Business Law and Business Crime

Business law, also called commercial law, is the body of legal rules that applies to everyday business transactions. The rules of business law are similar in many parts of the world. Common topics of business law include the law of contracts, agency, negotiable instruments, partnerships, companies, and insurance, torts, bankruptcy. Take, for example bankruptcy.

Bankruptcy is a legal procedure for individuals and firms that cannot pay their depts. By declaring bankruptcy, the individual or firm asks the court to be declared unable to satisfy creditors and to be released from financial obligations.

Business crimes have several features that make them distinct from other crimes. First, these crimes are often difficult to detect. Second, business crimes, in contrast to other crimes, often involve individuals who are economically successful and law-abiding citizens.

The most common business crimes are: embezzlement, bribery, racketeering, and computer crimes.

a) White-collar crime

White-collar crime originally included only criminal acts committed by business and professional people while earning their living. Today, the term covers such acts as cheating in the payment of taxes. The increasing use of computers has created new opportunities for white-collar crime. Computer crimes are difficult to detect.

b) Embezzlement

Embezzlement occurs when a person wrongfully appropriates property entrusted to him or her. Larceny is the wrongful taking of another’s property. With larceny, the wrongdoer is never in lawful possession of the property. Each state has laws making embezzlement a crime. Because embezzlement involves a breach of trust, it usually carries greater penalties than larceny.

c) Bribery

Bribery means giving or offering something of value to a person in a position of trust, who in return violates his or her duty or the law in order to benefit the giver. Bribes need not consist of money, but make take the form of property or position. Special interest groups sometimes try to bribe voters and lawmakers into voting a particular way, or into passing a particular law. In most countries, bribery of court officers, jurors, witnesses, trade union representatives, and professional athletes is punished by law.

Task1 Answer the questions:

What are the features that help distinct business crimes from other crimes?
Name common business crimes.
What is a “white-collar” crime?
What is “embezzlement”?
How can you define “bribery”?

Task 2. Fill in an appropriate preposition from the box:

to, for, in, of, of, of

1. The crime may consist … a very complex series of steps.

2. Business crimes … contrast … other crimes, involve economically successful individuals.

3. The increasing use of computers has created new opportunities … white-collar crime.

4. Most authorities believe that many persons guilty … bribery are not arrested.

5. A computer crime requires knowledge … computer technology.

Task 3. Find synonyms or antonyms to these words:

to be honest	to take	victim
to ask	to understand	buyer
to accomplish	lawful	unreliable
to find	legal	great
to control	the giver	to keep
	the underworld	information

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<== попередня сторінка	\|	наступна сторінка ==>
Task 4. Complete the sentences with appropriate words from the box.	\|	Taxation and its principles. Kinds of taxes

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