The document aims to educate students on how business laws affect business operations by providing structure, uniformity, enforcement and predictability for commercial transactions and relationships.
This Presentation is all about business law, it's characteristics, types and so on. The difference between law and ethics are also given. Significance and Principles of business law is also described in brief.
The document provides an overview of business law, including its meaning, branches, importance, and characteristics. Business law, also known as commercial or mercantile law, regulates commercial activity and deals with issues related to operating a business. It establishes uniform standards, maintains order and resolves disputes to protect both businesses and consumers. The purpose of business law is to create a stable environment for commerce that benefits all participants.
This document provides an overview of a Business Law course syllabus. The syllabus covers the following topics in 3 parts:
Part 1 covers General Law of Contract, including offer and acceptance, capacity of parties, essentials of a valid contract, remedies for breach of contract, and quasi contracts.
Part 2 will cover Specific Contracts and Arbitration, including bailment and pledge, carriage of goods, indemnity, guarantee, and partnership.
Part 3 will cover Sale of Goods, including conditions and warranties, transfer of ownership, rights of unpaid sellers, and the nature of a contract of sale. Suggested readings are provided.
The system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties. The position of a legal consultant is straightforward but flexible. Some of the shifts in environment and responsibilities associated with the transition may be obvious, but the changes are somewhat based on the circumstances.
The document discusses key concepts in corporate and business law, specifically the Indian Contract Act of 1872. It defines what a contract is under Indian law, noting that a contract is an agreement that is enforceable by law. It outlines the essential elements required for a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, lawful object, and certainty of terms. It also classifies contracts according to their validity, formation, and time of performance.
The document provides an introduction to business law, including definitions of key concepts like law and legal systems. It outlines several major areas of law like contracts, torts, and property law. It also discusses sources of law such as legislation, judicial precedent, and customs. Business law regulates industry and commerce while promoting the rights of businesses. It has become more important with increasing globalization and complex modern business activities.
The document welcomes students to the third episode of the MBA Career program. It provides an overview of the Corporate Legal Environment course syllabus which will cover various topics related to business law including contract law, sale of goods act, negotiable instruments, company law, and taxation. It emphasizes the importance of studying business law for MBA students to understand legal issues in business and maintain operations legally and securely.
This document provides definitions and classifications of business law concepts. It discusses what law is, the different types of laws, and business entities. It defines law and discusses its four principal functions. It describes the different classifications of laws such as written vs unwritten, national vs international, public vs private, substantive vs procedural, criminal vs civil. It also defines common business law terms related to contracts, business organizations, and commercial transactions.
This document provides an introduction to a course on business law. It discusses the meaning and definitions of law from different perspectives, as well as the key features of law. The course will cover topics such as the law of personality, contracts, agency, sales, commercial instruments, and insurance. The goal is to equip students with fundamental legal tools to deal with business matters and challenges in their future careers.
This document provides an introduction to business law. It defines law and discusses its key features, including that law regulates human actions and is enforced by the state. It notes that people interact in various roles in society, such as landlord and tenant, and that law establishes rules of conduct for peaceful coexistence. The objectives of law are to ensure peace, order and socioeconomic justice. Law is dynamic and changes with circumstances. The document outlines different branches of law and sources of Indian business law. It discusses the functions and importance of business law, as well as types of business law such as contracts, intellectual property, and antitrust laws.
This document provides an overview of competition law in Pakistan. It discusses the history of competition law in Pakistan dating back to 1970. The key points are:
- The Competition Act of 2010 established the Competition Commission of Pakistan to enforce competition law. The Act prohibits abuse of dominant position, anti-competitive agreements, deceptive marketing practices, and mergers that lessen competition.
- Competition law aims to promote fair competition between businesses for the benefit of consumers and the economy. It prevents anti-competitive practices like price fixing and restricting competition.
- Pakistan's competition law was inspired by European law and seeks to enhance economic efficiency and consumer welfare through a competitive market system.
This document provides an overview of contract law in India. It defines key concepts like what is a law and contract. It outlines the essential elements of a valid contract according to the Indian Contract Act of 1872 like offer, acceptance, consideration, capacity and legality of objects. It also distinguishes between an agreement and a contract. Additionally, it discusses different sources of law in India like statutory law, common law, civil law and criminal law as well as the historical origins and development of the concept of Dharma or natural law in India.
