Text A. RUNING A BUSINESS

1. Every year there is an increase in the number of laws, lawyers, and legal cases in the courts. To a large extent, this increase is due to the economic growth in the world; more business means more transactions, more possibilities for conflict and confusion, and, consequently more legal activity to regulate business. If you set up a business, even a very small one, you will buying and selling products and services, and perhaps, employing people, buying or renting land, and borrowing money. In order to engage in all of these activities, you need to have some knowledge of basic legal principles such as contract, tort, and land law. And you will need to know about any laws specifically relevant to your kind of business, such as statutes regulating companies. If you do not run your business honestly you may also need a knowledge of criminal law! In 1991, a series of Japanese companies faced fines or suspension of activities for making illegal payments to certain clients. Imelda Marcos has been charged both in Manila and in the United States with improperly handling millions of dollars while her husband was President of the Philippines.

2. Nearly every general area of the law is relevant to running a business, and nearly every country has its own set of laws designed specifically to regulate business. The attempts of the European Community to create a single market by 1993 show just how difficult it can be to harmonize business laws. We will try to make some sense of this complex area of the law by taking English law as a model and making some international comparisons. Throughout the world, most businesses face similar problems; they must determine their organizational form; duties to clients; investors and employees; tax liabilities; and ability to minimize losses if the business fails.

Unlike many legal systems, English law has never developed a Comprehensive code of company law. Instead, the relevant law is found partly in cases decided according to the principles of common law and equity and partly in statutes. Between 1985 and 1986, a series of statutes was passed to consolidate many previous statutes. The most important of these was the 1985 Companies Act.

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Text B. UNITED STATES COURTS OF APPEALS	\|	Text A. CONTRACTS: Different types

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