Even for non-business majors and those with no plans of ever going into any business-related field, it might not be a bad idea to consider adding a business law class to a college curriculum or your educational background. After attending business school, I found that there were a number of ways in which a business law class proved helpful both in the working world and my personal life. A course in business law added to an educational repertoire — whether business-related or not — can help better prepare students to handle a litany of possible issues in everyday life.
Have you ever bought a car or an appliance with a warrantee? Have you ever wondered what exactly that warrantee covers or tried to make use of that warrantee only to realize that you didn’t fully understand what it covered in the first place and were then out a significant amount of money for a repair you thought should have been covered?
With a business law class, you could find yourself learning about things like warrantees, contracts, and consumer rights. You may become discuss how oral agreements work, when you have the right to break a contract, and what obligations both sellers and consumers are under to live up to their sides of both verbal and written agreements.
Many of us enter into contracts of various sorts more often than we realize. From major and sometimes life-altering decisions like buying a home, buying a car, and yes, even getting married, to things that seem more common to us like applying for a credit or debit card, getting a bank account or even just signing a user agreement for an Internet site or software, contracts are all around us.
A class in business law can explain the differences between oral/verbal contracts and written contracts, what the repercussions of breaking a contract might be, and what recourse you have should someone be in breach of contract with you.
The business world and entrepreneurship
In our litigious society, having an idea of the laws that apply to everyday business practices could not only protect you, but your product and your business itself. In a business law class, you may be touching upon a number of topics that could have relevancy in the business world, entrepreneurial endeavors, or out in the workplace. From product liability, ethics, copyright infringement, registered trademarks, and intellectual property rights, to cyber law, fraud, product patents, and product design rights, there are numerous issues that could come into play on a regular basis in the business world and that you might find quite valuable takeaways from a business law class. This knowledge could help you avoid costly mistakes in your career or business moving forward.
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The author is not a licensed financial, career or educational professional. The information provided in this article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.