Business law governs what happens in
commercial matters and is divided into two categories: regulation of commercial
entities and regulation of commercial transactions. Over centuries, laws have
evolved and had to adapt to changes in technology and society.
Commercial law or mercantile law
Business law, also known as commercial law
or mercantile law, is the body of rules that govern commercial transactions
between individuals, whether governed by convention, agreement, or national or
international legislation. Business law class help services is a service that
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Company law in civil-law countries is made
up of statute law; in common-law countries, it is made up of both ordinary
rules of common law and equity and statute law. The concept of legal
personality and the theory of limited liability are two fundamental legal
concepts that underpin all of the company law. Almost all statutory rules are
designed to protect creditors or investors.
Types of legal business entities
There are various types of legal business
entities, ranging from the sole trader, who bears the risk and responsibility
of running a business and reaping the profits, to the corporation, but not
forming any legal association and thus not subject to special legal rules, to
the registered company with limited liability and to multinational corporations
Members of a partnership "associate," forming a collective
association in which they all participate in management and profit sharing, are
liable for the firm's debts, and can be sued jointly and severally in relation
to the firm's contracts or tortious acts. All partners act as agents for one
another and thus have a fiduciary relationship with one another.
Types of legal agency
An agent is a person who is hired to enter
into contractual relationships on behalf of his principal with third parties.
There are three types of legal agency: universal, where an agent is appointed
to handle all of his principal's affairs; general, where an agent has authority
to represent his principal in all business of a certain type; and special,
where an agent is appointed for a specific purpose and given only limited
powers. The appointment can be express or implied, and it can be terminated by
the parties' actions; the death, bankruptcy, or insanity of either the
principal or agent; frustration; or intervening illegality.
Exchange of goods or services for a price
Every contractual transaction affects people's lives in some way. A contract is a legally binding agreement made by two or more people that is enforceable by the courts. It is usually in the form of a commercial bargain involving some form of exchange of goods or services for a price. As such, they may be written or oral, and in order for them to be binding, the following conditions must be met: an offer and unqualified acceptance thereof, an intention to create legal relations, valuable consideration, and genuine consent (i.e., an absence of fraud). The terms must be legal, certain, and capable of being performed.
On both the national and international levels,
business law is constantly evolving, with new areas of law emerging in areas
such as consumer protection, competition, and computers and the Internet.
