Commercial Law Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Commercial Law, written in plain English, along with examples of how it is used.
What is Commercial Law?
Commercial law also called busines law deals with the principles of business and commerce.It covers matters like trading and sale of goods, bank tarnsactions, loan and guarantee matters and other things realted to the laws of trade and commerce.
History and Meaning of Commercial Law
Commercial law refers to a branch of law that governs business, commerce, and commercial transactions. It covers various areas, such as trade, sales, banking, marketing, and advertising, among others. The history of commercial law dates back centuries when merchants from different countries started to engage in trade activities. The laws governing these activities were developed to regulate the trade relationships between merchants and protect their interests.
The modern definition of commercial law is much broader and encompasses both domestic and international laws. It is an essential component of the global economy and is necessary for promoting fair business activities and preserving competition.
Examples of Commercial Law
- A company enters into an agreement to purchase goods from a supplier. The terms and conditions of the sale are governed by commercial law.
- A bank grants a loan to a business to expand its operations. The obligations of the parties are governed by commercial law.
- A consumer purchases a product from a store. The transaction is governed by commercial law, which sets out the responsibilities of the seller and the buyer.
- An advertising agency creates a marketing campaign for a client. The agency must comply with commercial law when creating advertisements that are truthful, accurate, and not deceptive.
Legal Terms Similar to Commercial Law
- Contract law - governs agreements between individuals or entities.
- Corporate law - regulates the formation and operations of corporations.
- Intellectual property law - protects the rights of creators and owners of intellectual property, such as patents, trademarks, and copyrights.
- International trade law - governs trade activities between countries.
- Securities law - regulates the issuance and trade of securities.