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LAW299 Business Law Assignment Sample UiTM Malaysia

Business Law is a complicated subject matter that has been studied for hundreds, if not thousands of years. This course provides an overview of the major aspects including legal organization & contract law as well as agency issues or hires purchase agreements to sale by goods and negotiable instruments which all have their unique sof et laws associated with them. Businesses operate in a complex legal environment and need to understand the rules that govern their conduct. Business law includes many different areas of law such as contract law, employment law, intellectual property law, and business organizations.

The law of agency is the body of law that governs the relationship between a principal and an agent. The agent is the person who represents the principal in dealings with third parties. The principal is the person who authorizes the agent to act on his or her behalf. The relationship between a principal and an agent is called an agency relationship.

The law of agency is based on the principle of fiduciary duty. A fiduciary duty is a legal duty to act in the best interests of another person. An agent who violates his or her fiduciary duty is liable to the principal for any damages that result from the breach.

A contract is an agreement between two or more parties to do or not to do something. The agreement may be written, oral, or implied. A contract is enforceable by law if it has all of the elements of a valid contract.

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Assignment Task 1: Describe the basic legal requirements of business law in Malaysia.

The legal requirements of business law in Malaysia are as follows:

  1. All businesses must be registered with the Companies Commission of Malaysia (CCM).
  2. Businesses need to have a valid business license from the local authorities where their business is situated.
  3. Businesses must comply with all relevant local labour laws, including paying employees correctly and on time, providing safe and healthy working conditions, and maintaining accurate employment records.
  4. Businesses must comply with consumer protection laws, such as ensuring that products are safe for sale and accurately labelled.
  5. Businesses must adhere to financial regulations, such as filing regular financial reports and paying taxes correctly and on time.
  6. Businesses must comply with environmental regulations, such as obtaining the necessary permits for any pollution-causing activities and taking steps to prevent or mitigate environmental damage.

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Assignment Task 2: Apply the legal principles in solving relevant problems relating to business transactions.

Three general legal principles can be applied when solving relevant problems relating to business transactions.

The first is the principle of legality, which states that all agreements and contracts must be made by the law. This means that businesses must ensure that their activities are legal and in compliance with any applicable regulations. If a contract or agreement is not made by the law, it may be declared void or voidable by a court.

The second legal principle is the concept of freedom of contract. This principle allows parties to enter into agreements and contracts freely, without interference from the government or other third parties. This freedom is subject to certain limitations, such as public policy considerations and consumer protection laws.

The third legal principle that can be applied to business transactions is the doctrine of consideration. This doctrine requires that each party to a contract must receive something of value in exchange for their promise to perform under the contract. This helps to ensure that contracts are entered into fairly and that both parties are getting something of value from the agreement.

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