Weatherford International Ltd (WFT) a New York Stock Exchange (NYSE) listed company is one of the world’s leading oil and gas field service and equipment providers, its products and services span the oil/gas well’s life cycle, encompassing exploration, drilling, extraction and production of all forms of oil and gas. WFT employs more than 50,000 people and operates in more than 100 countries worldwide geographically segmented into four global regions that cover all major oil and gas-producing areas, North America: Latin America: Europe/West Africa/ Former Soviet Union: Middle East/North Africa/Asia, with four individual headquarters located, Houston, Moscow, Dubai, and Singapore. In addition, the region operations span many international boundaries and communities that dictate certain trading conditions, customs, legal and government regulation, and environmental policies are met.
Legal Environment
“All business activities, from the establishment of the organisation through to the sale of the product to the customer, are influenced by the law.” Worthington and Britton (2009).
Business law mainly consists of employment law, health and safety law, contract law, consumer law, and accounting law. Legal proceedings can be issued through public law and/or private law. Public law is between the state and an offender and encompasses constitutional law, administrative law, and criminal law.
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Essentially it is about how business takes account of its economic, social and environmental impacts in the way it operates – maximising the benefits and minimising the downsides… Specifically, we see CSR as voluntary actions that business can take, over and above compliance with minimum legal requirements, to address both its own competitive interests and interests of the wider society.”
The role of law reform has responded rather effectively to a certain extent in protecting the rights of consumers. This is evident in the legal responses introduced to address issues of credit, marketing innovation and technology. These law amendments has effectively increase the protection of the rights of consumers to a certain extent, however loopholes still exist. Due to the increasing range of goods and services continues to grow and the failure of existing laws, the role of law reform has been significant in protecting the rights of consumers. Consumer laws were created to prevent deceitful activities, or unfair business practices, as well as serving a protection for weaker parties who are unable to protect themselves. However, laws were later reformed to enable customers to transact with confidence and protect suppliers, consumers from inappropriate business conduct and to reflect changed community values and circumstances.
Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY: McGraw-Hill/Irwin.
Mallor, J. P., Barnes, A. J., Bowers, L. T., & Langvardt, A. W. (2013). Business law: The
Mayer D., Warner D.M., Siedel G. J., and Lieberman J. K. Business law and the legal environment. (Vol. 1.0.1). flatworldknowledge.com. Retrieved from
What major technology change has had the greatest impact on the quality of your life?
Mallor, J. P., Barnes, A., Bowers, T., & Langvardt, A. W. (2010). Business Law: The Ethical, Global, and E-Commerce Environment (14th ed.). New York, NY: McGraw-Hill/Irwin.
... law protects individuals’ rights and liberties from the government of states. It can also protect businesses’ property rights and the rights of their employees.
Throughout modern civilization, the American republic is widely known for its dependency upon the realm of business. Equally as vital, looms the ever-present hand of the American law system. “All beings have their laws: the Deity…man his laws” (Montesquieu,1), this statement serves true in founding that law is consistently a necessary portion in society because all society desires law. As a consequence of the continual presence of law, careers aimed to interpret the crevices of laws, and to defend them, are synonymously as necessary in society. Absolutely, the gain of America’s economy is a direct reflection of the lawyers who protect them. Lawyers are a necessity to the nation; serving their purpose as defenders of the law. The system of corporate law is undoubtedly the cornerstone of corporate finance, and as citizens begin to thrive more immensely in a capitalistic nation, legal representation will be the trailblazer to the continuation of the American system of corporations. As I embark upon the journey of excellence into the world of corporate law, I endeavor to change the way business is defended, upheld, and represented.
Business law is that body of law that governs business and commerce, such as regulating corporate contracts, hiring practices, and the manufacture and sale of consumer goods. (www.bitpipe.com/tlist/Business-Law.html)
In effect Salomon's principle as confirmed by Macaura v Northern Assurance Co. and Lee v Lee's Air Farming Ltd. helps form an image of a corporation as a 'depersonalised conception'[5], an object that is 'cleansed and emptied of its shareholders. '[6] Yet the concept of an incorporated company as a separate legal person causes some difficulties, for surely all 'legal personality is in a sense fiction'.[7] Questions soon arise ... ... middle of paper ... ...
In company law, registered companies are complicated with the concepts of separate legal personality as the courts do not have a definite rule on when to lift the corporate veil. The concept of ‘Separate legal personality’ is created under the Companies Act 1862 and the significance of this concept is being recognized in the Companies Act 2006 nowadays. In order to avoid personal liability, it assures that individuals are sanctioned to incorporate companies to separate their business and personal affairs. The ‘separate legal personality’ principle was further reaffirmed in the courts through the decision of Salomon v Salomon & Co Ltd. , and it sets the rock in which our company law rests which stated that the legal entity distinct from its
The Principle of Separate Corporate Personality The principle of separate corporate personality has been firmly established in the common law since the decision in the case of Salomon v Salomon & Co Ltd[1], whereby a corporation has a separate legal personality, rights and obligations totally distinct from those of its shareholders. Legislation and courts nevertheless sometimes "pierce the corporate veil" so as to hold the shareholders personally liable for the liabilities of the corporation. Courts may also "lift the corporate veil", in the conflict of laws in order to determine who actually controls the corporation, and thus to ascertain the corporation's true contacts, and closest and most real connection. Throughout the course of this assignment I will begin by explaining the concept of legal personality and describe the veil of incorporation. I will give examples of when the veil of incorporation can be lifted by the courts and statuary provisions such as s.24 CA 1985 and incorporate the varying views of judges as to when the veil can be lifted.
William O. Douglas said, "Common sense often makes good law." Well that is what laws essentially are, rules and regulations that make sure common sense is followed. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions.
Corporate law is an area of law that directly relates to dealings with corporations within our legal system. “In Ontario, law compromises of statutes, regulations and cases. This means that to understand the law in any area, you must familiarize yourself with the statute or statutes that relate to that area, check related regulations where required, and read cases that show you how the courts have applied those statutes and regulations in real life situations” (Corporate Law for Ontario Businesses, 2012, pg. 2). In this paper I will be doing just that. I am going to be looking at a particular case that happened and examine how the courts applied legal regulations to a real life situation. I will also be examining what it means for a corporation to be a separate legal entity, as well as the level of importance a shareholder has within a company. All of these topics directly relate to the case I will be examining and are important to knowing in order to understand why the court made the decision that they did. Lastly, I will be discussing my own personal opinions on the case and the decision made by the courts.
The world that we live into today affords us the expectation that the flip a switch will turn the lights on. As populations increase and developing nations undergo dramatic economic growth, this energy demand will only continue to grow. The International Energy Agency (IEA) believes that “the world’s energy needs could be 50% higher in 2030 than they are today” (ElBaradei). Given this projected growth, it is necessary for world leaders must take action to secure the energy supply. Meaning that world leaders need to start seriously considering an alternative to non-renewable energy sources. “In 2012, the United States generated about 4,054 billion kilowatt-hours of electricity. About 68% of the electricity generated was from fossil fuel (coal, natural gas, and petroleum), with 37% attributed from coal” (U.S. Energy Information Administration). The fossil fuels that are used to supply over half of our country’s energy are in finite supply and are increasing in price to astronomical heights.