This document provides an outline for a lecture on mercantile law. It begins with definitions of law and mercantile law. It then lists various types of commercial laws like banking laws, sales laws, mortgages, bankruptcy laws, credit loan laws, and contract laws. Next, it discusses the significance of studying law for understanding contracts, business rights, establishing standards, and maintaining equilibrium. It also notes laws help reduce fraud and ensure ethical conduct. The document then examines the impact of law on society, such as facilitating dispute resolution and maintaining order. Finally, it discusses how laws protect individual rights and liberties.
The document provides information about business law and the legal system. It defines key terms like business, law, and business law. It also outlines some major components of the legal system like institutions, laws, and people. It discusses different types of business contracts and the purposes and sources of business law. It provides examples of business and labor laws in Pakistan and how business operations are affected by laws. It also includes case studies on different types of contracts to illustrate contract law concepts.
The document provides information about business law and the legal system. It defines key terms like business, law, and business law. It also outlines some major components of the legal system like institutions, laws, and people. It discusses different types of business contracts and the purposes and sources of business law. It provides examples of business and labor laws in Pakistan and how business operations are affected by laws. It also includes case studies on different types of contracts to illustrate contract law concepts.
The 21st century has proven to be as economically tumultuous as the two preceding centuries. Between a pandemic, wars, technological developments, progress in civil rights, and breakthroughs in science and medicine, the old order has been swept away, sometimes giving way to freer forms of governing and sometimes not. This period has seen multiple financial crises striking nations, regions, and—in the case of the Great Recession—the entire global economy. All financial crises share certain characteristics, but each tells its own unique story with its own unique lessons for the future. Due to these lessons we were able to experience a smoothened run of economy during the covid-19 syndemic that halted the logistics industry at once and created bottle-necks, hurdles and even complete shut-downs in other sectors while creating a need of overtime for front-line workers who are fighting against the virus on the forefront.
Cpec will galvanize industrailization and employment in pakistanAyesha Majid
China-Pakistan Economic Corridor is a framework of regional
connectivity. Through CPEC China aims to connect its eastern side through
Kashgar to the warm waters of Arabian Sea through Pakistan as it will be
shorter and safer for china to transport goods via this route than through the
china sea to the Arabian Peninsula and surrounding areas. CPEC will not only
benefit China and Pakistan but will have positive impact on Iran, Afghanistan,
India, Central Asian Republics, and the region. Through the enhancement of
geographical linkages having improved road, rail and air transportation system
with frequent and free exchanges of growth and people to people contact,
enhancing understanding through academic, cultural and regional knowledge
and culture, activity of higher volume of flow of trade and businesses, producing
and moving energy to have more optimal businesses and enhancement of cooperation by the win-win model will result in well connected, integrated region
of shared destiny, harmony and development.
Infrastructural issues being addressed in the energy sector of pakistanAyesha Majid
Pakistan is facing key challenges and issues in
the development of social sector mainly in
education, health, energy, security and the
environment due to lack of policy framework,
lack of governance, lack of technological
advancement, unstable strategies, lack of
leadership, poor project management, lack of
innovation and inefficient utilization of
resources. Pakistan’s world ranking as per GCI
is as follows infrastructure (121st)—particularly
for electricity (135th)—remains in a dire state.
Moreover, the country displays some of the
lowest education enrolment rates in the world
and basic education is poor (137th).
Microfinance service in pakistan over the decadeAyesha Majid
Pakistan has made considerable developments in Microfinance though a late starter in this
industry. The sector formally started to develop from 1999 although; semiformal sectors since the 1980s
are providing micro-credit in Pakistan. Including Non-Government Organizations (NGOs) and Rural
Support Programs (RSPs). Subsidies have played an important role in the growth and promotion of the
microfinance sector’s growth phase. Now the sector is in its maturity phase. MFBs funding structure
suggests lack of own-resource base through deposits mobilization. For long-term sustainability, Financial
Self Sufficiency is vitally important for microfinance institutions.
Presentation: Philip Morris (Pakistan) Limited: Business Strategy Ayesha Majid
Phillip Morris international is one of the leading cigarette manufacturing companies in the world
with the current share price of $73.78 (Philip Morris International). The organization is known
for the making of cigarettes, other tobacco products and nicotine-containing products in
countries outside of the United States. Its portfolio comprises of both global and local brands.
