1.
Competition law
–
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement, Competition law is known as anti-trust law in the United States, and as anti-monopoly law in China and Russia. In previous years it has known as trade practices law in the United Kingdom. In the European Union, it is referred to as both antitrust and competition law, the history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, since the 20th century, competition law has become global. The two largest and most influential systems of regulation are United States antitrust law and European Union competition law. National and regional competition authorities across the world have formed international support, modern competition law has historically evolved on a country level to promote and maintain fair competition in markets principally within the territorial boundaries of nation-states. National competition law usually does not cover activity beyond territorial borders unless it has significant effects at nation-state level, countries may allow for extraterritorial jurisdiction in competition cases based on so-called effects doctrine. The protection of competition is governed by international competition agreements. These obligations were not included in GATT, but in 1994, with the conclusion of the Uruguay Round of GATT Multilateral Negotiations, the Agreement Establishing the WTO included a range of limited provisions on various cross-border competition issues on a sector specific basis. Competition law, or antitrust law, has three elements, prohibiting agreements or practices that restrict free trading and competition between business. This includes in particular the repression of trade caused by cartels. Banning abusive behavior by a firm dominating a market, or anti-competitive practices that tend to lead to such a dominant position, Practices controlled in this way may include predatory pricing, tying, price gouging, refusal to deal, and many others. Supervising the mergers and acquisitions of large corporations, including joint ventures. Substance and practice of competition law varies from jurisdiction to jurisdiction, protecting the interests of consumers and ensuring that entrepreneurs have an opportunity to compete in the market economy are often treated as important objectives. In recent decades, competition law has been viewed as a way to better public services. An early example of competition law can be found in Roman law, the Lex Julia de Annona was enacted during the Roman Republic around 50 B. C. To protect the trade, heavy fines were imposed on anyone directly, deliberately
2.
Lawyer
–
A lawyer is a person who practices law, as an advocate, barrister, attorney, counselor or solicitor or chartered legal executive. The role of the lawyer varies greatly across legal jurisdictions, in practice, legal jurisdictions exercise their right to determine who is recognized as being a lawyer. As a result, the meaning of the lawyer may vary from place to place. In Australia, the lawyer is used to refer to both barristers and solicitors. In Canada, the word lawyer refers to individuals who have been called to the bar or. Common law lawyers in Canada are formally and properly called barristers and solicitors, however, in Quebec, civil law advocates often call themselves attorney and sometimes barrister and solicitor in English. The Legal Services Act 2007 defines the activities that may only be performed by a person who is entitled to do so pursuant to the Act. Lawyer is not a protected title, in India, the term lawyer is often colloquially used, but the official term is advocate as prescribed under the Advocates Act,1961. In Scotland, the word refers to a more specific group of legally trained people. It specifically includes advocates and solicitors, in a generic sense, it may also include judges and law-trained support staff. In the United States, the term refers to attorneys who may practice law. It is never used to refer to patent agents or paralegals, in fact, there are regulatory restrictions on non-lawyers like paralegals practicing law. Other nations tend to have terms for the analogous concept. In most countries, particularly civil law countries, there has been a tradition of giving many legal tasks to a variety of civil law notaries, clerks, and scriveners. Several countries that originally had two or more legal professions have since fused or united their professions into a type of lawyer. Most countries in this category are common law countries, though France, in countries with fused professions, a lawyer is usually permitted to carry out all or nearly all the responsibilities listed below. Arguing a clients case before a judge or jury in a court of law is the province of the barrister in England. However, the boundary between barristers and solicitors has evolved, in England today, the barrister monopoly covers only appellate courts, and barristers must compete directly with solicitors in many trial courts
3.
