To develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.

On successful completion of this paper candidates should be able to:

• Identify the essential elements of the legal system including the main sources of law
• Recognise and apply the appropriate legal rules relating to the law of obligations
• Explain and apply the law relating to employment relationships
• Distinguish between alternative forms and constitutions of business organizations
• Recognise and compare types of capital and the financing of companies
• Describe and explain how companies are managed, administered and regulated
• Recognise the legal implications relating to companies in difficulty or in crisis
• Demonstrate an understanding of governance and ethical issues relating to business.