Business law, which is also known as Commercial law, is part of civil laws that handle commercial enterprise, business transactions and commerce. It encompasses a large range of legal matters such as:
As Business law is wide-ranging, many countries have approved civil codes that include complete statements of their business law. In the United States, business law is under the power of the United States Congress that have been made efforts to construct an integrated body of commercial law in the US for regulating interstate commerce and the most successful of these attempts has resulted in the general approval of the Uniform Commercial Code.
- Deal issues of private and public law.
- Define right and responsibilities of business rather than enforcing laws.
- Cover a wide diversity of topics connecting to the law of agency, corporations, societies, limited partnerships, franchises, and limited liability companies.
- Provide a legal structure within which businesses are created and organized as well as how business is conducted.
- Regulate company contracts, fiduciary relationships, organization duties and liabilities, hiring practices, franchise relationships, acquirements, securities and the produce and sales of consumer goods.
In business law there are many areas; the most important areas can be considered the following:
Business law has also spawned a large number of legal practice areas, such as:
- Arbitration Law: solve problems without entering the courtroom. It involves someone or a committee that acts as an arbitrator and examines the case before making a decision as to a way forward.
- Contract Law: state the way in which contracts must be formatted and what things should be included, because in business world there are many types of contracts.
- Banking Law: involve banks and their relationships with a business, so it is important to financial institutions make sure they are following the law.
- Sales and Secured Transactions.
- Real Estate Transactions.
- Debtor and Creditor.
- Consumer Credit.
- Negotiable instruments and contracts.
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