Business law is composition of different rules and regulations for carrying on organization effectively. It is related to legacy and legislation to be followed in respect of customers' protection and taking care of contract establishes between two or more parties. The present report is based on understanding case study of Ben related to contract for transaction of car. In this regard, implied terms and statutory provisions for transfer of property is to be described. In addition to this, different credit agreements and agencies are to be expressed that affects on legacy for sale of goods and possession on property can be introduced. However, monopoly and anti-competitive practices are to be explained through this assignment for advertising goods in fair market. Along with this, different forms of intellectual property including copyright, patent and their protections for goods identity is to presented. Thus, learners are able to understand significance of business laws and its different tools through this report.
1.1 Implied terms related to sale of goods and supply of services
Implied term of any contract is considered that there is no liability of seller after selling the goods. In accordance to this, buyer needs to check out products before paying amount therefore no risk would be obtained for default services. After transacting goods and supplying services, in case of default, there is no liability of seller to pay fine because of implied terms and conditions. In addition to this, it is reasonable and equitable that is helpful for contracting and presenting liability in case of damaging goods after sold out. Thus, implied terms are not stated but never form any provision of contract. However, implied terms of any contract do not consider as agreement is created between two or more parties. It is related to presenting actual form of contract for indicating liabilities. Hence, implied terms are related to presenting contract between parties for sale of goods and supply of services in context of contractual term.
1.2 Statutory provisions on transfer of property and possession
Statutory is an approach for legal provisions to be concentrated for transferring property and presenting possession to exchanging products. In this process, statutory is considered as provisions and legal rules to be followed on for considering on exchange of goods and presenting possession. Legal regulatory and various provisions are applied for exchanging products and services.
1.3 Statutory provisions on buyer's and seller's remedies in sale of goods contracts
There are some rules and obligations made for contract and related terms of it. However, it is useful for buyers and sellers protection regarding transaction of goods and supplying services. In this regard, different statutory provisions are made for sales of goods. Including this, a contract is made up of implied and expressed terms under which different kinds of laws are amended. Moreover, it is related to selling products and following on laws presented under legacy of the country. In accordance to this, there are such rules presented for innocent party in case of breach the contract by which default party has to pay fine for damages (Bowyer, 2013). Including this, some statutory provisions are obtained that presents liability of buyer and seller for contracting between both parties. Different kinds of provisions are amended in the Contract Act for proper contracts and taking favor of innocent party regarding business operations. In addition to this, it is helpful for solving out issues in case of breach the contract. Therefore, several kinds of rules and obligations are obtained for creating effective agreement between two or more parties.
Thus, various rules and regulations are covered in Contract Act for protection of buyers and sellers in case of breach the contract. However, various terms are implemented for effective contract related to exchanging goods and paying fine for default and damaging goods. Moreover, contracting between seller and buyer is related to establishing promise and terms for fulfilling it effectively. However, several kinds of statutory provisions are made for contracting and paying fine for default of products. Hence, statutory provisions are liable for contracting between two parties and paying in case of default products through following on their legal liabilities.
1.4 Product liability legal rules and statutory provisions for Ben's case
As per the given case scenario, Ben purchased a car and pays amount without checking out the product. Further, after some time, the car got damaged as its engine does not work out properly. Therefore, he looks towards seller to paying fine that is not so good for him. In accordance to this, there was implied contract term applies for contracting by which there is no responsibility of seller to paying fine after selling the product (Collis, 2012). According to clause 9, it is mentioned that there is no liability of seller after solve out the goods. It was buyer's responsibility to checking out car by all angles before purchasing it. However, legally, for implied terms, there is no legal evidence for paying fine in case of defaulting the products and supplementing services. In accordance to this, in case of damaging the Ben's car, there is no accountability of seller to pay fine regarding implied terms and contracting between both parties.
Hence, it is recognized that there is implied terms of contract are applied for this case to exchanging products. There is no liability of seller to pay for default and also determines that it is Ben's mistake to do not checking out car before it and according to implied terms of contract, seller has no responsibility to pay for the damaging of engine of the car. Hence, according to legal rules and statutory provisions' implied terms, it is expressed that seller has no accountability for paying towards damaging of goods. It was liability of Ben to check out car before purchasing it and paying amount of the product.
2.1 Different types of credit agreements
Credit agreement is considered as a legal agreement between two or more parties for which a promise is created for taking loan and refund money with interest. However, this loan is taken for short term and long term period that helps to needed party for creating credit agreement. There are several kinds of credit agreements forms that can be understood as below:-
- Credit card:- There are several kinds of credit cards available such as store cards, reward cards, balance transfer cards and so on which provides loan services to borrowers from bank (DiMatteo, 2012). However, credit cards are useful for taking loan form bank in case of emergency and making money for paying amount at any store and mall.
- Bank loan:- Financial institution as bank is able to grant loan to needed people for that is paid by customers in monthly or different time schedules. However, taking loan from bank, consumer has to pledged security for credit agreement (Dimatteo, 2016). Therefore, a legal credit agreement is created between bank and its customers who takes loan for fulfilling their needs.
