Exercise no. 1 1. Give specific aspects of business which have legal component. Example is hiring and firing employees. Here are some aspects of business that have a legal component: · Intellectual Property Rights Ø Assuring that the owner legally owns the products, patents, copyrights, and trademarks of the business. · Licensing and Registration of the business Ø Getting permits and licenses, as well as registering the business. · Transactions involving the signing of a contract or the closing of a deal or agreement Ø Purchasing or acquisition of equipment, supplies, and services to seller or merchant 2. What is law and its importance in our lives. Our lives revolve around the rule of law. If we aspire to flourish in life, we must obey the law. We need regulations or laws to live in peace and avoid conflicts. Rules and ordinances must be established and implemented to ensure equality and justice in society. The law is crucial as it determines ethical and unethical behaviors and acts. Furthermore, individuals are treated fairly, safe, and protected under the law. Law is there to help defend society's most underprivileged citizens while also upholding world peace. Law is significant to human life because the world would be an unsafe place to live without it. People can take other people's belongings and kill or mistreat humans and animals without being caught or punished. They may get away with it since there are no laws.
