Important Branches of Business Law
The rise of new ways of social and business life, the development of an industrial society, and the increased use of mechanical devices have led to an increase in the number of laws and of the fields of law.
Business law is also known as commercial law and covers the areas of law that covers both business and commerce law, which is a rather broad area of the law. Business law is also a branch of civil law that deals with private laws, public law and business laws.
Commercial law covers the laws of hiring practices, corporate contracts and the sales and manufacturing of consumer goods. The United States attempts to bring a unified code to business law which is included in the Uniform Commercial Code of the United States.
Business law does cover a large area of law that covers all of the laws that dictate how to form and run a business.
A contract is a binding agreement. Certain types of contracts have developed special principles which govern them, in addition to the general principles applicable to all kinds of contracts. Thus it is necessary to give particular attention to contracts of agency and employment. The contracts or obligations that arise in connection with commercial paper, such as checks; contracts for the sale of goods; and secured credit sales and other security devices, such as those used in installment selling, and insurance.
The law governing property is classified in terms of the kind of property involved, and particular transactions relating to it. Some of these principles relate to personal property, the transfer of title to personal property, and bailments of personal property which arise when it is given to another person to store, repair, or transport.