Civil law notary
–
Civil-law notaries are limited to areas of private law, that is, domestic law which regulates the relationships between individuals and in which the State is not directly concerned. Ordinarily, they have no authority to appear in court on their clients behalf, their role is limited to drafting, authenticating, and registering certain types of transactional or legal instruments. In some countries, such as the Netherlands, France or Italy, among others, they also retain and keep a copy of their instruments—in the form of memoranda—in notarial protocols. Notaries generally hold undergraduate degrees in law and graduate degrees in notarial law. Notarial law involves expertise in a spectrum of private law including family law, estate and testamentary law, conveyancing and property law, the law of agency. Any such practice is usually regulated, and most countries parcel out areas into notarial districts with a set number of notary positions. This has the effect of making notarial appointments very limited, as a lawyer, a civil-law notary draws up and executes legal instruments called notarial instruments. Traditionally, notarial instruments trigger a præsumptio veritatis et solemnitatis entailing two consequences—regularity and probativity, first, being an official act, a presumption of regularity attaches to the instrument, meaning all prescribed formalities have been carried out, including the reading over of the instrument. Second, an instrument is self-authenticating and probative, i. e. it constitutes full proof of the agreement it contains, as against the parties, their heirs. It also means the notarys firsthand narrations of fact are conclusively presumed true and correct, whereas secondhand narrations are merely assertio notarii which are rebuttably presumed valid. In either case, the appearer always walks away with an instrument that is self-executing, finally, notarial instruments have a fixed effective or signature date that cannot be ante- or postdated, or left blank and filled in after signing. Notarial instruments cannot be altered or overridden by prior or subsequent instruments under hand, in other words, for example, a notarial will could not be amended or superseded by a non-notarial codicil or will. An unexecuted minute is deemed proof of an instrument and considered the original. The minute is therefore the authenticum, or original instrument of writing, as distinguished from the self-executing copy, or instrumentum. This presumption stems from the fact that a notary is expected to verify the facts, assertions, or events mentioned in his act, thereby assuming liability for, a successfully improbated instrument is null and set aside. Nowadays, an instrument is prepared first as an unexecuted original called a minute. The minute is archived in the draftsman notarys protocol, the instruments particulars—appearer, fees, subject matter, witnesses, date, and so forth—are noted or minuted in a register or logbook. It is also the only copy that has fresh signatures and seals on it, the engrossed copy is issued directly to the appearer
4.
Barrister
–
A barrister is a type of lawyer in common law jurisdictions. Barristers mostly specialise in courtroom advocacy and litigation and their tasks include taking cases in superior courts and tribunals, drafting legal pleadings, researching the philosophy, hypothesis and history of law, and giving expert legal opinions. Often, barristers are also recognised as legal scholars, Barristers are distinguished from solicitors, who have more direct access to clients, and may do transactional-type legal work. It is mainly barristers who are appointed as judges, and they are hired by clients directly. In England and Wales, barristers may seek authorisation from the Bar Standards Board to conduct litigation and this allows a barrister to practise in a dual capacity, fulfilling the role of both barrister and solicitor. A barrister, who can be considered as a jurist, is a lawyer who represents a litigant as advocate before a court of appropriate jurisdiction, a barrister speaks in court and presents the case before a judge or jury. In some jurisdictions, a barrister receives additional training in law, ethics. In contrast, a solicitor generally meets with clients, does preparatory and administrative work, in this role, he or she may draft and review legal documents, interact with the client as necessary, prepare evidence, and generally manage the day-to-day administration of a lawsuit. Barristers usually have particular knowledge of law, precedent. When a solicitor in general practice is confronted with a point of law. In most countries, barristers operate as sole practitioners, and are prohibited from forming partnerships or from working as a barrister as part of a corporation, however, barristers normally band together into chambers to share clerks and operating expenses. Some chambers grow to be large and sophisticated, and have a corporate feel. In some jurisdictions, they may be employed by firms of solicitors, banks, in contrast, solicitors and attorneys work directly with the clients and are responsible for engaging a barrister with the appropriate expertise for the case. Barristers generally have little or no contact with their lay clients. All correspondence, inquiries, invoices, and so on, will be addressed to the solicitor, in court, barristers are often visibly distinguished from solicitors by their apparel. For example, in Ireland, England, and Wales, a barrister usually wears a wig, stiff collar, bands. Since January 2008, solicitor advocates have also been entitled to wear wigs, in many countries the traditional divisions between barristers and solicitors are breaking down. Barristers once enjoyed a monopoly on appearances before the courts, but in Great Britain this has now been abolished
5.
Negotiation
–
Negotiation is a dialogue between two or more people or parties intended to reach a beneficial outcome over one or more issues where a conflict exists with respect to at least one of these issues. This beneficial outcome can be for all of the parties involved and it is aimed to resolve points of difference, to gain advantage for an individual or collective, or to craft outcomes to satisfy various interests. It is often conducted by putting forward a position and making concessions to achieve an agreement. The degree to which the negotiating parties trust each other to implement the solution is a major factor in determining whether negotiations are successful. In many cases, negotiation is not a game, allowing for cooperation to improve the results of the negotiation. People negotiate daily, often without considering it a negotiation, professional negotiators are often specialized, such as union negotiators, leverage buyout negotiators, peace negotiator, or hostage negotiators. They may also work under other titles, such as diplomats, legislators, Negotiation can take a wide variety of forms, from a trained negotiator acting on behalf of a particular organization or position in a formal setting to an informal negotiation between friends. Negotiation can be contrasted with mediation, where a third party listens to each sides arguments and attempts to help craft an agreement between the parties. It can also be compared with arbitration, which resembles a legal proceeding, in arbitration, both sides make an argument as to the merits of their case and the arbitrator decides the outcome. This negotiation is also sometimes called positional or hard-bargaining negotiation, Negotiation theorists generally distinguish between two types of negotiation. Different theorists use different labels for the two types and distinguish them in different ways. Distributive negotiation is also sometimes called positional or hard-bargaining negotiation and attempts to distribute a fixed pie of benefits, distributive negotiation operates under zero sum conditions and implies that any gain one party makes is at the expense of the other and vice versa. For this reason, distributive negotiation is also sometimes called win-lose because of the assumption that one persons gain results in another persons loss, distributive negotiation examples include haggling prices on an open market, including the negotiation of the price of a car or a home. Distributive bargainers conceive of negotiation as a process of distributing a fixed amount of value, a distributive negotiation often involves people who have never had a previous interactive relationship, nor are they likely to do so again in the near future. Integrative negotiation is also called interest-based, merit-based, or principled negotiation and it is a set of techniques that attempts to improve the quality and likelihood of negotiated agreement by taking advantage of the fact that different parties value various outcomes differently. While distributive negotiation assumes there is an amount of value to be divided between the parties, integrative negotiation often attempts to create value in the course of the negotiation. Integrative negotiation often involves a degree of trust and the forming of a relationship. It can also involve creative problem-solving that aims to achieve mutual gains and it is also sometimes called win-win negotiation
6.