Philip Morris (Pakistan) Limited (“PMPKL”), is a public limited company and is listed on the
Pakistan Stock Exchange. PMPKL is affiliated with Philip Morris International (“PMI”), which
is listed on the New York Stock Exchange and has operational Headquarters in Lausanne and
Corporate Headquarters in New York. The company is one of the largest manufacturers of
cigarettes in Pakistan and contributes in many charitable projects where they source and
manufacture their tobacco. Some of these projects are provision of economic opportunities,
women empowerment and making education available. It currently has 739 employees in 15
offices with 1 cigarette factory and 1 tobacco leaf plant in Pakistan (PMI - Pakistan). Philip Morris Pakistan follows the business model of Profit Pyramid Model.
Philip Morris (Pakistan) Limited: Business Strategy Ayesha Majid
Phillip Morris international is one of the leading cigarette manufacturing companies in the world
with the current share price of $73.78 (Philip Morris International). The organization is known
for the making of cigarettes, other tobacco products and nicotine-containing products in
countries outside of the United States. Its portfolio comprises of both global and local brands.
Philip Morris (Pakistan) Limited (“PMPKL”), is a public limited company and is listed on the
Pakistan Stock Exchange. PMPKL is affiliated with Philip Morris International (“PMI”), which
is listed on the New York Stock Exchange and has operational Headquarters in Lausanne and
Corporate Headquarters in New York. The company is one of the largest manufacturers of
cigarettes in Pakistan and contributes in many charitable projects where they source and
manufacture their tobacco. Some of these projects are provision of economic opportunities,
women empowerment and making education available. It currently has 739 employees in 15
offices with 1 cigarette factory and 1 tobacco leaf plant in Pakistan (PMI - Pakistan). Philip Morris Pakistan follows the business model of Profit Pyramid Model.
Philip Morris Pakistan (PMPKL) is a subsidiary of Philip Morris International that manufactures and sells tobacco products in Pakistan. It has two factories and distributes products through a network of warehouses, distributors, and over 256,000 retailers. PMPKL uses a push strategy to sell all produced cigarettes and focuses on existing smokers rather than acquiring new customers. It aims to meet retailer demand through a sales force structure that moves products from the factory to distributors to retailers on a daily basis. PMPKL also works to optimize its supply chain costs and distribution incentives to motivate partners while ensuring product availability.
Apple INC.: Managing a Global Supply ChainAyesha Majid
As part of her analysis of Apple’s stock, she wanted to look at the company’s supply chain to see if she could gain some insight into the pros and cons of Apple as a key holding in BXE’s fund. When. Apple Computer was founded on April 1, 1976, by Steve Jobs, Steve Wozniak and Mike Markkula to manufacture and distribute desktop computers.
While claiming to learn from the Chinese way of handling the crisis, there is no on-ground action in Pakistan that supports the claim. The Prime Minister denies national lock down despite the fact that without proper lock-down the virus spread trajectory can be rapid resulting in collapse of national health facilities which can bring the national economy to a halt.
Pakistan is an important maritime state in the Indian Ocean blessed with approximately 1,050 km long coastline and the Exclusive Economic Zone covering about 240,000 sq. The vast coastline of Pakistan naturally offers the option of deep sea water ports which means a much bigger volume of ship could be stationed along the coastline.
Factors Affecting Consumer Purchase Intention When Buying Toyota Corolla in P...Ayesha Majid
The economy of Pakistan and the consistent increase in dollar rates has taken a huge toll on the sales of the multinational manufacturer. Focus group analysis show that majority of the people preferred Honda over Toyota due to several reasons including near to none change in the designs of Toyota Corolla’s variants. Another factor was that Toyota was seen more as a car for the rural areas which was best suited for a rugged terrain. Although the general perception is that Toyota has better car suspension and fuel efficiency, people would still prefer Honda and other Japanese cars. Respondents said that advertisements played a crucial role but they do not compel the customer to buy a product like a car, there are other factors that are taken under consideration. Pakwheels and olx were the first two online platforms that they mentioned when asked about their go to online source. Family and friends advice played a major role in deciding which car to buy. According to the research conducted by our group through questionnaire, a regression was done and seen that the general perception that a reduction in prices will increase sales was not true because people usually associate low prices with low quality products. According to the regression, only advertisement and product have a significant result. All the variables are positively correlated with each other and less than one and positive indicating a formative relationship to the dependent variable. Branding has an insignificant positive relationship with purchase intention because consumers are only considering three competitors; Honda, Suzuki and Japanese cars.
