Business Law: Legal Rules and Terms, Credit Agreements, Agent Duties

BUSINESS LAW

INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Legal rules and terms related with sales of goods act...........................................................1
1.2 Statutory provision on transfer of property and possession..................................................2
1.3 Provisions on buyer and seller remedies...............................................................................2
1.4 Product liability statutory provision......................................................................................3
TASK 2............................................................................................................................................3
2.1 Types of credit agreements...................................................................................................3
2.2 Rules, termination rights and default notices........................................................................4
2.3 Difference between various types of agents..........................................................................4
2.4 Rights and duties of an agent................................................................................................5
TASK 3............................................................................................................................................7
3.1 Monopolies and anti-competitive practice legislation in UK...............................................7
3.2 Role of competition commission within context of monopolies and anti-competitive
practices......................................................................................................................................8
3.3 Dominant position within EU common market....................................................................8
3.4 Applications of EU exemptions............................................................................................8
TASK 4............................................................................................................................................8
4.1 Different forms of intellectual property................................................................................8
4.2Principles relating to protection of inventions through patent rights.....................................9
4.3 Principles relating to protection of copyright........................................................................9
4.4 Compare the protection of trademarks and business names...............................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Business law is all about legal norms, beliefs, rules and regulations that is amended by
legitimate bodies for entire corporate order to prevent buyer or seller from exploitative activities.
In fact, it helps associations in various manners such as; reduce the possibilities of
misinterpretation, frauds, wrongful conduct and so on (Mann and Roberts, 2011). Thus, every
small and large firm are adopting several business laws to run their organization in smooth
manner by fulfilling each or every formalities of legitimate bodies. Therefore, assignment is
going to highlight the major norms which are used by distinct companies while executing their
business activities like; sales of goods act, consumer protection, employment laws, legal notices,
liabilities related with products and so on. Moreover it shows the benefits of norms for company
in various ways as well as prevents several intellectual properties from getting misused.
Furthermore,
TASK 1
1.1 Legal rules and terms related with sales of goods act
According to the section 12-15 of the Sale of Goods Act 1979 , the implied term is only
applicable for those goods which are sold for a consideration of money. The Act of 1979 is
simplified in two parts, Part I signifies the implied terms in contract for the supply of goods ,
where as Part II describes the implied terms in contract for services.
Part I
It is comprise of two types of implied terms, the first one is of contract for the transfer of
property in goods, these terms are implied for work and material and barter, for which the
applied being obtains the ownership of goods; Second one is of Contract for the Hire, it is
applied on such, where a person bails to agree the bailment of goods to another one in the form
of hire (DAILY, KIEFF and WILMARTH , 2014).
Part II
It is consist of, Implied term in contracts for the supply of services, in this part a person
makes an agreement of carrying out a service, it is also consist of transfer of goods, section 13 of
the Act deals with care and skill of the supplier, that the supplier shall take reasonable care while
the service of goods (Wilson v Best Travel Ltd,1993), a supplier shall carry out the service in
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