Business in general is the backbone of a functioning capitalistic society. Business transactions, contracts and the building of corporations are what makes the United Sates tick. But imagine a world in which business was done, as usual, but without any sort of oversight. There would be no contracts, because there would be no entity that was in place to uphold contracts and force people to abide by their word. There would be massive corruption and scandal as every transaction that occurred would be without repercussion. It is a sad fact that, when left to their own devices, most people take advantage of no only the system in place but of each other. This is why business law exists.
Business law, also known as commercial law, it the body of law the governs business and commercial transactions and is considered to be a branch of civil law. It deals with business issues affecting both the private and public sector.
What Business Law Includes
This type of law has a wide range of practice areas within its umbrella. There are certain, serious breaches concerning business that are criminal-these are known as white collar crimes-and would be tried in a criminal court rather than a civil court. Laws, such as those against insider trading, that affect the core of the economy on a huge level, would not be tried under regular business law. The following things are routinely a part of commercial law lawsuits:
• Corporate contracts-contract law is one of the biggest, if not the biggest, facet of business law. Lawyers in this field will draw up contracts, supervise their signing and then file lawsuits on behalf of a client if a contract is breached. And now days, it seems as if just about everything involves a contract from renting a video to buying a major corporate building.
• Hiring practices-hiring is a tricky issue. There are tons of areas of government reregulation that can get an employer in serious trouble if he or she fails to abide strictly by them. There are also many legal issues involved with letting employees go.
• Manufacture and sales of consumer goods-there are many, many things that go into getting a product placed on the market. There are tests and contracts and codes that all must be put into action.