What is the rule of law and how does it relate to business final

What is the Rule of Law and how does it relate to business
A business person cannot run a business without the ability to have any logical anticipations of other
individual’s behavior. The rule of law refers to the law system under which the government and the
people are bound and allows predictability as well as restraint the actions of the government. In
business the rule of law is a principle that promotes and defends ethical business practices in the global
market as a crucial factor to foster a worldwide investment climate that supports both equality and
economic growth. Moreover, the rule of law established precise regulations of behavior, captures or
establishes the precedent, and severely undermines any ignorance defence of the law. It also holds
government, businesses, and people accountable for any actions they do. In this regard, the rule of law
makes sure that the way people run and operate their businesses is just and fair to them, the
community, and the workers.
The rule of the law greatly relates to business in different ways. For instance, it establishes rules and
regulations that businesses and people should follow to evade any penalty. The rule of the law does not
just enable individuals to understand all that is anticipated of them within their capacities through it
further sets forth the regulations for businesses for them also to be able to gain knowledge about all
that they are expected to do in their day-to-day transactions and dealings (Lau & Johnson, 2019).
Moreover, the rule of the law relates to business in that it restrains the government as well as any other
person from interfering with the property rights. In case of any dispute, the rule of the law acts as the
basis for a predictable and peaceful means through which those disputes may get resolved.
The other way that the rule of the law relates to business is that it acts as a guide and provides direction
in each area of the business. An example is that it serves as a means to make a complaint against a
different party to the neutral decision-maker for a decision to be made about the given dispute. Given
the established system of rule of the law, people have the knowledge that they are free to file any
complaint in an appropriate court to start the litigation process. On the other hand, people may also try
another dispute resolution approach if they do not intend to get involved in the litigation process.
People are aware that they are permitted to all these things since the system for the rule of the law
enables people to do these things. In addition, people may expect some kind of resolution when they
institute a proceeding as such. This anticipation is logical only because of the existence of the rule of the
law.
Furthermore, the rule of the law in America serves as the basis for a sophisticated federalism system,
where the federal and state regulations coexist. In return, this enables businesses and people to
determine the kind of government system that applies to them, including the proper jurisdiction that
they belong to. Given, for instance, a person who sells weapons in the retail capacity, such an individual
can be conditional on both the federal and state laws. The person would have to have the federal
license from the administrative agency of the state referred to as the Bureau of Explosives, Firearms,
Tobacco, and Alcohol. The person would also be forbidden from getting involved in unlawful arms
business. As per the laws of the state, one would be more probable to make sure that every buyer of
their weapon held a lawful permit for the gun (Lau & Johnson, 2019). The seller would also make sure
that they enforce the waiting periods, check the identification, and decline to sell the weapons to
individuals who have no permit to have or even carry the gun as per the laws of the state. If the system
of rule of the law was not existing, one might be uncertain about the way to run his or her business, and
would also be conditional to the random enforcement of the ex post facto or unstated. The ex post facto
is a law, which is retroactively applicable to its passage.
The other way that the rule of the law relates to business concerns how it governs the agreements made
between individuals as well as between dealers. Under the common system of the law, certain contract
elements should be present for the given agreement to be enforceable. Basing on Uniform Commercial
Code (UCC), dealers are being governed by a different set of regulations, which allow and anticipate
flexibility in agreement terms to help facilitate the needs of the business. Suppose there is conflict of
terms in the given offer as well as acceptance between the dealers. In that case, the UCC enables the
“gap fillers” so that they may be able to complete the contract terms without the necessity for official
dispute resolution or for the given agreement to be rewritten. In addition, businesses depend on the
rule of the law to assist them in enforcing agreements against the contractors who do not perform as
agreed in the contract.
Besides, the rule of the law relates to business given the existence of a system of law that equips the
employers with the regulations and laws of the game about their link to the worker. It also enables the
workers to be aware of the rules with regard to their responsibilities to the workers. Similarly, the
business partners, the company board members, and the limited liability corporation members all are
aware of what they are expected to do in their responsibilities vis-à-vis the business as well as other
individuals within their firm. When a person does something, which is not legalized, there is lawful
recourse.
The rule of the law further relates to business, given the protection it provides to property. Suppose
there was no protection for the nontangible property, like the intellectual property (IP), such as
copyrights, trademarks, and trade secrets. Lack of protection for the property would make it hard to
safeguard such types of properties if people or businesspersons did not know the game’s regulations.
Moreover, people would have no incentive to share or create new IP if people had no sensible
anticipation of being in a position to safeguard it or even being in a position to be rewarded because of
their creations. Similarly, the rule of the law enables people to safeguard their tangible properties
without the need to go to extraordinary laws. An example is if there was no rule of the law to maintain
and convey legal ownership to the people for their personal or real property, people could have to
employ private security officers to safeguard their properties whenever they are not physically present
to protect those properties by themselves.
If a person’s field is marketing, the rule of the law also relates to the work that the person is entitled to
do. Individuals who do marketing should be specifically attuned to the tort rule, intellectual property
rule, and consumer protection rules. For instance, to evade libel charges, those involved in the
advertisement should be careful enough so that they don’t defame another individual, product, or
business. It could be so tempting for someone to that, mainly if the person were engaged in severe
competition with a different corporation, which sold the same product. Certain statutory protections
exist today to protect consumers against unscrupulous merchants who might engage in unethical
behavior, such as bait-and-switch or false advertising, or race-based denial of services or refusal to
contract. Specifically, consumer protection statutes and civil rights statutes, respectively, would protect
consumers in such circumstances. Similarly, the marketers should be careful enough not to get involved
in misleading advertising practices unless their employer comes into conflict with the state’s trade
commission Act. Usually this commission is a state agency, which protects the consumers) or the trade
commission regulations. Besides, the marketers should have knowledge about the intellectual property
of other people to evade trademark or copyright breach in their work product.
In conclusion, the rule of the law relates to business in diverse ways. For instance, it relates to the
marketers’ work, and it protects properties. The rule of the law further establishes rules and regulations
that businesses and people should follow to evade any penalty. It acts as a guide and provides direction
in each area of the business and enables businesses and people to determine the kind of government
system that applies to them, including the jurisdiction they belong to. Besides, it relates to business
because it governs the agreements made between individuals and between dealers and enables the
employers to be aware of the rules, regulations, and laws about their link to the worker.
…