General examples of Legal Factors affecting business include:
- Consumer law
- Discrimination law
- Copyright law
- Health and Safety law
- Employment law
- Fraud law
- Pyramid scheme legality
- Import/Export law
What are the legal factors in business?
The legal factors consist of organizational law, employment law, consumers law, advertisement law, product and service standard law,banking law, Anti-trust law and intellectual properties law.
What is the meaning of factor in business?
In the context of commercial transactions, a factor is a person who sells goods for a commission. A factor takes pssession of goods of another and usually sells them inhis/her own name. A factor differs from a broker in that a broker normally doesn't take possession of the goods.
What should small business owners know about factoring?
Small business owners should be aware that factoring is different in several fundamental respects from bank financing. For one thing, it is much more expensive. Factoring charges can cost between 2 percent and 10 percent of sales.
What are the laws of business?
Business is considered as a legal entity, and to maintain that entity; businesses have to follow some laws that are imposed by a state and its government. Laws are made to protect a nation and its people from unfairness and anarchy.
What is the meaning of factor in law?
An event, circumstance, influence, or element that plays a part in bringing about a result. A factor in a case contributes to its causation or outcome. In the area of Negligence law, the factors, or chain of causation, are important in determining whether liability ensues from a particular action done by the defendant.
What is the definition a factor?
1 : something that helps produce a result Price was a factor in my decision. 2 : any of the numbers that when multiplied together form a product The factors of 6 are 1, 2, 3, and 6. factor. verb. factored; factoring.
What is factor in contract law?
People who are employed by others to sell or purchase goods, who are entrusted with possession of the goods, and who are compensated by either a commission or a fixed salary. A factor is a type of agent who sells goods owned by another, called a principal.
Who were known as factors?
Factors were the traders of East India Company. They were called so because they controlled and operated from the factories of the East India Company. The factory consisted of a warehouse for storing the goods to be exported and offices for Company officials.
How do you identify a factor?
How to Find Factors of a Number?Find all the numbers less than or equal to the given number.Divide the given number by each of the numbers.The divisors that give the remainder to be 0 are the factors of the number.
What is important factor?
one of the things that influence whether an event happens or the way that it happens. an important/major/key factor: Safety is the single most important factor in a car's design.
What is the difference between an element and a factor in law?
Elements are components of a legal test that a party must fully and affirmatively prove. Factors, by contrast, are areas of inquiry a court must consider in determining an issue. Many lawyers and judges use the term “element” and the term “factor” interchangeably in their writing.
What is a vitiating factor example?
These include misrepresentation, mistake, duress, undue influence, unconscionable bargains, and illegality and public policy. Certain vitiating factors like mistake will render a contract void ab initio whilst others such as misrepresentation will render the contract merely voidable.
What is a vitiating factor?
These are factors which can cripple or invalidate the contract they are concerned with, such as misrepresentation, mistake, duress, undue influence, or illegality.
What is factor Wikipedia?
General mathematics A term in multiplication for a whole number by which a larger whole number can be divided. Divisor, an integer which evenly divides a number without leaving a remainder. Factorization, the decomposition of an object into a product of other objects.
What is factor job?
[′jäb ‚fak·tər] (industrial engineering) An essential job element which provides a basis for selecting and training employees and establishing the wage plan for the job. Also known as job characteristic.
What is a factor in history?
fac·tor • /ˈfaktər/: A circumstance, fact or influence which has to be taken into account, or which affects a particular result, decision or situation. History Factor: The influence and affect history has on a particular result, decision or situation.
Factor
An event, circumstance, influence, or element that plays a part in bringing about a result.
factor
n. 1) a salesman who sells in his/her own name on behalf of others, taking a commission for services. 2) something that contributes to the result.
factor
1 a mercantile agent. An agent who is in the ordinary course of business entrusted with goods or documents of title representing goods with a view to their sale. A factor has a lien over goods entrusted to him; this lien covers any claims he may have against his principal arising out of the agency.
What is factoring in finance?
