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See Article History Alternative Titles: Business law falls into two distinctive areas: In civil-law countries, company law consists of statute law; in common-law countries it consists partly of the ordinary rules of common law and equity and partly statute law.
Two fundamental legal concepts underlie the whole of company law: Nearly all statutory rules are intended to protect either creditors or investors.
There are various forms of legal business entities ranging from the sole trader, who alone bears the risk and responsibility of running a business, taking the profits, but as such not forming any association in law and thus not regulated by special rules of law, to the registered company with limited liability and to multinational corporations.
All partners are agents for each other and as such are in a fiduciary relationship with one another. An agent is a person who is employed to bring his principal into contractual relations with third parties.
Various forms of agency, regulated by law, exist: Appointment may be express or implied and may be terminated by acts of the parties; the death, bankruptcy, or insanity of either the principal or agent; frustration; or intervening illegality.
See also agency theory, financial. It is inevitable that in certain circumstances business entities might be unable to perform their financial obligations. With the development of the laws surrounding commercial enterprises, a body of rules developed relating to bankruptcy: Business law touches everyday lives through every contractual dealing undertaken.
A contract, usually in the form of a commercial bargain involving some form of exchange of goods or services for a price, is a legally binding agreement made by two or more persons, enforceable by the courts.
As such they may be written or oral, and to be binding the following must exist: The terms must be legal, certain, and possible of performance. Contractual relations, as the cornerstone of all commercial transactions, have resulted in the development of specific bodies of law within the scope of business law regulating 1 sale of goods—i.
Business law, on national and international levels, is continually evolving with new areas of law developing in relation to consumer protectioncompetition, and computers and the Internet.
Learn More in these related Britannica articles:Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
ESADE Business and Law School Founded in , ESADE Business and Law School has campuses in Barcelona and Madrid and a presence in São Paulo, Lima, Mexico City, Bogotá, Santiago and Buenos Aires.
It has partnership agreements with more than universities and business .
Business law consists of multiple areas of law dealing with the interactions between a business, its employees, the government, the public and other companies. Areas of Business Law A few basic areas of law that businesses have to deal with are: contracts, corporations, tax, intellectual property, and employment law in addition to many others.
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