In legal world pleading innocence is not a strong point to defend ourselves. In legal dictionary it is called as “mistake of facts” represented by the Latin maxim: ignorantia legis neminem excusat. Officially Business & Finance always binds up with a strong hold of legal (bond) system behind it. This is the reason why business people always join hands with lawyers & auditors when taking an important financial decisions.

A customer has purchased a new car by selling his old one. Since he felt he can’t pay, he returned the car to the same dealer and the dealer gave back his trade-in. A couple of months later the dealer repossessed his car. The customer’s question was “Is that legal?”

More than answering this question the most important thing is to be aware of the legal aspects of any trade. Practically, reading all the papers word by word for every financial transaction we do is next to impossible. So the better thing is whenever the amount of transaction is higher, like leasing, renting, mortgage, automobile etc., Consult an expert. The transaction would be simple, if you have money and you purchase a car by paying (onetime) cash to the dealer. This is same with other products too. But, if there is a chance where the cost of post purchase could be higher and still we are not aware of how it is legally bounded, the result could be expensive.

If you are a software developer or a hardware designer or a professor or a pilot or a doctor it is always better to understand money & law but it is time consuming. Spend more time in strengthening your domain skills and outsource few of your legal & financial tasks to the experts. However, always allocate time to understand these two systems in the future days.

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