Factors Affecting Consumer's Purchase Intention When Buying Toyota Corolla in...Ayesha Majid
Toyota is a name almost everyone is familiar with. It has been the market leader in automobiles specially hybrid and electric automobiles. It has been operational in Pakistan since 1989.
Toyota is a one of a kind Japanese multinational automotive manufacturer. As of September 2018, it was the sixth largest company in the world in terms of revenue. The economic conditions however have not been very favorable for the automotive industry. The economy of Pakistan and the consistent increase in dollar rates has taken a huge toll on the
sales of the multinational manufacturer. Focus group analysis show that majority of the people preferred Honda over Toyota due to several reasons including near to none change in the designs of Toyota Corolla’s variants.
Another factor was that Toyota was seen more as a car for the rural areas which was best suited for a rugged terrain. Although the general perception is that Toyota has better car suspension
and fuel efficiency, people would still prefer Honda and other Japanese cars. Respondents said that advertisements played a crucial role but they do not compel the customer to buy a product like a car, there are other factors that are taken under consideration. Pakwheels and olx were the first two online platforms that they mentioned when asked about their go to online source. Family and friends advice played a major role in deciding which car to buy. According to the research conducted by our group through questionnaire, a regression was done
and seen that the general perception that a reduction in prices will increase sales was not true because people usually associate low prices with low quality products. According to the regression, only advertisement and product have a significant result. All the variables are positively correlated with each other and less than one and positive indicating a formative relationship to the dependent variable. Branding has an insignificant positive relationship with purchase intention because consumers are only considering three competitors; Honda, Suzuki and Japanese cars.
This document discusses K3 Agro Solutions' corn silage product. It describes the manufacturing process which involves harvesting corn from fields, cutting and compressing it into a final packaged product. It provides details on packaging, pricing, sales terms, competitors and customers. The document appears to be a sales presentation for K3 Agro Solutions' corn silage product.
Netflix was founded in 1997 by Reed Hastings and Marc Randolph. It initially started as a DVD rental service called Kibble and was launched in 1998. In 2007, Netflix introduced streaming services and is now available in over 190 countries with over 148 million paid subscribers. Netflix competes in the online streaming market against competitors like HBO, Amazon Prime, Disney+, and Hulu. It has experienced exponential growth and relies on original content and a global customer base as strengths, but also faces challenges like increasing costs and competitive pressures.
The British Rule's lasting sway on lives of PakistanisAyesha Majid
The British rule still has a sway on us and we still unconsciously see them as our masters/ or a better race than us in terms of looks, language, traditions clothing style and hobbies. Though the Britishers only enforced their norms through law and schooling but its impact was long-lasting and deep-rooted amongst the young natives.the current architectural format of Pakistani buildings is inspired from British architecture as opposed to local designs and aesthetics specially regarding room aeration and lightening. Many of the botanical flowers and ferns that we see in Pakistan were introduced by Britishers which were than made part of the gardening aesthetics by the then influential Pakistanis to show-off their civilised family background.
Reko-Diq and Saindaq Reserves Similarities and DifferencesAyesha Majid
The Reko-Diq and Saindak mines are both located in Baluchistan, Pakistan and contain significant copper and gold reserves. Reko-Diq has estimated reserves of 5.9 billion tons of ore grading 0.41% copper and 41.5 million ounces of gold. Saindak had estimated reserves of 412 million tons averaging 0.5 grams of gold and 1.5 grams of silver per ton. While Saindak has been mined by MCC since 2002, development of Reko-Diq was halted in 2011 when the Baluchistan government denied Tethyan Copper Company a mining license, leading to a $5.8 billion international arbitration award against Pakistan in 2019.
The document discusses cyber crimes and related laws in Pakistan. It provides definitions of cyber crimes and examples. It summarizes the Electronic Transactions Ordinance of 2002, which recognized electronic records and transactions. It also discusses the Electronic/Cyber Crime Bill of 2007 and Prevention of Electronic Crimes Act of 2016, which defined additional cyber crimes and penalties. Key sections from these laws are outlined dealing with issues like data damage, electronic fraud, and cyber terrorism.
