Nairobi, Jan. 26 -- I recently attended an audit training where the trainer insisted that all managers must have some sort of basic accounting and audit skills.

He challenged the attendees (most of whom had no finance background), that a good manager should at least know how to read a budget and interpret financial statements.

This had me thinking about the basic legal skills that every business person ought to have. In my assessment, a large percentage of legal issues that businesses face arise from a lack of awareness.

This exposes the business to serious risks arising out of costly mistakes. Here are some examples in everyday life.

An executive hurriedly signs contracts that bind the business to terms and conditions it cannot fulfi...