Business Law And Ethics Assignment Sample

Introduction Of Business Law And Ethics

Business Ethics includes corporate governance, CSR, along with fiduciary responsibilities, and many more. Therefore, through the implication of business ethics and legal frameworks, it becomes possible for an organisation to maintain social and economic sustainability, The primary purpose of this assessment is to evaluate the importance of contract rules and regulations for large business sellers as well as the general public.

Evaluation of the case scenario

The provided scenario includes Adam getting asked to attend an interview for a summer internship at “London Business Advisory”, a business consulting firm. The employer might provide a training contract as a result of the internship. Adam ought to thoroughly research the organization, comprehend its key clients, and be aware of the difficulties big business sellers face in the market before the interview. He should be prepared for discussion regarding his background, abilities, teamwork experiences, moral judgment, inventive thinking, managing time, and long-term professional objectives. Adam's prospects of convincing the hiring managers and landing the internship will be improved by proper preparation.

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Discussing rules regarding the formation of a contract

Critical discussion of the rules

Training contract demonstrates the formation of the contract between the stakeholders of trainees along with the business corporates. In this case, the trainee solicitors put into practising the skills they have learned in the period of study so that an enhanced set of expertise can be gathered from the training period (King et al. 2020). Evaluating the detailing of the training contract, it can be said that every contract must include four key elements that comprise:

• Offer
• Acceptance
• Consideration
• Intent for creating legal relations

In any kind of formation of the contract, an offer has been generated from one party to the applying candidates for further stages of acceptance. However, in most cases, an additional negotiation stage has been encountered before initiating the offer. In the case of an offer, all the terms and conditions need to be specific, so that the other party can be accountable enough to accept the offer, otherwise it will be void.

In case the offer has been accepted from the opposite end, it is considered as acceptance that can be in any form whether it will be orally, written or “by the conduct of the offeree”. However, in the last case, the offeree must have the depth of knowledge of the placed offer. The part of consideration portrays practical significance as it is paid by the buyer to the seller (Fell et al. 2020). After completing all the stages legal relations have been made between the parties to agree to a contract. In this present business set of Adam, it is advisable to go through the details of the offer that will be provided by the “London Business Advisory” based on the performance monitoring so that the details set of regulations must be known by the offeree.

Based on the “Article 1” of the UK contracts of “C(AL)A 1990, Sch1”, provides the detailing of the conventions that have been applied in the contractual obligations in any of the circumstances of the situations involved between both the parties (Lexisnexis.co.uk, 2023). In this case, the intern is considered a worker of the organization for carrying out regular allotted activities for which they will be paid. However, it is important to keep in mind that, in case an intern has been treated as a worker, then he must be entitled under the rules of the “National Minimum Wage”.

Impact of the rule on the client

Contracts tend to be formed orally, although, in rare circumstances, neither oral nor written agreement is necessary for the creation of a contract. A verbal agreement between parties can therefore nonetheless have the same legal force and effect as a written contract. The aforementioned rule is subject to statutory exemptions. For instance: (i) a lease lasting longer than three years must be executed via deed; (ii) the majority of contracts for the sale or disposition of a stake in real estate must be “made in writing”; (iii) contracts of guarantee must be supported by writing; Statute of Frauds, s 4 (Latham and Watkins LLP, 2022). Therefore, through the implication of legal regulations and regulatory compliances, large business sellers will be able to maintain business operations legally and ethically.

Whether both sides intended these clauses to be included or not, terms implied in law are terms that are imported by the operation of law. For instance, it is an implied provision in an agreement for the trade-in of commodities that the items will be of a particular standard and, if supplied for a particular purpose, will be suitable for that use. The law attempts to regulate certain contracts by imposing a set of uniform terms. Numerous phrases that are implied by law have been given legislative definitions. For instance, “Sections 12 to 15 of the Sale of Products Act of 1979” imply several significant provisions in contracts for the sale of products (Practical Law Commercial, 2022). Hence, large business sellers will be able to implement a standardised set of terms in selling goods and services.

Conditions precedent are prerequisites that parties to a contract may seek to have fulfilled before entering into the agreement. Conditions prior may not have to be identified as such, however, it has to be evident from the language used that fulfilment of the condition precedent is a prerequisite for completing the entire or a portion of the contract.