The Basel III regulations are devised to mitigate damage to the economy caused by banks that take on excess risk. This third instalment of the Basel Accords was developed in response to the deficiencies in financial regulation revealed by the financial crisis of 2007–08. It is aimed at improving the banking sector's ability to deal with financial stress, improve risk management, and strengthen the banks' transparency. It is part of the continuous effort to enhance the banking regulatory framework and builds on the Basel I and Basel II documents.
Impact of IMF loan on Pakistan's economy: In long run and short runAyesha Majid
To keep the balance of payments in check and to meet the financial obligations government of Pakistan has signed 13th bailout with IMF. This bailout has laid several conditions on the Pakistani government including those on taxes and subsidies, government spending, interest rate, foreign exchange rate and Pakistan's borrowing from China.
Whether the program turns to be beneficial or detrimental for the economy depends how the public responds to the measures and how thoughtfully the government implements it.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
What are the common challenges faced by women lawyers working in the legal pr...lawyersonia
The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
2. Introduction
The definition of law depends on the context it is being referred to. In context of this
article, law is a system of rules that lays down standards to which we ought to conform
originated from legal rule, moral rule and social convention. It is a system recognised
by a particular country or community for regulating the actions of its members which
are enforced by the imposition of penalties. Law is a fundamental business discipline.
Its study allows to develop a wider perspective on both the business and regulatory
landscape and specialised expertise that will not only enrich our business career but
will also lay the foundations for successful comprehension of the business
environment.
Business law, also called commercial law or mercantile law; is the body of rules,
whether by convention, agreement, or national or international legislation; governing
the dealings between persons and/or entities in commercial matters. It is a broad area
of the law and covers, statutes, cases and customs which deal with trade, sales, buying,
selling, transportation, contracts and all forms of business transactions.
Business law encompasses the law governing contracts, sales, commercial paper,
agency and employment law, business organizations, property, and bailments. Other
popular areas include insurance, wills, estate planning, and consumer and creditor
protection. Business law may include issues such as starting, selling, or buying a small
business, managing a business, dealing with employees, or dealing with contracts,
among others.
Business law study is crucial to all business careers, whether in accounting, finance,
management, HR, marketing, property, or entrepreneurship. Business Law
complements other business majors as well. For example, accounting and finance
students will be enriched regarding law governing financial markets and investments,
marketing students can find it useful to learn about marketing law and intellectual
property law. Studying Business law will give you an array of skills that are valued
highly in business world. It will develop our analytical and critical thinking skills,
improve our written communication skills, and help to think strategically about
business opportunities and business risks.
While remaining inside the limits of an expanding array of business laws is
fundamental for accomplishment in business, it isn't adequate. Organizations should
likewise perceive extra limitations and expectations placed them by business morals,
those standards and qualities that characterize what is good and bad. While ethical
standards typically start with what is lawful, they regularly force a better quality that
perceives a huge number of partners past providers, clients, and representatives.
3. Business law falls into two distinctive areas:
1. the regulation of commercial entities by the laws of company, partnership, agency,
and bankruptcy
2. the regulation of commercial transactions by the laws of contract, tort and related
fields
The Uniform Commercial Code (UCC), which governs sales and commercial paper,
has been adopted in some form by almost all states. There are agencies at the state
and at federal level which administer the law in such issues such as employment
affairs and consumer and credit protection. The laws aim to protect fair business
practices and due process to protect rights for aggrieved workers and others.
Business law makes us aware of the legal issues involved in law and business. Broadly
speaking Business law applies to the rights, relations and conduct of persons and
businesses engaged in commerce, merchandising, trade, and sales. In recent years this
body of law has been codified in the Uniform Commercial Code (UCC), which has
been almost universally adopted.
There are various forms of legal business entities ranging from the sole trader, who
alone bears the risk and responsibility of running a business, taking the profits, but as
such not forming any association in law and thus not regulated by special rules of law,
to the registered company with limited liability and to multinational corporations. In a
partnership, members “associate,” forming collectively an association in which they all
participate in management and sharing profits, bearing the liability for the firm’s debts
and being sued jointly and severally in relation to the firm’s contracts or tortious acts.
All partners are agents for each other and as such are in a fiduciary relationship with
one another. It is inevitable that in certain circumstances business entities might be
unable to perform their financial obligations.
