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Commercial law (or business law), which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of Legal person and organizations engaged in commerce and business activities. It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, and partnership. Many of these categories fall within Financial law, an aspect of Commercial law pertaining specifically to financing and the financial markets. It can also be understood to regulate corporation , Recruitment, and the manufacturing and sales of Final good. Many countries have adopted that contain comprehensive statements of their commercial law.
In the United States, commercial law is the province of both the United States Congress, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code, which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia, and the U.S. territories.
Various regulatory frameworks govern the conduct of commerce, particularly in relation to employees and customers. Privacy laws, safety laws (e.g., the Occupational Safety and Health Act in the United States), and food and drug laws are some examples.
This broad area of law covers many topics, from forming new companies, drafting business contracts, employment processes, corporate mergers, consumer rights to commercial litigation. It also provides a comprehensive legal framework that supports the operations of businesses regardless of their size. It ensures that businesses or other entities that engage in commerce adhere to set rules and guidelines, creating a fair and competitive commercial environment while providing legal remedies to resolve disputes.
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