Business law is also called commercial law or mercantile law, which refers to the legal body of law which governs the activities, rights, and dealings of companies and individuals engaged in trade, commerce, and sales. It can also be considered a sub-set of civil law and covers matters of both personal law and public law.
The laws that govern business law are found in the various statutes governing the business, such as the business act (the law on business), the corporate law, the corporate instrument, the general business act, the business code, the business licenses, the corporate securities law, and the foreign laws. These laws give detailed information about what is expected from a company and what it is allowed to do by the state. This is also where a company will file complaints against its competitors.
Another important aspect of business law is related to commercial disputes: arbitration. Arbitration is a process in which an arbitrator is assigned to settle business disputes between a company and its competitors; an arbitrator decides the amount of damages a company should pay for injuries and damages caused by its competitors, such as breach of contract, false advertising, unfair competition, trademark infringement, patent infringement, or product liability.
Disputes between companies may be about whether a company’s products or services are harmful to the environment, the safety of employees working for the company, or about the products or services offered by the company. In a dispute regarding the product or services of the company, it is important for the company to prove that the products or services offered by the company are safe, effective, or harmless, without violating any applicable law or harming the customer.
The state has many rules and regulations about business disputes; however, these rules vary from one state to another. If the company has a dispute with a competitor over the business, it should make sure it understands these rules before filing a complaint or making an offer for arbitration. There are several organizations that have been set up to monitor and enforce the laws and regulations governing commercial law in each state and help companies with commercial disputes.
Business disputes may be resolved by arbitration, but they are much more common when there is a lawsuit between a company and its competitors. Whether it is a lawsuit or arbitration, a lawyer will always represent the company. The company will need to hire the services of a competent, professional who specializes in business law in order to prepare the best defense in court.
