Business Law : Business Laws Essay
For every business, it is important to understand the laws that apply to its operations. This amounts to legal compliance whereby the business would balance the interests of its stakeholders. The purpose of business law is to regulate business transactions under the law of contract by specifying the legally enforceable contracts and affirming the consumer and competition laws. It thus regulates business engagements with regard to torts, funding, insurance, banking, names, and entities. A motor vehicle dealership should register its business for the purposes of taxation, withholding of pay as you go, as well as allocation of Australian Business Number. A licence is also needed to show compliance with the Australian legal obligations
For a motor vehicle dealership business to supply Skoda Fabia motor vehicles in Sydney the Australian Consumer Law, ACL compliant franchise agreement would become enforceable between the supplier and the dealer. Moreover, the dealership should provide the overall franchise operation with regard to financial returns as well as invest in technician training. Among the laws that the dealership should comply with include; consumer protection and competition law, intellectual property law, and motor insurance law.
Consumer Protection and Competition Law
This law guides motor vehicle dealers on the required legal rights and obligations as stipulated by the ACL. This also provides the remedies available to the…