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Understanding commercial law

Commercial law is a branch of law that regulates the interactions between merchants involved in commerce and how they are supposed to conduct themselves when interacting with customers. Commercial law governs the sale of negotiable instruments, goods and services, leases, security interests, principal and agent relationships, and many other interactions between business people and clients. Commercial law applied to businesses of all sizes.
Commercial law affects many aspects of our daily lives, so it is an important area of study. It covers guarantees, shipping of the goods we use, insurance coverage, consumer complaints, starting and closing a business, and advertising. By buying goods or services, you automatically create a contract; the contract may be written or verbal. Commercial law can be subdivided into contract law, corporate law, employment law, data protection law, and intellectual property law.

Commercial law in the United States

In the United States, commercial law is implemented by both congress and the individual states. There have been efforts to make a uniform commercial law that has not been successful. However, the Uniform Commercial Code has been adopted by 50 states so far. Yet as much as most states have adopted the Uniform Commercial Code, they have also kept their commercial law regulations which they implement.

Commercial law in Australia

In Australia, commercial law is governed by the Corporations Act 2001, which states the rules that control opening companies, how they operate, and their interactions both internally and externally. In Australia, commercial law covers securities and deviations law, corporation law; trade practices law, finance, and banking. It aims to address issues affecting businesses in all corners of the world. The law seeks to ensure that companies are guided on how to interact with themselves and their customers.