In order to execute legally binding (enforceable) contracts, large business sellers need to perform the following steps:

• Consensus; all parties need to agree on the respective responsibilities. When one party's offer is accepted by the other, the agreement needs to be drafted.
• Intention to establish legal relations; Both the business parties (large business sellers) need to intend to engage in an agreement which is capable of being enforced in court, meaning both intend for the respective contractual responsibilities to be so (Practical Law Commercial, 2022).
• Consideration; a deal leads to a contract. Consideration is what one party agrees to forgo or carry out on behalf of the other. Consideration must be anything of value, like a monetary payment, a valuable item, a benefit in kind, or a service.
• Competent parties; for example, if one of the parties has been determined to be mad, the agreement will probably be deemed invalid.
• Legal clauses; agreements that call for the conduct of a tort (a civil law violation like trespassing) or that violate legislation are void and unlawful.

Impact of the Rule on Buyers

In most cases, it has been observed that the internship contract has been focused on fulfilling all the terms and conditions of the buyers along with ensuring proper remuneration will be paid to the public in case it has been ensured. However, it is required to ensure that all rights of the trainees of the general public must be ensured in the formation of the contract so that a trustable relationship has been maintained. Interns have the full rights to work in a competitive business environment as compared to the other employees that require handsome remuneration s to be paid,

According to the “Fair Labor Standards Act (FLSA)”, a scheduled primary test for the internships has been initiated for determining the legal applicability in case some of them are unpaid (Ofm.wa.gov, 2023). The same provides the training that must be similar to the educational environment along with hands-on experience so that a practical set of knowledge has been imbibed in the behavioural attributes of the interns.

Final Commentary

It is vital to keep in mind that contract law seeks to strike a balance between preserving the interests of all parties involved when determining whether these laws favour major company vendors or general consumers. Though, based on the discussion made above it can be stated that these rules are more beneficial more large business sellers.

Discussion on main business structures in the UK

Critical discussion on primary business structures in the UK

When founding a firm in the UK, businessmen have several basic organizational structures to select from. Limited liability firms, partnerships, and sole proprietorships are among the fundamental organizational forms (Kotera et al. 2019). For owners of businesses, each kind of structure provides a different set of advantages and things to think about.

Limited Liability Companies

Limited liability firms are distinct legal entities beyond the individuals who own them and tend to be referred to as limited corporations (Ltd). Limited personal liability protection, which normally protects shareholders' private property from company obligations, is one of the structure's main advantages (Chouaibi et al. 2022). The characteristics of limited liability companies are as follows:

• Legal Formation: The formation of a limited liability company requires filing the relevant paperwork, including the rules of formation and memorandum, with Businesses House.
• Corporate Governance: Limited firms feature a distinct structure with directors, shareholders, and executives. They are required to adhere to corporate law requirements, have frequent meetings, and maintain precise accounting records.
• Legal complications: The drafting of the Memorandum and Articles of Partnership, as well as Companies House registration, are required for formal formation. It might be difficult to comply with regulatory requirements, like submitting yearly accounts and keeping records of accounting (Monciardini et al. 2021).
• Advantages: Benefits include an independent legal structure, minimal personal responsibility, credibility, and competence.
• Disadvantages: A larger organizational workload, more expenses, and less confidentiality owing to the disclosure of firm information to the public are disadvantages.

Partnerships

When more than one individual joins with each other to operate an enterprise to turn a profit, a partnership is created (Loureiro et al. 2021). This arrangement enables individuals to divide tasks and resources. Distinctive characteristics of partnerships include:

• Partnership Agreement: Comprehensive partnership agreements that specify each partner's entitlements, responsibilities, the sharing of profits structures, and methods of decision-making are advised.
• Personal Liability: Participants in partnerships are individually liable for the financial obligations and assets of the company. This implies that their private property may be in danger.
• Taxation: Because partnerships aren't independent legal companies, each member must pay taxes on their own portion of the partnership's revenues. Each of the partners is required to file a self-assessment tax return and notify “HM Revenue and Customs (HMRC)” of what they earn (Beugelsdijk et al. 2020).
• Legal complications: For a clearer understanding of responsibilities, roles, sharing profits, and making decisions, a partnership contract that is written is advised. Partners are personally liable indefinitely.
• Advantages: Benefits include adaptability, shared knowledge and duties, and significant tax savings.
• Disadvantages: Limitless personal liability, probable partner disputes, and absence of continuity are drawbacks.

Sole Traders

The most basic kind of company structure is that of a sole trader. They are individually liable for the company's debts and responsibilities (Kwilinski et al. 2019). The principal characteristics of sole proprietors are as follows:

• Personal Liability: Since sole proprietors are personally liable for any corporate debts and commitments, their private possessions are at stake.
• Taxation: Sole proprietors are subject to self-employment taxes. They must file their own tax filings with HMRC, register for self-evaluation and disclose their earnings and spending.
• Decision-making: Sole proprietors have total control and decision-making power over their company.
• Legal complications: Personal liability does not contain any limit, and enrolment for self-inspection with HMRC is required.
• Advantages: This assures and autonomy and Simplicity along with minimal costs for setup, and solitariness.
• Disadvantages: Limitless personal liability, restricted permit to funding, and restricted scalability.