A factor has a possessory lien over the consigned goods that covers any claims against the principal arising out of the factor's activity. A debt factor, whether a person or firm ( factoring company ), accepts as assignee book debts ( accounts receivable) as security for short-term loans; this is known as factoring .
What is a factor in group theory?
For chief factors in group theory, see Chief series. A factor is a type of trader who receives and sells goods on commission, called factorage. A factor is a mercantile fiduciary transacting business in his own name and not disclosing his principal. A factor differs from a commission merchant in that a factor takes possession of goods ...
What is factorage in trading?
v. t. e. A factor is a type of trader who receives and sells goods on commission, called factorage. A factor is a mercantile fiduciary transacting business in his own name and not disclosing his principal. A factor differs from a commission merchant in that a factor takes possession of goods (or documents of title representing goods, ...
What is a colonial factor?
Colonial factors. In territories without any other regular authorities, especially if in need of defence, the company could mandate its factor to perform the functions of a governor, theoretically under authority of a higher echelon, including command of a small garrison.
How does a factor differ from a commission merchant?
A factor differs from a commission merchant in that a factor takes possession of goods (or documents of title representing goods, such as a bill of lading) on consignment, but a commission merchant sells goods not in his possession on the basis of samples.
What were the functions of factors in the colonial period?
Before the 20th century, factors were mercantile intermediaries whose main functions were warehousing and selling consigned goods, account ing to principals for the proceeds, guaranteeing buyers' credit, and sometimes making cash advances to principals prior to the actual sale of the goods. Their services were of particular value in foreign trade, and factors became important figures in the great period of colonial exploration and development.
What are legal factors?
Legal factors are external factors which refer to how the law affects the way businesses operate and customers behave. Product transportation, profit margins, and viability of certain markets are all examples of things which may be influenced by legal factors.
What is consumer law?
Let’s look at how a couple of these might affect businesses in more depth: Consumer law — consumer law (alternatively known as consumer protection) is designed to protect consumers from fraudulent companies or practices, and preserve their rights in the marketplace.
Legal Factors in A Business Environment – How to Define
Legal factors in a business environment are defined as law-related issues and proceedings that the owner of a business must consider in order to run the business seamlessly. Laws that affect businesses include federal regulations, state laws, and customs imposed norms. These are authority implied structures that business owners need to comply with.
How Do Legal Factors Affect Businesses
Legal factors affect businesses in several ways. There are corporate and business laws that determine whether a product is legal to sell in the market or not. Moreover, a business also has to abide by the national policies and regulations for product marketing, selling, inventory management, etc. Here are the laws that affect businesses.
Securities Law
Financing a business is a major part that an entrepreneur needs to consider. Securities law caters to the investment part of the business. Such regulations determine lawful dealings with the investors if the owner goes for an investment loan. A promissory statement to the investor involves federal norms and security laws.
Labor Protection Law
There are federal regulations to protect the labor interests in business industries. This is one prominent legal factor affecting business. These employment protection and labor laws determine the following parts.
Consumer Protection Law
Consumer protection law connects the legal thread between the business and the consumer. Through this regulation, business owners are liable to face legal issues if they get into fraudulent dealings with the customer. The Legal Information institute has a thorough guide on consumer protection acts in commercial fields.
Intellectual Property Laws
Intellectual property laws protect the patents and copyrights of a particular business. This is one of the most prominent legal issues affecting businesses. Violation of these laws can lead to serious legal hazards. Intellectual properties for a business include logos, domain names, business names, symbols, or specific illustrations.
Organizational Law
This is perhaps the most crucial legal factor affecting business. Organizational law implements when a business is at the planning stage. This law determines the operational structures of a business that is yet to launch. When a business structures, it must get a legal entity that needs to comply with state laws.
Why do businesses have to follow laws?
Because the more someone tries to break the rules through cunning tricks and tactics, the more laws get stricter. Because today the laws we have, people didn’t have these in the past. Laws get changed, and businesses have to cope-up with that.
