Business Law-discussion Assignment Example | Topics and Well Written Essays - 250 words

Business Law-discussion - Assignment Example However, the current laws compel producers to take responsibility for effects of their goods. Arguably, the approach forces manufacturers to trade safe goods and services unlike in the past (Twomey, Jennings, and Fox 174). Besides, enforcement of polluter pay principles and eco-tax aid firms to participate in restoring damaged environs in order to promote sustainability. Unlike in the past, modern societies have adequate access to inclusive product information. Hence, buyers make informed decisions in the purchase of goods and services. The customer protection laws stamp the achievement through warrant of honest and fair dealings with consumers. Despite the highlighted advantages, enforcement of consumer protection laws detriments business, particularly small enterprises by increasing operational costs. Modern business entities spend more money to establish compliance mechanisms such as hiring specialists, retraining staffs, and re-designing labelling and packaging. Lately, producers spend profits to address customer grievances, especially in the courts. A hidden cost also exists on imposed fines, restoring damaged company reputation and strengthening customer loyalty. Therefore, the laws discourage potential entrepreneurs. Consumer protection laws specifically focus on the welfare of buyers. Thus, states should launch regulations and enforcement agencies with a market-wide protection role. Moreover, governments and business stakeholders should introduce comprehensive regulations to guide dispute resolution mechanisms and seller liability for oversight of third-party