Business, Legal & Accounting Glossary
n. all the law which applies to the rights, relations and conduct of persons and businesses engaged in commerce, merchandising, trade and sales.
Commercial law (sometimes known as business law) is the body of law which governs business and commerce.
It is often considered to be a branch of civil law and deals both with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes which contain comprehensive statements of their commercial law.
In the United States, commercial law is the province of both the United States Congress under its power to regulate interstate commerce and the states under their police power. Efforts have been made to create a unified body of commercial law in the US; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code.
Various regulatory schemes control how commerce is conducted. Privacy laws, safety laws (i.e. the Occupational Safety and Health Act in the United States), food and drug laws are some examples.
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This glossary post was last updated: 28th November, 2021 | 6 Views.