1.2 Law and context
The law relating to businesses, which includes company law, is a highly practical subject because of the areas which it covers. You may in fact already have experience of this if you are in business; in addition or alternatively, you may be a shareholder in a company, or have lent money to one.
All students and practitioners of these areas of law therefore need to have a good understanding of how they actually work in practice, as well as the commercial, political, economic and social contexts in which they operate. For example, it is certainly important for a lawyer who advises business clients on their transactions to understand how partnership and company law work, and to have a thorough grounding in the legislation and case law in this area.
However, it is equally important to understand the practical implications of the legal advice which a lawyer might give (e.g. how to draft documentation so that it is correct for the particular way in which the client does business or how a client should structure a transaction for commercial reasons). You will therefore sometimes be asked to consider this law from the point of view of people in business (e.g. a bank manager, a partner in a business or a company director) to help you understand the practical implications. The aim of this course is to help you acquire knowledge, understanding and skills in relation to both law and the practical context in which it operates.
Most, if not all, of the work which you do in this course is designed to help you acquire knowledge of the law. To help you acquire and develop an understanding of the practical aspects of the relevant law, we will ask you at the end of the course to reflect briefly on what you have been studying (in particular, through the activities) and consider some practical points which arise.
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