At present, business law is one of the most important aspects for conducting a business. Business law is sometimes also referred as commercial law. Business law is that component of law, which regulates business and commerce.
In many instances, business law is regarded to be a section of civil law and it addresses issues related to both public law and private law. Business law monitors hiring practices, corporate agreements and contracts, and the production and marketing of consumer goods. A large number of countries have acquired civil codes, which include extensive details about their busines laws.
Business law is the responsibility of both the United States Congress under its legal jurisdiction for controlling the commercial activities in all the states of USA and the individual states under their legal jurisdiction. In the United States, a number of initiatives have been taken to establish an integrated structure of business law, and the most productive initiative among them has ensued in the common acceptance of the Uniform Commercial Code.
In business law, different regulative plans of action determine how commercial activities should be carried on.
Some examples of this kind of regulative measures include the following:
Safety laws, such as the Occupational Safety and Health Act in the U.S.
Business law usually includes the following topics:
Corporate law or company law
Property law or property act
Financial laws or regulations
Negotiable instrument act
Law of contracts or agreements
Intellectual property and patent act
Letter of Credit (LOC)
Law of Arbitration
The domain of business law comprises of a wide classification of legal services, which include the establishment and dissolution of corporations, partnerships, limited liability partnerships, and limited liability companies. Business law also includes the blueprinting of contracts and agreements and the collection of accounts receivable or money from businesses and it also provides common legal consultation to directors of various corporations, business partners, and business owners.
Last Updated on : 29th July 2013