Business Law

Otherwise known as commercial law, business law is one of the most lucrative sections of law as it applies to commerce, sales, trade, and merchandise. It seeks to outline the rights and control the relations and conduct of businesses and individuals involved in any type of trade and commerce. There are two distinctive branches of business law as follows:

• The laws that regulate business entities through company laws, agency, partnerships and bankruptcy
• The laws that regulate commercial transactions through contract laws and other related fields

In countries where civil laws apply, business law consists of statutes, while in common-law nations it consists of the rules of the common law as well as equity and partial statute laws. Under the company law, the concepts of legal personality and limited liability are important in regulating commercial contracts and businesses.

It is worth noting that the sole aim of developing and applying business law is to protect individuals and organizations involved in trade by ensuring fair business dealings. To develop a good understanding of the need for business law within the legal system, it is important to view business organizations as entities separate from the owners and employees. The entities, like any other individual in a given society, are subject to laws or rules that seek to ensure fair deals for any participant in the marketplace. In addition, business law benefits the entire economy by providing efficient and fair transactions. For instance, a person or business involved in credit transactions can be assured that the buyer will settle the debt as per the agreed terms and conditions as long as the business is legal.

Students seeking to enroll in business law courses must be aware that the field deals with a large body of issues that arise when businesses interact with other companies, individuals, government bodies, and the public. As such, students should expect to study a variety of disciplines such as:

• History and evolution of commercial law
• Contract law
• Tax law
• Employment law
• Intellectual property
• Sales
• Bankruptcy
• Real estate
• Insurance law
• Partnerships
• Bills of exchange and others

In most cases, business law courses are offered as an area of specialization within law departments. Business law courses prepare students (with the appropriate additional qualifications) to work in a wide range of sectors. A business law graduate may find success in the following careers:

• Auditor
• Actuary
• Company executive: CEO, CIO, HRM, treasurer, legal advisor, credit officer
• Financial dealer/broker
• Insurance manager, agent or broker
• Foreign affairs manager or trade officer
• Business lawyer and others

Students studying business law often face difficulties, because the subject matter is wide and involves intensive reading to familiarize themselves with the many laws, statutes, and other regulations that affect business and commerce. Practice is necessary, because the career involves dealing with businesses, individuals, government, and other entities involved in trade and commerce.

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