Business law Essay - 550 Words

Business law (Essay Sample) Content: Business lawStudents NameInstitutional AffiliationBusiness is a risky venture that an entrepreneurial minded person undertakes with a hope of making profits (Miller, Hollowell, 2011). It takes a certain capital to start a business which is the business entity and is usually an ownerà ¢Ã¢â€š ¬s claim of the business. Before starting a business a person is required to do proper research on the prospects of the business to prosper. One should also understand the legal formalities that govern the nature of business they wish to start. It takes a lot of patience in any form business since there are ups and downs. This essay deals with two business related cases that are complicated. One is a case of a customer not paying for services on their T.V repair and the other is a case of failure of a band to honor their agreement with a customer.After taking his television set for repair to an electrician, Mr. Jones promises to pick it after it has been repaired the next day. Ha rry the electrician gets into work so as to do the work as agreed between them. Repairing the television set requires spare parts from the electrician's shop. As an electrician, Harry has materials that he uses to repair electronics and they are part of the stock in the business. This material cost him some amount of money which is part of his capital. Time is also another factor in his job since he repairs electronics on priorities depending on urgency and agreement between him and the customer.Failure of Mr. Jones to honor the terms of the agreement of the job means a loss in Harryà ¢Ã¢â€š ¬s business. The cost of repairing the television set is not paid for by Mr. Jones which violates the agreement between the two. To make the situation worse, the television takes a month at the electrician's shop. This gives the electrician various options so as to get compensated for the repair. One of the best options is to report to the police about Mr. Jones failure. Another option is to a uction the televisions and cater for the loss incurred.The best option between the two is to report the matter to the police and follow a legal court procedure (Miller, Hollowell, 2011). This prevents the owner of the television from claiming the asset in case he chooses to auction it. A legal procedure is the best option since Mr. Jones has violated their agreement and he should pay for the losses incurred. The move will also help to keep the reputation of his shop and avoid a bad name for his business.The other case is about a deal between Jane and a band that she booked for an event. After making a lot of arrangements and selling all the tickets people who are to attend expect a good value for their money. The band is one of the countryà ¢Ã¢â€š ¬s favorite pop groups and this expected to be a much hyped event. However two weeks before the event, one member of the group breaks his leg accidentally. This means that the band cannot perform without one of their members because each one of them plays a different role.Organizing this event obviously cost Jane money which she hopes to make profits by selling tickets and having her guests entertained. It is unfortunate that an accident to a member of the pop group makes it hard for them to show up. This is a case of an accident and not intentional no show from the band. It leaves Jane with no ot...