Business Law in Ethiopia Dilla University
INTRODUCTION
“Business law” refers to the whole regulatory environment in which individuals or ‘organizations’ engage regularly for the purpose of securing commercial returns. It is a legal regime with the object of shaping the behavior of “actors” in business transactions. There is a vested interest for the law, like any other human relationships it claims to regulate, to step into the work-for-profit areas in order to ensure that commercial interactions are conducted in a proper manner. The legal regulation of business is even more sensitive because engagement in business is an extension of a constitutional right to property so that there must be a mechanism of the law that enables individuals to be shielded against unwelcoming practices that prejudice their right without of course affecting the rights of others. The law of commerce is indispensable not only from the view point of individual right to property but also because it constitutes a fundamental economic unit of a nation’s economic performance and status as a whole. In this sense, business law makes a huge contribution to the strong economic wellbeing of a state and to the accompanying betterment of society’s economic position. The legal framework that governs business activities prescribes the conduct required of business-persons in their commercial life, and solves business disputes in the ultimate aim of keeping the tranquility of the business environment.
The Ethiopian “law of business” would also have as its object the advancement of the above interests. This module centers upon the Ethiopian law with the fair treatment of the relevant fundamental principles of law that are generally accepted in the business world. It is particularly concerned with such visible areas as contracts, agency, sales, commercial instruments and insurance among other things. These areas substantially impinge upon economic sphere of interactions and, therefore, important for business people and other actors.
The
“Business law” refers to the whole regulatory environment in which individuals or ‘organizations’ engage regularly for the purpose of securing commercial returns. It is a legal regime with the object of shaping the behavior of “actors” in business transactions. There is a vested interest for the law, like any other human relationships it claims to regulate, to step into the work-for-profit areas in order to ensure that commercial interactions are conducted in a proper manner. The legal regulation of business is even more sensitive because engagement in business is an extension of a constitutional right to property so that there must be a mechanism of the law that enables individuals to be shielded against unwelcoming practices that prejudice their right without of course affecting the rights of others. The law of commerce is indispensable not only from the view point of individual right to property but also because it constitutes a fundamental economic unit of a nation’s economic performance and status as a whole. In this sense, business law makes a huge contribution to the strong economic wellbeing of a state and to the accompanying betterment of society’s economic position. The legal framework that governs business activities prescribes the conduct required of business-persons in their commercial life, and solves business disputes in the ultimate aim of keeping the tranquility of the business environment.
The Ethiopian “law of business” would also have as its object the advancement of the above interests. This module centers upon the Ethiopian law with the fair treatment of the relevant fundamental principles of law that are generally accepted in the business world. It is particularly concerned with such visible areas as contracts, agency, sales, commercial instruments and insurance among other things. These areas substantially impinge upon economic sphere of interactions and, therefore, important for business people and other actors.
The