- Hire purchase:- It is one of the great tool for borrowing money as credit related to regular payments, creditors and borrowers. Thus, credit agreement is created between two parties for personal loan granting for a specific time period. Hence, hire purchase is a credit agreement for paying installments in accordance to loaning services.
- Cash advances:- It is credit agreement for short term loan against credit card. It is also facilitate for writing to payday by lenders. However, loan can be granted form ATM and bank that is useful for credit agreement.
2.2 Legal rules on termination rights and default notices for Ben
In the given case scenario, Ben considers legal rules, termination rights and default notices to followed on several rules and obligations (Klass, 2010). Therefore, various rules, rights and notices can be expressed as below:-
- Rules:- For transaction of goods, there are some rules are obtained to be followed o for fulfilling any contract. However, there are also some rules created for breach of the contract as well paying fine from default party. In this case, for establishing contract according to terms and conditions, different rules are made to be followed on that are liable for contract parties related to paying fine in case of default (Lee, 2011). Therefore, protection of customers and contract parties is one of great aim to maintain agreement and taking favor of innocent party in case of breach the contract.
- Rights:- There are some rights amended for contract parties to fulfill promise regrading business operations. However, making contract according to terms and conditions are legal duties of contract parties. In this regard, it is considered that it is liability of seller to pay fine for default in case of breach the contract according to express terms. Moreover, for taking favor of innocent party, it is right to claim against faults and losses. Thus, legal rights and obligations are presented for claiming against defaults as well paying fine according to contract terms.
- Default notices:- According to contract agreement, in case of breaching the contract, innocent party can take help of legacy through preparing notice and claim against default party. It is legislation for fulfilling contract and taking favor of case by presenting legal contract prove and signatures of both parties. Therefore, default notices and sue against faults are liable for creating fulfilling promise and maintaining legal agreements between both parties (Michaels, 2015). In the case study of Ben relate to purchasing car, he can send notice to car seller but it is there is implied terms applied for their contract therefore no contract is considered. However, there is no liability of seller to pay fine in this case. Thus, with the help of default notices, innocent party can take favor related to business operations and contracting between them.
2.3 Features of agents and its different types
Agents are considered as middle party role between two contract parties. In this regard, agents are liable for considering agreement between contractual parties. Therefore, agent builds trusts between two parties for fulfilling contract. There are different kinds of agents available that works in various ways can be understood as below:-
- Estate agents:- Any contract is establishes between two contractual parties in the presence of agent. Therefore, an effective consideration is created for making agreement and staying on signing for entering into contract. In the presence of agent, trust is build up for contracting and fulfilling the promise made between parties.
- Partners:- For any partnership kind of organization, two or more partners who establish entity are agents for each other (Miller, 2011). In this regard, partners play effective role for trusting each other and operating business activities. Thus, partners are considers as agents for entering into contract.
- Broker:- This kind of agent is helpful for supporting both contractual parties. For instance; if any individual wants to purchase any home then broker tries to making buying the property very soon by taking commission. However, broker is an agent that is helps for both parties.
2.4 Rights and duties of agent
An agent must be responsible towards his duties to build up trust between contractual parties. However, he should perform his job role with sincerity and effectively to considering as interference for creating contract. In this regard, rights and duties of an ideal agent can be understood as below:-
- Be trust worthy and assuring both contractual parties to enter into contract.
- Effective interference for consideration of contract and focusing on contract as well its terms and conditions.
- Reminding contractual parties for being worthy towards their own promises.
- Helpful to taking fair decisions in case of breach the contract as well supporting innocent party to taking fair of case towards claims.
- Agents must follow his right liability for rescue from damages of goods.
3.1 Different forms of intellectual property rights
Government has made the legislation of Intellectual property act 20174 which regulates the all intellectual properties. Different forms of these properties are as following:
Patent: It is one of the most important form of intellectual property which protect the invention of the inventors. It gives all rights and power to the patent to sell the property of use it. Without the permission of the inventor no one can use this patent property. If someone use this then individual has rights to file a case against the person (Pratten and Carlier, 2010). If anyone wants to use the property then individual will have to take prior permission of the patented and after getting the permission individual will be able to use these registered properties.
Trade mark: It is another form of intellectual property, trade mark is the phrase, symbol or design which distinguish the property from other similar looking properties. This is the type of property which is protected for particular time period which is of seventy years.
Copyright: It is type of intellectual property which is given by the authorities for the original work to the copyright.
Design: It gives rights to the designer for its unique work and protect the person for the 15 years. After this period individual have to renew the property otherwise anyone will be able to use it commonly.
