Introduction to Business Law

This inaugural lesson introduces the subject of business law, offering an overview of what business entails in broad terms, outlining the study of business law, and detailing the scope of lessons in this series. It serves as a roadmap for the upcoming discussions.

Defining business starts by understanding it as the practice of generating revenue through buying and selling goods and services. This basic definition encompasses various structures like sole proprietorships, partnerships, and companies, distinguishing business law from company law which focuses specifically on one type of business structure. A broader definition, according to Williams (2007), describes business as any activity or enterprise entered into for profit, allowing for a wide array of operational means.

Business law concerns the legal regulation of business, differentiating itself from commercial law or international trade law, although these areas may involve businesses. Business law is an interdisciplinary subject, examining various legal topics through the lens of business and its regulation. This includes familiar subjects like the English legal system, contract law, tort law, and company law, but specifically tailored to a business context. It also introduces employment law as an additional element specific to business regulation.

The video recommends textbooks such as 'Marson and Ferris Business Law' (2020 edition) and other comprehensive business law texts from publishers like Oxford and Pearson. The series will broadly follow these texts, incorporating newer case law. The lessons will be available immediately to Level 2 members and will be released publicly after the completion of the company law video series.