Business is described as any engagement under the name of a person or an entity done for profitable ends. The activity dates back in ancestry in form of barter, when ancient people entered into trade by exchanging goods. Later on, it has evolved to include delivery of services to reap a descent income. Business either in the old or present time aims at providing mutual gain on both parties involved. In the same way, business entities provide economic gain being the lifeblood of capital economies. Consequently, there are many types of business in terms of ownership and industry under the ambit of business law.
In a legal sense, commercial law is defined as a branch of civil law that governs all sorts of business as well as commercial pursuits. Most likely, it forms part of the Civil Code employed by every State. Rules on Business Law may also be codified particularly under the Code of Commerce. For instance, the United States of America is governed by the Uniform Commercial Code. This legal faculty commonly includes rules of conduct that regulate the company’s internal and external operations. As a result, it involves overall business activities relating to contracts, finance, tax, mergers, takeovers, etc.
Business Law, also known as Commercial Law, deals with an array of business transactions. In effect, it covers both public and private affairs involved in trade. These consist of advertising, banking, collection, marketing, sales, and the consequences thereof such as negotiable instruments, undertaking contracts, and the like. Furthermore, this body of law ranges from national to international settings in case of multinational companies. Such a broad legal scope is inevitable given the global trend that demands unified international laws on commerce. Nonetheless, business laws vary by State by virtue of implied sovereignty. Besides, it is a well known fact that every territory needs distinct set of norms to regulate commerce and trade.
Like any other legal studies, there are many academic options for students. In fact, the academe offers various degree courses relating to commercial law. These are accessible both in graduate and undergraduate schools under bachelor’s, master’s, and doctoral programs. Business Law courses can also be part of many other legal disciplines such as labour law, tax law, corporate law, etc. All these are offered in top law schools found all over the globe such as Harvard University (America), Oxford University (Europe), and National University of Singapore (Asia).
Employment options await graduates of Business Law in various parts of the world. Nations run by capital economies comprise a great career niche to professionals. Every corporate entity is likely to hire its own legal team led by lawyers with specialty in commercial law. Public agencies under the Department of Commerce can also provide job posts to legal specialists. Non-profit groups may hire corporate lawyers in dealing with private companies. Academic institutions can offer teaching posts to competent degree holders who intend to share their expertise in the academe. Given sufficient funding, one may opt to establish a law firm that provides legal services on matters relating to business law.