3.2 Principles relating to protection of innovations through patent rights and legal rules preventing infringement
The patent is an important part in business environment which helps the corporate business entities in protecting themselves in case of copying and duplicating the work. The patents provide unshaped rights to the innovator or inventor so that they can save their rights in governance of the sovereign state for a limited time period. Many a times, the business entities use to involve in any invention process or making a new product. In such situations, the entities have a fear of copying these products by some one else against which it is necessary to take extra care of these inventions (Bowyer, 2013). Consequently, the government provides a high level of protection through patents. By adopting a patent, the company makes a purchase of sole right regarding invention, development or research processes. Thus, no other person can make a similar study on that subject without permission as it will be regarded as illegal. Thus, the entire credit is given to a single person who is making an invention and have taken the patent rights. In case of violating any of the rules related with such patent rights, a person may get an imprisonment as decided by the law. In other instances, the court may decide to charge a penalty or fine against the person who has violated the rules made under the patent rights.
3.3 Principles related to copyright protection and legal rules for preventing infringement
The copyright protection refers to the monopoly or sole right of an author granted by the law of a country. Under such rights, an author has the protection against any type of duplication and attempt made by other persons for stealing the data or information. The contents that are protected under copyright acts are not permitted to use images or other similar contents by other person. Generally, the digital data are more likely to get stolen or duplicated by unwanted materials due to which the inventor may have to face a lot of difficulty (Campbell and Boothby, 2016). Besides this, it provide a facility according to which the person who has adopted the copyrights can enjoy this right regardless of any mark that is attached with the documents. Since 1978, the law has provided that any author who has complied with all necessary formalities of the copyright may attain this right for his/ her entire life plus 70 years. This act is applicable in all areas related top music, drama, photography, books, a Business name may be define as one on the basis of which business unit is known and perform its business operations and functions. To operate business under a specific name entity is required to do registration for the same. However, at the time of registration business entity should keep in mind that name of business must not be identical and as similar to other existing units. Hence, it can be stated that name provides identity to business.
On the other side, trademark may be served as a tool which provides legal protection to the name of business. Hence, it completely restricts others in relation to do trading with the name of existing business organization. By registering trademark business entity can get exclusive right of doing business. Thus, from investigation, it has been identified that scope of business is highly limited to the state (Cornish, 2012). The difference between the patent and trademark is that one can conduct business with the similar name of another organization. Judiciary party can restrict business entities in relation to using only when they operate within such particular state rather than others. In comparison to business name, trademark is considered as property. Hence, by taking resort of trademark business entity can restrict people to use the similar one. Scope of trademark is highly wide which in turn lays emphasis on all the aspects such as business name, logo, phrase, symbol, design. In the case of trademark, it is highly required for the firm to use unique name which is not similar to the other one. Hence, by using specific font, colour and image one can create and protect business name. From overall evaluation, it can be stated that trademark is highly effectual as compared to business name. Hence, trademark offers exclusive protection to the business entity to a great extent. architecture etc. thus, a copyright is attached with original work that my be in any type of tangible form. Thus, with the inception of copyright act, a lot of data and original; works have been saved by the government and have provided the credit to a right person. As per this right a person can distribute its rights to any person as per their permission for making copies, display and perform it publicly. In case of making infringement of the said act, there can be harsh results. As per the law, for each violation there can be a heavy penalty and in case of serious detriments, the law may give an imprisonment of certain years.
3.4 Comparison and contrasting protection of trademarks and business names
Business name may be define as one on the basis of which business unit is known and perform its business operations and functions. To operate business under a specific name entity is required to do registration for the same. However, at the time of registration business entity should keep in mind that name of business must not be identical and as similar to other existing units. Hence, it can be stated that name provides identity to business (Said, 2010). On the other side, trademark may be served as a tool which provides legal protection to the name of business. Hence, it completely restricts others in relation to do trading with the name of existing business organization. By registering trademark business entity can get exclusive right of doing business. Thus, from investigation, it has been identified that scope of business is highly limited to the state. The difference between the patent and trademark is that one can conduct business with the similar name of another organization. Judiciary party can restrict business entities in relation to using only when they operate within such particular state rather than others. In comparison to business name, trademark is considered as property. Hence, by taking resort of trademark business entity can restrict people to use the similar one. Scope of trademark is highly wide which in turn lays emphasis on all the aspects such as business name, logo, phrase, symbol, design. In the case of trademark, it is highly required for the firm to use unique name which is not similar to the other one. Hence, by using specific font, colour and image one can create and protect business name (Sprague, 2016). From overall evaluation, it can be stated that trademark is highly effectual as compared to business name. Hence, trademark offers exclusive protection to the business entity to a great extent.
The report is concluded that business laws are essential for presenting operations by following on all legal rules and obligations effectively. In accordance to this, several kinds of contract terms and market structures are presented for competitive advantages and increasing efficiencies of entity effectively. However, different kinds of credit agreements and agents are described through this assignment. Including this, monopoly and anti-competitive practices are obtained that leads to organize exhibitions and trade fairs. Along with this, case study of Ben's car is introduced for contract terms and presenting forms for rescuing towards breach of contract. Thus, business laws are crucial for legal rules and regulations regarding proper agreement and considering different terms to fulfill promise through th