The paper "General Legal Aspects of Business" is a perfect example of a business assignment. Duty of care: The duty of care in a company is owned by the company directors, company secretaries along with any other individual who makes or takes part in companies' decisions that affect the business or who has the ability to considerably affect the financial status of the company. In addition, employees have a duty to take reasonable care for their own health and safety as well as that of anybody else in the workplace. Company law: A company is a separate legal entity and laws of Corporations Act 2001 (Cth) apply to a company.
All companies have legal duties on their financial statements and audits. Each company should maintain written financial records which appropriately document and explain its transactions and financial status. A company’ s constitution creates obligations for proprietary companies. If a company breaches some obligations, The Australian Securities and Investments Commission (ASIC) is mandated to investigate, order specific documents to be produced, fine the company or take an action against the company directors. Contract law: Contract law includes laws that are involved in the enforcement of certain promises.
Contract law is divided into the following categories: formation of the contract; contents and scope of the contract; avoidance of contract’ s duties; contractual performance and termination; and remedies of breach of contract. For a contract to be formed: there should be an agreement consisting of offer and acceptance; consideration, intent to create a legal relationship, compliance with any legal formalities as well as the capacity of the contracting party to contract. Environmental Law: These laws protect soil, air, water, sea, biodiversity and also generally protect the environment.
Environmental laws may obligate that an environmental impact evaluation is done before a business approval is given and it is an offense to cause harm to the environment. Federal, state as well as local government administers environmental protection laws within Australia.