Assessment #2

What is Corporate Law?

(1.1 Introduction)

Name​: Heerin Seo

Date:​ September 12th, 2018
Subject: ​ The overview of Corporate law
MLA Citation:
Kraakman, Reinier, et al. ​The Anatomy of Corporate Law a Comparative and Functional
Approach​. Oxford University Press, 2017,
www.law.harvard.edu/programs/olin_center/papers/pdf/Kraakman_643.pdf.
Assessment:
Heerin Seo

Mr. Brandon Walters

ISM 1A

12 September 2018

What is Corporate Law?

(1.1 Introduction)

When understanding the process of Corporate Law, it is important that one understands

the fundamentals such as Corporate Form as discussed by Kraakman in his book, ​What is

Corporate Law​. One of the most crucial features within Corporate Law is the use of contracts

and the idea of limited liability because it allows the firm to ensure that there is a share of risk

when it comes to the company, while providing a sense of security if there were to be problems

in the future. A firm is defined as a “nexus of contracts” because there has to be a formal

agreement within the law firm and the company when it comes to the assets and responsibilities

of each individual. Since there are many arguments within certain companies regarding

trade-offs and assets, law firms are considered the mediums of communication.
 What I learned from this article will be beneficial to me during my study of Corporate

Law because I now understand what kinds of contracts lawyers are expected to deal with on a

daily basis, as well as what rights the individuals are being promised. Because this is my

prospective field and I am currently in the process of looking for a mentor, I believe it would be

in my best interest to understand at least the expectations of creating contracts for companies.

It was also very interesting to read about the five core structural characteristics of the

business corporation because “In virtually all economically important jurisdictions, there is a

basic statute that provides for the formation of firms with all of these characteristics.” Although

this concept is broken down in a simplified manner, it does introduce the concept of business

corporations and their structural features in a way that allows me to become familiar with the

idea.

Overall, this first section of Kraakman’s book helped introduce me to the concepts behind

business contracts and its relationship to law. I hope to utilize this information above when I go

to interview my potential mentors, as well as during my in depth research of Corporate Law in

the future.