History of competition law
–
The history of competition law refers to attempts by governments to regulate competitive markets for goods and services, leading up to the modern competition or antitrust laws around the world today. The earliest records traces back to the efforts of Roman legislators to control price fluctuations, throughout the Middle Ages in Europe, kings and queens repeatedly cracked down on monopolies, including those created through state legislation. The English common law doctrine of restraint of trade became the precursor to modern competition law and this grew out of the codifications of United States antitrust statutes, which in turn had considerable influence on the development of European Community competition laws after the Second World War. Increasingly the focus has moved to international competition enforcement in a globalised economy, laws governing competition law are found in over two millennia of history. Roman Emperors and Mediaeval monarchs alike used tariffs to stabilise prices or support local production, the formal study of competition, began in earnest during the 18th century with such works as Adam Smiths The Wealth of Nations. Different terms were used to describe this area of the law, including practices, the law of monopolies, combination acts. The earliest surviving example of competition laws ancestors appears in the Lex Julia de Annona. To protect the trade, heavy fines were imposed on anyone directly, deliberately and insidiously stopping supply ships. The most legislation came under the Constitution of Zeno of 483 AD which can be traced into Florentine Municipal laws of 1322 and 1325 and it provided for property confiscation and banishment for any trade combinations or joint action of monopolies private or granted by the Emperor. Zeno rescinded all previously granted exclusive rights, justinian I also introduced legislation not long after to pay officials to manage state monopolies. As Europe slipped into the Dark Ages, so did the records of law making until the Middle Ages brought greater expansion of trade in the time of lex mercatoria, legislation in England to control monopolies and restrictive practices were in force well before the Norman Conquest. The Domesday Book recorded that foresteel was one of three forfeitures that King Edward the Confessor could carry out through England, concern for fair prices also led to attempts to directly regulate the market. Under Henry III, an Act was passed in 1266 to fix bread, penalties for breach included amercements, pillory and tumbrel. A fourteenth century statute labelled forestallers as oppressors of the poor, under King Edward III, the Statute of Labourers of 1349 fixed wages of artificers and workmen and decreed that foodstuffs should be sold at reasonable prices. Also under Edward III, the statutory provision in the poetic language of the time outlawed trade combinations. In 1553 King Henry VIII reintroduced tariffs for foodstuffs, designed to stabilise prices in the face of fluctuations in supply from overseas, the legislation read here that whereas, it is very hard and difficult to put certain prices to any such things. The privileges conferred were not abolished until the Municipal Corporations Act 1835, Europe around the 15th century was changing quickly. The new world had just been opened up, overseas trade and plunder was pouring wealth through the international economy, in 1561, a system of Industrial Monopoly Licences, similar to modern patents had been introduced into England
7.