Corporations in the UK are subject to laws that include the "Companies Act 2006" for the establishment of companies and functioning, labour regulations for staff rights and security measures, taxation regulations for different taxes, consumer protection regulations for ethical business conduct, data protection regulations (including GDPR) for securing private information, intellectual property regulations for defending innovations and brand names, and competition legislation for fostering equitable competition. Corporations must abide by these regulations in order to conduct themselves legally and morally in the UK.

Selection of the most appropriate business structure

A "limited liability company (Ltd)" seems to be the best choice for the client's business according to the facts provided. Regarding personal liability security, trustworthiness, and competence, a company with limited liability provides substantial benefits to customers. The customer can create a limited corporation to insulate their private possessions from commercial responsibilities, adding an extra layer of security. Whenever confronted with larger-scale enterprises or potential commercial hazards, this might be very crucial. A limited business also presents a more reputable and accomplished image to customers, collaborators, and investors. This could improve the client's capacity to acquire money, sign contracts, and develop commercial ties. They can help with succession strategy and sustainable development by issuing shares, attracting new investors, and facilitating transfers of ownership.

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Summary

This study leads to the conclusion that the UK's contract formation regulations give priority to concepts like offer, acceptance, consideration, intention to establish a legal relationship and assurance. These regulations, which are intended to promote equal treatment and simplicity in contractual interactions, are considered to apply to both major corporate sellers and buyers. The overall framework is intended to safeguard the rights of both parties engaged in the contract-forming procedure, but the particulars of the circumstances may have a direct effect on how these principles are applied.

Reference list

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• Chouaibi, S., Chouaibi, J. and Rossi, M., 2022. ESG and corporate financial performance: the mediating role of green innovation: UK common law versus Germany civil law. EuroMed Journal of Business, 17(1), pp.46-71.
• Fell, M., Staruch, R., Baker, B.G., Nicholas, R., Howes, R., Amin, K., Coelho, J., Collins, M., Concannon, E., Din, A. and Hendrickson, S., 2020. Plastic surgery training in the UK: results from a national survey of trainee experiences. JPRAS open, 25, pp.72-82.
• King, R., Ryan, T., Wood, E., Tod, A. and Robertson, S., 2020. Motivations, experiences and aspirations of trainee nursing associates in England: a qualitative study. BMC Health Services Research, 20(1), pp.1-10.
• Kotera, Y., Conway, E. and Van Gordon, W., 2019. Mental health of UK university business students: Relationship with shame, motivation and self-compassion. Journal of Education for Business, 94(1), pp.11-20.
• Kwilinski, A., Ruzhytskyi, I., Patlachuk, V., Patlachuk, O. and Kaminska, B., 2019. Environmental taxes as a condition of business responsibility in the conditions of sustainable development. J. Legal Ethical & Regul. Isses, 22, p.1.
• Latham and Watkins LLP, 2022. In review: contract formation in United Kingdom (England & Wales). Available at: https://www.lexology.com/library/detail.aspx?g=c6962fd6-5059-455f-b14e-863311ca8396 [Accessed on: 10-07-2023]
• Lexisnexis.co.uk, 2023. Contracts (Applicable Law) Act 1990 ... – LexisNexis. Available at: https://www.lexisnexis.co.uk/sources/lexisnexis-guidance.html#:~:text=C(AL)A%201990%2C%20Sch%201%2C%20Article%201,what%20is%20contractual%20or%20otherwise. [Acce4ssed on: 08.07.2023]
• Loureiro, S.M.C., Guerreiro, J. and Tussyadiah, I., 2021. Artificial intelligence in business: State of the art and future research agenda. Journal of business research, 129, pp.911-926.
• Monciardini, D., Bernaz, N. and Andhov, A., 2021. The organizational dynamics of compliance with the UK Modern Slavery Act in the food and tobacco sector. Business & Society, 60(2), pp.288-340.
• Ofm.wa.gov, 2023. Fair Labor Standards Act (FLSA). Available at: https://ofm.wa.gov/state-human-resources/compensation-job-classes/compensation-administration/fair-labor-standards-act-flsa-washington-minimum-wage-act-wmwa/fair-labor-standards-act-flsa. [Acce4ssed on: 08.07.2023]
• Practical Law Commercial, 2022. Contracts: formation. Available at: https://uk.practicallaw.thomsonreuters.com/3-107-4828?transitionType=Default&contextData=(sc.Default)&firstPage=true [Accessed on: 11-07-2023]