Business Law -Week 6 Assignment

Week 6 Assignment

Application: Reflection

The importance of a secure, structured, legal environment in which businesses can safely operate and in which they have clear guidance and processes, along with a system that can be used to address wrongs efficiently, was introduced at the beginning of this course. Through the U.S. legal system, case law, Congressional and state statutes, and administrative regulation, you explored the many ways that business is governed and regulated.

Think about all of the legal concepts that you have examined over the weeks that are part of business law in the United States. Consider the many, many rules and regulations that every business must follow. The textbook states, “Government regulation of business has become a way of life in the United States.” Do you think that there could be a point at which the legal system can slow down and lessen the efficiency of business operation?

With this in mind, reflect on the theories, concepts, and strategies presented in this course as you respond to the following:

Explain whether you believe that there is too little regulation and protection for business in the United States or whether you think that there is too much regulation slowing down the efficiency and reducing the profitability of business in this country. Be sure to support your reflections with several examples from the text, class discussions, or any other source.

Summarize these reflections in a 200-word response paper.

Submit the Reflection by Day 5 of Week 6.

Resources:

Please read and view this week’s Learning Resources before you complete the Discussion.

Reading

  • Course Text: Goldman, A., & Sigismond, W. (2007). Business law: principles and practices (7th ed.). Boston: Houghton Mifflin.
    • Chapter 19, “Nature and Types of Negotiable Instruments”
    • This chapter introduces you to negotiable instruments. These are written documents that may be used as a substitute for money, such as checks, or as a way to extend credit. You will explore the different types of negotiable instruments available to the business community and the basic features of each type of instrument.
    • Focus on the definitions and concepts provided throughout the chapter. Review and think about the examples in the chapter that demonstrate the major ideas being conveyed. Consider both the advantages and disadvantages that can be encountered when using these instruments that substitute for money or extend credit.
    • Chapter 28, “Government Regulation of Business”
    • In this chapter, you will explore the many types of government regulation of business. Consider why such regulation is needed and how it protects the rights of business owners as well as consumers, employees, and stockholders. Under the constitutional form of government, the government must be supplied with the authority to regulate business, and you will explore the many sources of this authority.
    • Focus on the definitions and concepts provided throughout the chapter. Review the examples in the chapter that demonstrate the major ideas being conveyed. Think about the extent to which government regulates business and consider the impact of these many rules, regulations, and statutes on the smooth and efficient operation of business.
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