With the development of the laws surrounding commercial enterprises, a body of rules
developed relating bankruptcy: when a person or company is insolvent (i.e., unable to
pay debts as and when they fall due), either he or his creditors may petition the court
to take over the administration of his estate and its distribution among creditors.
Three principles emerge: to secure fair and equal distribution of available property
among the creditors, to free the debtor from his debts, and to enquire into the reasons
for his insolvency.
Business law touches everyday lives through every contractual dealing undertaken. A
contract, usually in the form of a commercial bargain involves some form of exchange
of goods or services for a price, is a legally binding agreement made by two or more
persons, enforceable by the courts. They may be written or oral, to be a binding
contract the following must exist: an offer and unqualified acceptance thereof,
intention to create legal relations, valuable consideration, and genuine consent (i.e.,
4. an absence of fraud). The terms used must be legal, certain, and possible of
performance.
Contractual relations, as the cornerstone of all commercial transactions, have resulted
in the development of specific bodies of law within the scope of business law
regulating
1. sale of goods—i.e., implied terms and conditions, the effects of performance, and
breach of such contracts and remedies available to the parties;
2. the carriage of goods, including both national and international rules governing
insurance, bills of lading, charter parties, and arbitrations;
3. consumer credit agreements;
4. Labour relations determining contractual rights and obligations between
employers and employees and the regulation of trade unions.
Business law, on national and international levels, is continually evolving with new
areas of law developing in relation to consumer protection, competition, and
computers and the Internet.
Majority of mercantile law revolves around one or the other kind of contract between
two businesses or between a business and an individual. There are several definitions
for contract varying with who you interpret Contract Act of 1872. According to Sir
Frederick Pollock, “Every agreement and promise enforceable at law is a contract.”
Salmond defines a contract as, “an agreement creating and defining obligations
between the parties” Sir William Anson observes, “A contract is an agreement
enforceable at law made between two or more persons, by which rights are acquired
by one or more to acts or forbearance on the part of the other or others.”
Organizations remain the most preferred type of business association in Pakistan
particularly for medium and huge scope business endeavours. Legitimate system for
foundation and guideline of organizations in Pakistan is given in the Companies
Ordinance, 1984. Though the capacity of organization of these organizations is vested
in the Securities and Exchange Commission of Pakistan and the Registrar of
Companies selected by the Securities and Exchange Commission of Pakistan for a
territory of Pakistan where such organization is to be enlisted.
Under the arrangements of the Companies Ordinance, 1984 an organization is a body
corporate with isolated lawful substance and a never-ending progression and an
organization might be shaped by people partner for any legitimate reason by buying in
their names to the Memorandum of Association and agreeing to different necessities
for enrolment of an organization under the arrangements of the Ordinance.
5. Cyber Laws in Pakistan
Cybercrime is an activity in which computers or networks are a tool, a target, or a
place of criminal activity. It also includes traditional crimes in which computers or
networks are used to enable the illicit activity. As the computer has become central to
commerce, entertainment, and government. There are different laws, promulgated in
Pakistan. These laws not only deal with crime of Internet These deal with all
dimensions related to computer & networks. Three of them are most known are:
Electronic Transaction Ordinance 2002, Electronic / Cyber Crime Bill 2007 & •
Prevention of Electronic Crimes Act (PECA) 2016. The Electronic Transactions
Ordinance (ETO), 2002, was the first IT-relevant legislation created by national
lawmakers.
History of Pakistan’s legal system
Before British colonization we followed Persian law under Mughal rule. With the
British came the system of common law, the legal history followed by Pakistan has its
main sources in common law of England and wales. Because of our motto we
incorporated Shariah in the legal system through various ordinances, amendments
and bodies. Panjiat and Jirga too are a source of our law.
We inherited the legal system of common law from British India through Government
Act of 1935. Common law is the system of law in most of the English-speaking world
and many non-English-speaking countries that were once part of the British Empire,
such as India, Pakistan, and the Caribbean. Within Canada, all provinces and
territories except Quebec have adopted common law. Common law is based on
precedent, the recorded reasons given by judges for their decisions and adopted by
judges in later cases. Common law is designed to facilitate two important aspects of
justice: 1. Consistency, so that there is equal treatment in like situations; 2.
