CHAPTER 12: LEGAL ASPECTS OF BUSINESS

12.1 (a) AREAS OF LAW, RIGHTS/OBLIGATIONS, AND GOVERNMENT REGULATION

(i) Areas of Law that Relate to Business:

• Contract Law: Governs agreements, formation, breach, and remedies.
• Agency Law: Defines the rights and duties of principals and agents.
• Sale of Goods Act: Regulates the transfer of property in goods for money, setting out implied warranties (e.g., goods must be fit for purpose).
• Hire Purchase Act: Specifically regulates hire purchase agreements, protecting the hirer.
• Trade Description Act: Prohibits false or misleading descriptions of goods.

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(ii) Rights and Obligations of Employer and Employee:

• Employer Obligations: Pay agreed wages, provide a safe working environment, provide necessary tools/equipment.
• Employee Obligations: Be competent, obey lawful instructions, be punctual, be loyal.

(iii) Government Regulation of Business:

• Registration of Business: Compulsory registration (e.g., with the CAC) to gain legal identity.
• Patents: Grants the inventor the exclusive right to make, use, or sell an invention for a specified period.
• Trade Marks: A distinctive sign used to identify a company’s goods or services.
• Copyrights: Legal right granted to the creator of original works (e.g., books, music).

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12.2 (b) CONSUMER PROTECTION

(i) Need for Protection: To curb business exploitation, ensure the supply of safe and quality goods, and protect consumers from misleading information.

(ii) Means of Protection:

• Government Legislations: Food and Drugs Act (ensures safety of consumables), Standards Organisation Act (ensures product quality, sets minimum standards), Trade Description Act.
• Consumer Associations: Organizations that champion consumer rights.
• Price Control: Government regulation of prices for essential commodities.
• Product Quality enforcement and monitoring.
• Factory, Shops and Offices Acts: Legislation ensuring safe and healthy work conditions.

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