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Commercial Law is that body of law which is concerned with the business and commercial transactions. Commercial is a term related with the selling and buying of anything on large scale which can be operated within the country or on international basis. On the other hand, business law consists of lot of laws which further come into force at different steps. For instance, employment law: the law which protects the rights of employees, consumer protection law: the law which governs and protects consumer’s right, intellectual law and many more that are in need of creating or recreating a business. Commercial law is thus considered as a branch of civil law which further handles private and public laws.Private Law governs the laws that are enforced with a contract or with tort. It is regulated between the individuals or two different parties on private basis. One can say that private Law handles private cases including breach of contract and cheating someone by not fulfilling the promises as written in legal contract, or any kind of tort or crime that comes under tort law. Thus private laws help the individuals or sufferers to get the compensation of the harm or damage. And public law is that law which handles cases between the individuals and the government. Public law further consists of administration law, criminal law, constitutional law or that is related with the dealing of relationship between the society and the government.
Commercial law is a branch of law which consists of wide range of laws which is concerned with the operations of businesses and government related issues. There are commercial lawyers who give advice to business organizations or companies and government on business related issues.It is therefore, sometimes called as business law. There are number of branches that come into work under commercial law and these are:
- CORPORATE LAW: corporate law regulates relations between the companies and the consumers. It works and measures how companies, investors, shareholders, employees, creditors, consumers, etc. interact with each other. It is that body of law which is concerned with the rights and relations of individuals, businesses, companies and organizations.It further comes under the branch of Companies Law.
- CONSUMER PROTECTION: This is the branch of consumer protection law that protects the rights of consumer from any kind of fraudulent. A consumer is a person who gain or acquire the ownership of any good or service by paying a considerable amount for that good or service. Consumer Protection is necessary to ensure pure (free from any kind of fraudulent) goods are provided to the consumer. This further prevents the businesses to get engage in fraud. Thus to start a business, it is necessary to show ‘the best’ of your business because the quality of the product will further protect consumers and will help a business man to maintain the competitive position in the market place. This law regulated private laws between the business organizations and the consumers.
- Contract law: Contract law undertakes the consideration of contracts which can be written or oral under the bindings of law. In every state there are different conditions to be followed or imposed in contracts and as per the law of state further contracts are managed or created. Contracts are common to fulfill especially when it is about business. Either it is about purchasing or renting machinery for a time period, purchasing or renting of property for commercial uses, advertisement of a product, introducing the product in the market or handling the issues related with product or services; a contract is made to legalize the things or promises. For instance, buying a coffee from a coffee shop and paying for it is also a part of general contract and not paying an amount for the cup of coffee is against the law for which the law breaker can suffer punishments though little punishments are there.
- Intellectual property law: The intellectual law gives a trademark of patent or copyright. Intellectual property law secures the legal rights related with inventions, designs or some kind of art work. This law has a goal which provides an amount of incentives to the creative workers to continue their creativity for the benefit of society. There are different categories of intellectual law which includes:
Labor law, family law, litigation etc. are some other branches which are regulated on the basis of private or public laws and these all further forms a part of commercial law. It is dependent on the knowledge and efforts of an individual that how he or she uses such laws and how and what they can get with the help of such laws in case of some serious damages.
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