Predictability, so that people can find out ahead of time where they stand and act with
reasonable certainty in making decisions about whether to sue or to defend
themselves.7 The system of determining law by following already-decided cases, or
precedent, is known as stare decisis, a Latin phrase meaning "to stand by a previous
decision." On the one hand, we want the law to be stable and certain enough that it
can be consulted confidently to predict the legal consequences of our conduct
The constitution of Pakistan was first made on 23 March 1956 under Zulfiqar Ali
Bhutto and was later islamified by Zia-ul-Haq.
Currently there are three sources of law: the Constitution, legislation, and the courts.
The Constitution is the foundation law from which all other laws draw their power. In
turn, legislation is passed by Parliament and by provincial legislatures in compliance
with the Constitution. Such statutes may codify case law that developed in the courts,
6. or it may change case law. Lastly, the courts hand down judgments that also develop
and shape legal principles.
The corporate law of Pakistan has its roots in Partnership Act 1932, Sale of Goods Act
1930 and the Contract Act 1872, both common law acts incorporated as federal Acts in
Pakistan’s constitution. Contract Act 1872 was repealed by Companies Ordinance 1984.
Whilst several ordinances for intellectual property rights were made over the course of
time each focused on one particular right.
Needed development in Pakistani law
Tort law is a civil wrong that one commits towards another which results in legal
liability regardless of a contractual relationship. So, for example, if a restaurant serves
their customer expired food, they can face legal liability since they have a “duty of
care” to all those who consume food on their premises. This can be seen by the very
famous case of “Donoghue v Stevenson” (1932), a case which harks back to before
World War II.
The seminal case laid the basic foundations for negligence law all thanks to a dead
slug in a ginger beer bottle. Two friends met up for drinks at a café when Ms
Donoghue ordered a ginger beer only to find the offending slug in the drink. She
claimed to get abdominal pain and shock from the sight of the slug and was awarded
£500 in damages (a phenomenal sum at the time). The court found that the
manufacturer of the beer had a duty of care to all those who consumed his beer.
Since that time a comprehensive body of law has developed which includes road traffic
accidents and medical negligence cases. However, in Pakistan (to my knowledge)
there isn’t a stringent enforcement of Tort law. Every day we hear and see of countless
stories of immense medical negligence involving doctors taking out the wrong organ
or poisonous alcohol killing several hapless drinkers or even donkey meat being sold
by food vendors. The current state of Pakistan’s judiciary system would need a radical
overhaul and this doesn’t seem to be something that will happen anytime soon. In the
meantime, we can only hope and pray for the day a case like Donoghue v Stevenson
graces Pakistani courts. However, if tort law does develop in Pakistan along with law
of negligence then firms will be compelled to improve the quality of service, they
provide because of the sword of law hanging above their throats and the eminent
threat of levying of huge fines upon them by the court.
The standard judicial classification of negligence is seen in Blyth v Birmingham Co.
(1856) where Alderson B stated that: “Negligence is the omission to do something
which a reasonable man, guided upon those considerations which regulate the
conduct of human affairs, would do, or doing something which a prudent and
7. reasonable man would not.” The only form of negligence code of law performed or at
least seen perform in Pakistan is medical negligence.
I believe if these laws are affectively implemented in Pakistan along with laws for
corruption and competiveness we have enough skills, creativity and passion to earn
heaps of money that not only Pakistani business world will come out of recession but
will thrive so well that in a few years would be able to become a major economic
power of the world. The problem I see in us Pakistani’s is that we work only if there is
a prevalent threat upon our heads otherwise, we will be ready to waste double the
energy in avoiding doing the same task and indulging in negative activities. The
society has a taboo of being morally corrupt, double faced and with deep merged
selfishness and greed for worldly wealth.
Conclusion
British Colonization has affected our everyday life and how till date we especially our
legal system is still working in the same way and pace as the Britishers has left it. It
also allowed us to gauge how deeply common law has penetrated in our own legal
system along with a feeble attempt by Zia-ul-haq to coincide Shariah law into our legal
structure.
To me it seems as if we are still living in the same legal age that our colonizers left us
in and only made it more complex and cumbersome in an effort to merge Shariah in it.
The only success stories in our legal history is efficiently absorbing a foreign inspired
act in our legal system to partially pace us with the world we compete in. however
there are still various domains in our legal system that need to be thoroughly
examined and then recoded to make them applicable in today’s electronic and instant
communication era. Especially regarding social media as proof of evidence and the
extent of protection when a consumer buys online versus physically from the shop.