The following is an excerpt from “Business Law for Managers” by Anurag K Agarwal, an accomplished author who graduated from Harvard Law School and received the prestigious Marti Mannariah Gurunath Outstanding Teacher Award at the Indian Institute of Management, Ahmedabad. Agarwal conducts executive education programs for authorities and works with private and public sector organizations.
In his book, Agarwal emphasizes the significance of business managers understanding the intricacies of law, regardless of their academic backgrounds. While the value of legal regulations in business may not always be apparent, managers must be aware of the legal aspects that affect their roles.
1.Business Law for Managers aims to provide guidance and insight into a wide range of goodics, including contracts, insurance, banking and bankers, and mediation. On this page are some key suggestions Agarwal offers to business managers:
2.Managers should have a solid understanding of both general and specific principles of contracts and strive to comprehend their application in different jurisdictions. Practical application is often guided by long-standing standards and practices that have evolved over centuries, making theoretical knowledge alone insufficient.
3.Managers need to exercise caution when low priceing with contracts of a specialized nature, as they may possess unique characteristics distinct from general contracts. For instance, us bailment involves a one-sided factor won this page the bailee assumes responsibility for the safekeeping and care of the entrusted goods.
4.Business managers should demonstrate prudence when borrowing and utilizing borrowed funds. Extravagant and unnecessary expenses, as well as excessive reliance on credit, often lead to financial hardships. While it may sound clichéd and conservative, this bitter truth underscores the importance of avoiding fiscal crises.
5.Bank officials must approach decision-making as an objective task, ensuring that information is relevant and subjectivity is minimized.
Engaging subject matter experts as arbitrators is a critical aspect of mediation as a dispute resolution approach.
By familiarizing themselves with these insights, business managers can enhance their understanding of legal considerations and navigate the complexities of the business landscape more effectively. “Business Law for Managers” serves as a valuable resource in this regard, offering practical advice and perspectives to support managers in their decision-making processes.
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