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Legal regulations of management Every state has its law and code system. In the business world its very important labour code, as it regulates and ensures the legal actions in the organizations. Today I’ll present only the main aspects of the legal regulations of management. It is the employment contract (‘individual contract’), collective bargaining and collective agreements (or ‘collective contract’). These terms are described in each state labour code and frequently the authors of the books refer to its state law and codes. The employment contract I. Employment contract –is a contract between employer and employee. (www.hyperdictionary.com) II. Thomason describes the employment contract in such way: “...employment is established by ’agreement’ between the two parties, employer and employee, and this agreement is identified by the particular term ‘contract of employment’.” III. A contract of employment is an agreement entered into by an employer and an employee under which they have certain mutual obligations. (www.cst.gov.uk/er/index.htm) IV. The Finnish Employment Contracts Act (no. 320 of 1970 - section 1) defines an employment contract as a contract whereby the employee agrees to perform work