Preview

Business Law and Commercial Law

Powerful Essays
Open Document
Open Document
5924 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Business Law and Commercial Law
Business Law
What is Business Law? Businesses interact in many and varied ways. To name just a few types of business transactions, there are contracts, mergers and acquisitions, leasing, etc. How these transactions are carried out is overseen by Business Law. Additionally, how businesses are formed is a large part of Business law. This area of law is very wide-ranging, although it deals primarily with defining the rights and responsibilities of businesses, rather than enforcing these laws.
Because of its extensive scope, Business law has spawned a large number of legal practice area subcategories, which include Sales and Secured Transactions, Banking, Landlord-Tenant, Mortgages, Real Estate Transactions, Debtor and Creditor, Bankruptcy, Consumer Credit, Negotiable Instruments, and Contracts. Business law and Commercial law are very closely related, so much so that the terms are often used interchangeably and the legal issues they address frequently overlap. The Uniform Commercial Code (UCC) is the principal presiding authority over commercial transactions. * Business.gov
Business.gov helps small businesses understand their legal requirements and locate government services from federal, state and local agencies. Business.gov is an official site of the U.S. Small Business Administration. * Commercial Law / Business Law - Definition
Commercial law (sometimes known as business law) is the body of law that governs business and commercial transactions. It is often considered to be a branch of civil law and deals with issues of both private law and public law. Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange and partnership. It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. * Compliance with Business Laws
Most aspects of running a

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Lawpaper Law/421

    • 273 Words
    • 2 Pages

    Business Law relates to the legal matters that involve commercial entities. Some examples of topics covered in business law are contracts domestic and internationally. Employee relations such as discriminatory issues also fall into the category of business law. The laws that fit into this category protect the consumers as well as business owners and stockholders.…

    • 273 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Business Law

    • 668 Words
    • 3 Pages

    case brief---Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract provided that Gregory would provide Wessel with a 15 minute monologue for his upcoming appearance on the comedy hour and Wessel will pay $250 to Gregory. All performers could make $500 per appearance on the comedy hour. and when Wessel was scheduled to aper on the comedy hour, Gregory informed him that he was unable to provide the monologue, because last time Wessel was asked to make special guest appearances at three local comedy clubs performance during the comedy hour. and Wessel bought lawsuit to Gregory for beach of contract and request damages of $1250.…

    • 668 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Twomey, D. P., & Jennings, M. M. (2014). Business law: Principles for today’s commercial environment (4th ed.). Mason, OH: Cengage Learning.…

    • 1509 Words
    • 7 Pages
    Better Essays
  • Satisfactory Essays

    Business Law

    • 592 Words
    • 2 Pages

    Sterling computer has entered into a partnership with NoBugs a microchip processing computer. The collaboration was developing into a something successful until an incident put a strain in the business relationship. Some month ago Sterling computer has had several of their computers explode shortly after customers install them. Upon an investigation which was conducted by Sterling researchers have discovered evidence of NoBugs’s microchips aggravating a dormant defect in their computers, causing them to explode. The analysis on NoBugs microchips revealed that they were indeed below design specification and that the imperfections were caused by a slight miscalibration of NoBugs’s encoding equipment. Once, the information was presented to NoBugs they course of action correcting the problem by recalibrating the equipment and promptly resumed production of making perfect chips. However, this incident has caused Sterling business to bare the gaunt of the financial burden which is a loss of profits, out-of-pocket associated with compensating customers for the explosions, and injury to its business reputation by total accumulation will exceed somewhere north of $20 million dollars.…

    • 592 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    MOS2275 Study Guide

    • 3369 Words
    • 23 Pages

    Law is involved in all aspects of business, whether the entrepreneur is aware of it or not. The…

    • 3369 Words
    • 23 Pages
    Powerful Essays
  • Satisfactory Essays

    LAW421 Week 1 Assignment

    • 798 Words
    • 3 Pages

    The functions of the law and role of decision makers in business and for society are critical aspects for all issues that arise and require justification toward tolerance in a diverse country. The basic functions of the law are taxation, competition, intellectual property, employment and environmental law and create from a three party-system of government, the legislative branch, executive branch and judicial branch. Each department or areas carry a set of rules and regulations that are govern. These branches limit the power or authorization and commence the power of congress that impacts both businesses and society on a daily basis. CEO, executives and managers roles are critical and before making decisions, each decision maker must make certain that they are within guidelines of the law. The business laws are in place to protect the business entity from any fraudulent or poor decisions that would fail the business and create unlawful acts.…

    • 798 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Business Law

    • 911 Words
    • 3 Pages

    2. State whether the following provisions in a note impair or preclude negotiability, the instrument in each instance being otherwise in proper form. Answer each statement with either “Negotiable” or Nonnegotiable” and explain why.…

    • 911 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Exam for Chapter 1

    • 1230 Words
    • 5 Pages

    | A group of young professionals were discussing the relationship between law and business. Adam argues that law primarily benefits the owners of businesses at the expense of workers and customers, while Beth takes the opposite position - that law primarily benefits the individual employees, customers and others, at the expense of the owners of businesses. Charlie posits that all parties are better off because of the presence of law, while David asserts that law is not a significant factor in the conduct of business. Based on your text, which person's view is most accurate? Answer…

    • 1230 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    business law

    • 1265 Words
    • 6 Pages

    2. business purchased supplies and carpet the amount of supplies 500 and the amount of carpet was $50 paid in cash…

    • 1265 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Business Law provides an overview of American law and the American judicial system as they relate to the operation of a business. The course will cover the origin, evolution, structure, functions, and significant concepts of law and the judicial system. Topics covered will include contracts, agency, torts, the Uniform Commercial Code, employment law, property and landlord tenant law, trusts and estates, constitutional law, forms of business organization, consumer legislation, and crimes. The course will emphasize the rights and obligations arising from entering into contracts.…

    • 1902 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    Business Law

    • 383 Words
    • 2 Pages

    References: Miller, R. L., & Jentz, G. A. (2010, 2007). Fundamentals of Business Law (8th ed.). Mason, Ohio, United States of America: South-Western Cengage Learning.…

    • 383 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Uos Outline

    • 3186 Words
    • 13 Pages

    The law is not simply peripheral to business. Business operates in the context of an increasingly…

    • 3186 Words
    • 13 Pages
    Satisfactory Essays
  • Powerful Essays

    Business Law

    • 4785 Words
    • 20 Pages

    An introduction to law with a business focus. Students examine the nature and sources of law in Australia. Key aspects of civil law as they relate to business are explored with a particular emphasis on contract law.…

    • 4785 Words
    • 20 Pages
    Powerful Essays
  • Good Essays

    Laws help businesses to have rules of conduct that apply to all relevant parties. Other methods can also…

    • 6499 Words
    • 26 Pages
    Good Essays
  • Powerful Essays

    B. Private Law

    • 16827 Words
    • 63 Pages

    1. Business law consists of the suggested rules of conduct that govern commercial relationships. True False…

    • 16827 Words
    • 63 Pages
    Powerful Essays

Related Topics