Business and Law Relationship: Impact and Private Regulation - Reflection Essay

Changes in Perception of the Impact of Law on Business

In the first part of the semester we have discussed the relationship between business and law, both for big multinational enterprises and small local business. We have explored some examples that highlighted that relationship and the impact that it has on the setting up and running a business and we have ventured into the private regulation of business conduct through contracts.

Using the knowledge that you have gained, submit, in the established dropbox, a 800 words reflection explaining what was your view on the impact of law on business before the start of the semester, how that perception has changed, and the reasons for the change, using examples and sources of law.

In the same way, critically explain how contracts impact businesses by creating rights and obligations, including your views in relation to the issue of freedom of contract vis a vis terms implied by custom, courts and statute It is important to remember that, at academic level, expressing one own views implies the use of facts, data and theories, when relevant, and not just writing what it comes to ones mind. The self-reflection demands informed thought and engagement with the module’s materials.

Reference the submission the OSCOLA referencing system. In the self-reflective journal, you need to give your views on the eternal discussion between freedom of contract and implied terms (quite the opposite to freedom of contract). As it is a piece of assessment of a second year module, you know that it cannot be what it comes to your mind because you like it.

What you need to do is to do some reading (previously some research) about what are the different theories that support freedom of contract or implied terms (the intervention of courts or Parliament into privately agreed contracts) and, based on that, gives your views. Data refers to that you will use to base you views.

For example, if you see that companies make a disproportionate part of their profits abusing their power against consumers, you will put that data, and then say that can be a argument to support intervention by the state (the example is made up so it might not be true). From them you can derive examples.

You know that in every consumer contract there is an implied term that the goods supplied under the contract will be of satisfactory quality, based on Consumer Rights Act 2015, and you can argue that the intervention, against freedom of contract, is due to the imbalance of negotiating power between consumers and companies, particularly when contracting under the business standard terms (usually, a consumer cannot negotiate the terms when buying from large companies, so it is more like a take it or leave it situation). Again, this is just an example, but you need to start from reading about the discussion between freedom of contract and regulation of contracts by the state.