Natural monopoly
–
Natural monopolies were discussed as a potential source of market failure by John Stuart Mill, who advocated government regulation to make them serve the public good. Two different types of cost are important in microeconomics, marginal cost, the marginal cost is the cost to the company of serving one more customer. In an industry where a monopoly does not exist, the vast majority of industries. Along with this, the average cost of its products decreases and increases, a natural monopoly has a very different cost structure. A natural monopoly has a fixed cost for a product that does not depend on output, but its marginal cost of producing one more good is roughly constant. All industries have costs associated with entering them, often, a large portion of these costs is required for investment. Larger industries, like utilities, require enormous initial investment and this barrier to entry reduces the number of possible entrants into the industry regardless of the earning of the corporations within. A firm with high fixed costs requires a number of customers in order to have a meaningful return on investment. This is where economies of scale become important, since each firm has large initial costs, as the firm gains market share and increases its output the fixed cost is divided among a larger number of customers. Therefore, in industries with large initial investment requirements, average total cost declines as output increases over a larger range of output levels. If that ideal size is large enough to supply the whole market, with this knowledge, no firms attempt to enter the industry and an oligopoly or monopoly develops. William Baumol provided the current formal definition of a monopoly where “n industry in which multi-firm production is more costly than production by a monopoly”. He linked the definition to the concept of subadditivity, specifically of the cost function. Baumol also noted that for a firm producing a product, scale economies were a sufficient. The original concept of monopoly is often attributed to John Stuart Mill. In Principles of Political Economy Mill criticised Smiths neglect of an area that could explain wage disparity, mills development of the idea is that what is true of labour is true of capital. All the natural monopolies which produce or aggravate the disparities in the remuneration of different kinds of labour, operate similarly between different employments of capital. A trade may also, from the nature of the case, be confined to so few hands and it is well known that even among so numerous a body as the London booksellers, this sort of combination long continued to exist
8.
Accounting
–
Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494, practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms, Accounting can be divided into several fields including financial accounting, management accounting, external auditing, and tax accounting. Accounting information systems are designed to support accounting functions and related activities, Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are audited by accounting firms, and are prepared in accordance with generally accepted accounting principles. GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board in the United States, as of 2012, all major economies have plans to converge towards or adopt the International Financial Reporting Standards. The history of accounting is thousands of old and can be traced to ancient civilizations. By the time of the Emperor Augustus, the Roman government had access to detailed financial information, double-entry bookkeeping developed in medieval Europe, and accounting split into financial accounting and management accounting with the development of joint-stock companies. The first work on a double-entry bookkeeping system was published in Italy, both the words accounting and accountancy were in use in Great Britain by the mid-1800s, and are derived from the words accompting and accountantship used in the 18th century. In Middle English the verb to account had the form accounten, which was derived from the Old French word aconter, which is in turn related to the Vulgar Latin word computare, meaning to reckon. The base of computare is putare, which meant to prune, to purify, to correct an account, hence, to count or calculate. The word accountant is derived from the French word compter, which is derived from the Italian. Accountancy refers to the occupation or profession of an accountant, particularly in British English, Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of a financial information to external users of the information, such as investors. It calculates and records business transactions and prepares financial statements for the users in accordance with generally accepted accounting principles. GAAP, in turn, arises from the agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. This branch of accounting is also studied as part of the exams for qualifying as an actuary. It is interesting to note that two professionals, accountants and actuaries, have created a culture of being archrivals
9.
Conflict of interest
–
The presence of a conflict of interest is independent of the occurrence of impropriety. Therefore, a conflict of interest can be discovered and voluntarily defused before any corruption occurs. Primary interest refers to the goals of the profession or activity, such as the protection of clients, the health of patients, the integrity of research. These secondary interests are not treated as wrong in and of themselves, applicable statutes or canons of ethics may provide standards for recusal in a given proceeding or matter. Providing that the judge or presiding officer must be free from disabling conflicts of interest makes the fairness of the less likely to be questioned. In the legal profession, the duty of loyalty owed to a client prohibits an attorney from representing any other party with interests adverse to those of a current client. The few exceptions to this rule require informed consent from all affected clients. In some circumstances, a conflict of interest can never be waived by a client, in perhaps the most common example encountered by the general public, the same firm should not represent both parties in a divorce or child custody matter. Found conflict can lead to denial or disgorgement of legal fees, or in some cases, depending upon the law or rules related to a particular organization, the existence of a conflict of interest may not, in and of itself, be evidence of wrongdoing. In fact, for professionals, it is virtually impossible to avoid having conflicts of interest from time to time. A conflict of interest can, however, become a matter, for example. A director or executive of a corporation will be subject to legal liability if a conflict of interest breaches his/her duty of loyalty, there often is confusion over these two situations. Someone accused of a conflict of interest may deny that a conflict exists because he/she did not act improperly, in fact, a conflict of interest can exist even if there are no improper acts as a result of it. Such competing interests can make it difficult to fulfill his or her duties impartially, a conflict of interest exists even if no unethical or improper act results. A conflict of interest can create an appearance of impropriety that can undermine confidence in the internal auditor, the audit activity. A conflict of interest could impair an individuals ability to perform his or her duties and responsibilities objectively, an organizational conflict of interest may exist in the same way as described above, for instance where a corporation provides two types of service to the government and these services conflict. Corporations may develop simple or complex systems to mitigate the risk or perceived risk of a conflict of interest, the influence of the pharmaceutical industry on medical research has been a major cause for concern. In 2009 a study found that a number of academic institutions do not have clear guidelines for relationships between Institutional Review Boards and industry, the official is on both sides of the deal
