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    Business Law

    Also known as commercial law, this field is the legislation and adjudication of the body of laws relating to the operation, rights and responsibilities of corporations and individuals in business. It is wide-reaching and often vague in jurisdiction, sometimes blurring the lines with other significant fields of law. Generally (though one must allow for deviation by country), this set of laws cover the buying and selling of goods, distribution of products, proper compensation methods, guarantees, business taxes, consumer credit, intellectual property, bankruptcy and partnerships/joint ventures in both the public and private sectors. However, in some cases, commercial law stretches to include property, tax and employment laws too

    With the emergence of the global market, it has become increasingly necessary to harmonize commercial laws across nations. In the medieval era, a system of law called the lex mercatoria[1] (‘merchant’s law’) evolved to cover inter-European trade independent of any sole reigning power and elements of that remain as an unwritten code of conduct. However, since WWII there have been a number of more modern efforts to produce a standard set of international trade laws, from the Convention on Contracts for the International Sale of Goods agreed upon by UNCITRAL in 1980 (now with over 78 countries signing on[2]) to the establishment of the World Trade Organisation in 1995[3] to the 2010 Incoterms defining business terms on a global scale[4].

     

    References:

    1. Understanding Lex Mercatoria
    2. The GATT years: from Havana to Marrakesh
    3. Incoterms
    4. CISG: Table of Contracting States

     

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    BrainMass Categories within Business Law

    Types of Firms

    Solutions: 7

    Law around business organisations deals with the interactions between employees, shareholders, stakeholders, creditors, managing staff and business owners.

    Corporate Transactions

    Solutions: 2

    Legal issues discussed here will include items like transaction planning, contract drafting and review, promissory notes and electronic business transfers.

    Regulation of Financial Institutions

    Solutions: 1

    Sometimes enacted by government, sometimes not, these regulations aim to limit certain banking activities and risks to protect the security and integrity of important financial institutions and securities.

    Corporate Governance and Ethics

    Solutions: 7

    Interest in the ethics of transactions, performance of goods and services and employment has been on the rise in the past few decades and as such there is more study into both the normative and descriptive aspects of this subfield of ethics.

    Bankruptcy Law

    Solutions: 1

    Bankruptcy is the last option of an individual or corporation struggling with insolvency and has many legal restrictions and stipulations in place to ensure creditors are reimbursed as well as possible while simultaneously removing insurmountable burdens from the debtor.

    Competition and Anti-Trust Law

    Solutions: 0

    These laws are the regulations that guard against unfair monopolies and abuse of dominant market positions such as major firms concocting non-competition agreements to the detriment of consumers.

    Corporate Taxation

    Solutions: 1

    Depending on the classification of a company, they may be subjected to income or capital taxes on a number of governing levels that depend on a number of factors. Avoidance and other tax issues occur here much like any other field of tax law.

    Pension Law

    Solutions: 0

    Though specifics depend heavily on the company and sector in question, most career industries offer pensions and as such there must be laws to protect and regulate the dissension of such funds in an individual's old age.

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    Form of Business: ABC Hardware

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