Business Law

Business Law:

Common law tradition:

Common law  can be defined as the laws developed through decisions made by courts rather than legislative statutes, therefore a decision made by a judge will depend on the decisions made earlier by other courts, it is important in that it introduces certainty in the legal system and also helps in quick making of decisions by judges.

Remedies at law and remedies at equity:

Equity are those set legal principles in the judicial system, remedies by law and remedies by equity differ, remedies of law for instance will award money for damages while equity law remedy will direct an individual to act or refrain from acting. This means that the law remedies award monetary or compensation for damages but in equity no monetary or compensation is offered, in equity the judgment refrain an individual from acting or even to take action.

The other difference between the two is that in equity we do not have the jury, in law some cases are guaranteed the right to jury. Finally there is a difference between law and equity where the law will make decisions with reference to legal doctrines while equity decisions are based on fairness.

Bill of rights:

A bill of rights can be defined a statement of rights that citizens or individuals ought to have, the first amendment to the bill of rights allowed religion freedom and slavery abolishment, the bill of rights are therefore important to the citizens as they properly define individuals rights.

Shoe manufactured in Indonesia:

Producing shoes in Indonesia will reduce cost of production due to low wage rates, this will increase profits for the firm, and however the problem is that human rights activists have in the past criticized a company for undertaking the same strategy and this lead to negative publicity. If I was a top manager I would still produce in Indonesia but at the same time increase the monthly salary to 200 dollars per month, I would also encourage the workers to form trade unions that will help identify the problems the workers face, this will reduce the level of negative publicity for the company and hence increase profits.

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