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Kandice GoodwinBusiness EssayJune 17th, 2015Keys to Managing A Successful BusinessIn the business world there are many laws and regulations to abide by. Getting to know each law and how to implement it is key to being a successful business manager. When considering which laws are most important for a business manager concerned with managing the legal aspects of his or her business there were numerous subjects in the book that I found important, so choosing five of them was difficult. Working with others in my group, we were able to narrow the topics down to five choices:Elements of Contract LawEthics and Business Decision MakingFormation of Sales and Lease ContractsBreach of Contract and RemediesWarranties and Product LiabilityOur first choice was Elements of Contract Law. We chose this because contracts are key to business stability, productivity, and certainty. I agree with this choice as priority for a business manager. My reason for choosing this subject is because it introduced us to contracts; how and when they exist and how to enforce them. Also basic terminology is important for a manger in the business world to be able to understand and communicate with others in business settings. Our second choice as a group was Ethics and Business Decision Making. Our group reasons for choosing this were because business ethics are important. It covers ethical codes of conduct, ethical leadership, morality, all of which are key to run a business smoothly. It establishes expectations and standard of behaviors and value. In my opinion ethics has the same meaning as morality, which is very important as a manager and as a customer. Ethics can be used to prevent lawsuits and keep customers coming back. In most situations, being ethical will have a positive result. I agreed with ethics as our second choice. My reasons were because how you portray your business as a manager, for example: your codes of conduct, how you treat your employees and your social responsibility are all ethical requirements to run a successful business. Also, some managers have to deal with foreign ethics, which is also good business relationship knowledge, and is covered, in this chapter. Our third choice that a manger should consider when running a business is Formation of Sales and Lease Contracts. We thought this subject was important because it covers the UCC, (Uniform Commercial Code), which are the laws involved in a total commercial transaction. Assuming it's a sale-based business, sale and lease contracts determine everything for the business. Managers use contracts by agreeing on a deal then provide some sort of consideration to others. This subject also introduces us to lease contracts, offers, and the acceptance of contracts, all of which are used by managers every day. I agreed with this choice because it covers International sales of goods, and it introduces us to UCC, which is very important in running a business. The UCC is state statutory laws governing sales and lease transactions. Every businessman must abide by these laws and most lawsuit outcomes are based on these laws, so being familiar with them is extremely important for a manger. Our fourth choice was Breach of Contracts and Remedies. As a group we thought this was an important subject because as we stated previously, contracts are key to running a business. Once you have a contract, you have to be able to know what you can do if the contract is breached. A manager should know what damages, remedies or restitution they are entitled to. Managers are also responsible for remedies for a breach of contract such as damages, performance and cancellation & recitation. Basically, this subject covers what to do if you have a bad contract, and what you can do to resolve it. Every business should be aware of their options. I agreed with this choice. My reasons for choosing breach of contracts and remedies were that it's important to know when a contact is breached or if you are in breach a contract. This subject also covers damages, which would be a manager’s responsibility. Knowing how to handle the damages is an important step for a successful business. Our Fifth and final choice was Warranties and Product Liability. We thought this was important because a warranty is a way to cover your bases legally, if things go wrong with your product or in your shop. Buyers rely on a seller’s knowledge of performance, quality and purpose of the products they are buying. A warranty is being offered, as a promise to make sure that they are giving the correct information to buyer. Product defects are also covered in this subject. You cannot expect to run a good business with defective products. Warranties build customers confidence, as being a promise of the quality of life on the product. Warranties state that a defective product will be fixed or replaced. This topic caused the most controversy in our group. However, I agreed with this as our last choice. Warranties, implied warranties, product liability, product defects, and product misuse are all covered in this topic and all are important for managers to know when running a business. Product warranty and liability are the basis of your business. If you do not offer replacements or care for your product, then you will not get returning customers. Customer service is a very important part of running a business and Warranty and liability is customer service. Most of the topics we chose were the same topics that I chose for my list. As I mentioned, there were more than five good topics in the textbook to choose from so it was tough to narrow it down. The topics that I chose that were the same as the group were: Formation of Sales and Lease Contracts, Ethics and Business Decision Making, and Warranties and Product Liability. Two that I chose that were different from the group were: Agreement in Traditional and E-contracts and Corporate Formation and Financing. I do not think that my choices were better than the group choices, but I still think that they are important. I felt it was important to know how corporations are formed and operate to be able to work smoothly with them. Also we, as a group agreed that contracts are key to running a business, therefore my choosing agreement in tradition and e-contracts was similar to that choice. If I had felt that my choices were better, I would have argued for them when we were choosing our top five topics. In conclusion, Business Law has been an interesting class. I believe that taking a business course and getting familiar with all of the terminology can help form a solid background in any field of study. Knowing your company, City and State laws and regulations are key for any manager to run a smooth, successful business. ................
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