Final answer:
Major parts of business governed by legal guidelines include corporate governance, employment law, and contract law.
Step-by-step explanation:
Major parts of business that are governed by legal guidelines include:
- Corporate Governance: Laws govern how businesses are structured, operate, and make decisions. This includes laws related to the formation of corporations, rights and responsibilities of shareholders, and regulations for boards of directors.
- Employment Law: Laws dictate how businesses can hire, fire, and treat their employees. This includes laws related to minimum wage, working hours, workplace safety, and anti-discrimination.
- Contract Law: Laws govern how contracts are formed, interpreted, and enforced. Businesses must comply with contract laws when entering into agreements with customers, suppliers, and other parties.