Rule of law

The rule of law is the rules and rights that make prosperous and fair societies possible. The system in which no one, including government, is above the law and it protect fundamental rights where justice is accessible to all. "Today, most new law is statutory. But common law still predominates in tort, contract, and agency law, and it is very important in property, employment, and some other areas." (Beatty, J. F., & Samuelson, S. S. (2012). Introduction to Business Law, 4th Ed. South-Western College Pub/(page 66) Yet there must also be flexibility in the law, some means to respond to new problems and changing social mores."A contract is merely a legally enforceable agreement. People regularly make promises, but only some of them are enforceable." (Beatty, J. F., & Samuelson, S. S. (2012). Introduction to Business Law, 4th Ed. South-Western College Pub/page 143) Most business owners would view a good deal as one that meets all their requirements. But there are many other factors to consider, such as whether you want to do business with a particular supplier again. and if so both sides should conclude a negotiation feeling comfortable and happy with the agreement. Negotiations can be unsuccessful if either side feels forced into a corner."Parties form a contract only if they have a meeting of the minds. For this to happen, one side must make an offer and the other must make an acceptance. An offer proposes definite terms, and an acceptance unconditionally agrees to them."(Beatty, J. F., & Samuelson, S. S. (2012). Introduction to Business Law, 4th Ed. South-Western College Pub/page 151) Before you start to negotiate, draw up a list of the factors that are most important to you. Decide what you are and aren't prepared to compromise on, you might want to find a supplier that will offer you a discount when ordering in bulk.Once all the points have been negotiated and a deal has been agreed to it's best to get a written contract drawn up and signed by both parties. Although verbal contracts are acceptable and legally binding, they're very hard to rely on in court. So both parties should agree on what the contract will cover. Details of price, payment terms and delivery schedule.