Why are laws made?
Laws are made to protect a nation and its people from unfairness and anarchy. And as businesses work by and with people, there’re separate laws for businesses as well, so that no one can use that for personal benefits.
What is organizational law?
This law is the primary law for every business to come into existence. Organizational law manages the creation, operation, and termination of a business. Whether someone decides to start a sole proprietorship, partnership, or company business, he/she has to go through some constitutional activates to register the business as a legal corporation. There’re different types of organizational laws for each business type, which determines the activities, customs, management, taxation of each of them.
What are the laws of banking?
There’re special rules and regulations for banks, such as how much loan can be provided, what’ll be the interest rate, what kind of services it can provide, etc. Banks also have to put a certain amount of deposit to the government before starting their business.
Why is consumer law important?
That’s why consumer law has been made to ensure the consumer’s right to know, right to be heard, right to choose, right to say, right to be informed, and right to safety. Businesses always have to put their customer as a top priority, and no act that may violate any of the consumer’s rights should be taken.
What are the rules and regulations for banks?
There’re special rules and regulations for banks, such as how much loan can be provided, what’ll be the interest rate, what kind of services it can provide, etc. Banks also have to put a certain amount of deposit to the government before starting their business.
What is the law that protects employees' rights?
Employment Law . Employment law or labor law determines the wages, working hours, work environment, relationships, etc. of employees working on a business. This law protects the employees or workers’ rights so that they get the increments they actually deserve and how they should be treated.
Overview
A factor is a type of trader who receives and sells goods on commission, called factorage. A factor is a mercantile fiduciary transacting business in his own name and not disclosing his principal. A factor differs from a commission merchant in that a factor takes possession of goods (or documents of title representing goods, such as a bill of lading) on consignment, but a commission merchant sells goods not in his possession on the basis of samples.
History
Before the 20th century, factors were mercantile intermediaries whose main functions were warehousing and selling consigned goods, accounting to principals for the proceeds, guaranteeing buyers' credit, and sometimes making cash advances to principals prior to the actual sale of the goods. Their services were of particular value in foreign trade, and factors became important figures in the great period of colonial exploration and development.
Judicial factor
In Scottish law, a judicial factor is a kind of trustee appointed by the Court of Session to administer an estate, for a ward (called a pupil) until a guardian (called a tutor) can be appointed (factor loco tutoris), for a person who is incapax, or for a partnership that is unable to function.
Notable factors
• Alexander Grant Dallas (1816-07-25 – 1882-01-03) was a Chief Factor who became superintendent of the west-of-the-Rockies portion of the Hudson's Bay Company and the Governor of Rupert's Land.
See also
• Beaver Club
• Cotton factor, a broker or commission merchant
• Moose Factory
• York Factory
• Comprador
External links
• WorldStatesmen, for Vietnam; see also under other countries
What Are Legal Factors?
How Do Legal Factors Affect Business?
- Legal factors can decide whether or not there is a business behind selling a certain product (perhaps drugs, or sharp objects), and can also affect the mechanisms through which a company stocks their inventory or interacts with the customer.
Examples
- General examples of Legal Factors affecting business include:
1. Consumer law 2. Discrimination law 3. Copyright law 4. Health and Safety law 5. Employment law 6. Fraud law 7. Pyramid scheme legality 8. Import/Export law Let’s look at how a couple of these might affect businesses in more depth: Consumer law — consumer law (alternatively kno… - Legal Factors Affecting Tesco
1. Laws have been introduced to prevent companies from Tesco from changing product prices without informing customers 2. Recently, there has been a crackdown on misinformation in product discounting (e.g. perpetual ‘discounting’) Read the full PESTLE analysis of Tesco here.
Conclusion
- That’s all there is to legal factors in PESTLE analysis! They are simply the factors that affect businesses as a consequence of, or in direct relation to, governmental laws. They play a big part in deciding how businesses operate and what profits they receive, as well as how customers behave. Examples include the legality of pyramid schemes, and laws governing importation and …