Meaning of legal environment
The set of rules and regulations to be abiding by law stimulating and surrounding the business is known as legal environment
The legal environment of business refers to the code of conduct that
defines the legal boundaries for business activity. To understand these
boundaries, it is essential to first have a basic understanding of the
law and how it affects businesses and business practices. The nature of
business spans over a number of legal realms, all of which are
continuously influenced by the needs and demands of the business
community, consumers, and the government.
The basic
legal environment of business is governed by state, country and
international laws. This includes laws on what can or can not be
produced or sold, consumer and employee protection laws, tax and other
financial laws, as well a many rules and regulations with regards to business ethics, when and how to seek legal advice in case of disputes.
The production or sale of certain goods is prohibited, or at least severely restricted in many countries. This includes, among others, selling of dangerous drugs, guns and explosives etc
2.Consumer Protection
Most countries have laws ensuring customers are being treated fairly by
businesses. This includes the act regulating weights and measurements,
ensuring that goods sold actually are the weight or size they are sold
at, and the Trade Description Act, making misleading descriptions of
products illegal
Other laws include the Consumer Credit Act, ensuring consumers are aware
of loan durations, interest rates etc when taking out a loan, as well
as receiving copies of credit agreements, and the Sale of Goods Act,
making it illegal to sell faulty or damaged goods. The return of goods and refunds, etc, are also governed by laws3.Employee Protection
Laws to protect employees include laws against unfair discrimination based on race, color, religion, sex, or age; laws against unfair
dismissal and sexual or other harassment; health and safety laws and
laws regulating minimum wages.
These laws vary between countries, but generally regulate accountancy
practices, interest rates on loans, taxes etc. Businesses are expected
to provide sufficient documentation of income and expenditure,
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Nice work on Legal Environment.
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