Legal frameworks include legal documents such as the Constitution, existing, repealed or amended laws, rules and regulations. Court decisions also serve as a legal framework in the jurisprudential legal system. Businesses operate with the nature and framework of the political party. The components of a political environment are the country`s constitution, political stability, political ideology, political attitudes towards economic sectors, the extent of State intervention and the degree of politicization of economic affairs and issues. To carry out a commercial activity, it is mandatory to comply with the associated law. A brief overview of the types of laws associated with a particular business activity is listed below in the form of a graph: Environmental laws prioritize environmental protection and business organizations need to adapt to regulations. The environmental consciousness and ethics of Indian civilization date back to the ancient Vedic era. The same ethics are also followed in modern times when laws and regulations are enacted to protect the environment in order to properly run a business in India, a basic knowledge of the Companies Act, 2013; Industries (Development and Regulation) Act 1951; Exchange Management Act 1999; Factories Act, 1948; Trade Unions Act; 1926; Workers` Compensation Act, 1923; The Competition Act, 2002 and other laws amended or repealed by Parliament from time to time are necessary, among others. Q: Which of these factors is a factor in the economic environment? Intellectual property law deals with laws aimed at securing and enforcing legal rights in inventions, designs and artistic works. The Intellectual Property Act provides the opportunity to protect a company`s unique ideas and inventions so that no one but the creator or owner can imitate or produce them. Therefore, it helps to recognize the hard work behind innovation and competitive advantage. Intellectual property is particularly important when branding and promoting a product.
Trademark, copyright and patent laws fall under the category of intellectual property rights. India has six major laws to protect the environment as a whole and protect its components. These include the Environmental Protection Act 1986; Forest Conservation Act 1980; the Wildlife Protection Act, 1972; Water (Pollution Prevention and Control) Act 1974; Air Pollution Prevention and Control Act, 1981 and Indian Forests Act, 1927. The legal environment includes various laws and regulations promulgated, amended or repealed by the government, licensing and permitting policies, foreign trade policies, government strategies to improve the business ecosystem are examples of legal frameworks. Antitrust law is also called competition law. It promotes or seeks to maintain competition by regulating anti-competitive behaviour by businesses. Anti-competitive behaviour by firms includes monopolies or oligopolies involving an imperfect market structure. Companies agree among themselves that they are acting unethically and not in favor of customers. Antitrust law is also called antimonopoly law in China and Russia. There are new innovations in the fields of medicine, telecommunications and biotechnology.
Recent advances in the self-driving car market, i.e. driverless cars, are proving to be a major threat to the autonomous car industry. Instead of simply complying with the law of the land, the legal environment of the company also requires an understanding of the legal framework that governs business operations. The corporate legal environment examines the role of law in all aspects of corporate ownership and governance. Throughout the course, students focus on legal ethics, litigation, tort, contracts, consumer law, real estate law, labor law, environmental law, and international law. Students also examine the impact of laws, regulations, and court decisions on society as a whole.