Business law has evolved in many different ways over time. Over the last 30 years, new laws have been developed which have changed the way people manage their businesses.
In the 1990’s business ethics drastically improved by making sure the techniques in which employers managed their businesses stayed within the parameters of the law. Many public health lawsuits were made, leading to tobacco and other drug companies’ stable decline in sales. Laws regarding parental leave, employee absences, and holiday pay have progressed as well. Now, spouses of both genders are being allowed to take breaks from work when they have a new born. Employees are also being offered more allowance pensions to prevent sickness leave; this gives workers a higher incentive to return back to work. In Europe, holiday pays have become more prominent. With the European Court of Justice establishing this, holiday pay must include regular salary with overtime pay included. Over the years, the government has helped make managing businesses more simple by incorporating laws that help employers and employees feel comfortable in their work space.
Fraud has been a problematic issue that has actually increased through new sources of technology over the years. Statistics from the Federal Trade Commission show that in the year of 2016, forty-two percent of complaints made in that year were fraud related and 13 percent of complaints included identity theft. Fraud has steadily gotten worse over the years because with more technology, comes more misuse of power. Americans that have been victimized by fraud have lost employment opportunities, have had to rely on the help of government, had their bills paid by money they borrowed, and more. When one fails to maintain good character and/or integrity, he or she can easily engage in unethical behavior such as committing fraud. It is very important to make sure employees and employers maintain a clean reputation in order for them to conduct their businesses successfully.
Another element that is extremely important with business law is making sure that the person you are getting into a contract with has a clean reputation. Getting into a business with someone who gossips, complains, or is guilty by association can be harmful for you and your reputation. Having respect for those that have helped you along the way is a great way to leave a good impression on the people you have worked with. People always remember the way they were treated by others, and through word of mouth, the goodness of one’s character can easily spread leading to more clients and business partners for one and his or her business. Getting into a contract with someone who is not a reliable person can prevent the growth of the business. Professionalism is an important quality people entering contracts should have. To coexist with someone else in a business, you must be able to depend on them and be certain their end of the job will be done when needed. When people do not show professionalism with the people they are conducting a business with, it shows they have a lack of respect for the other party which can never lead to the growth of a successful business.
This article was written by Radhika Patel, one of Reid Law's summer 2018 interns. Radhika is a Junior at UAB where she studies finance. She is interested in topics related to business and family law. Radhika can be contacted at firstname.lastname@example.org.