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                 Buisness Law

     

    Business law is known as Commercial Law; it is the body of law that governs business and commercial transactions that deal with both private and public law. It facilitates the functioning of trade between countries and the laws that must be upheld in order to regulate commerce.

               

    Many countries have developed a separate governing body of policies for Commercial Law which deals with and regulates corporate contracts, hiring practices and the manufacture and sale of consumer goods. Evidence of trade practices was found in Egypt and Babylonia in ancient times through treaty agreements; the merchants were allowed to regulate their own affairs and hear each other disputes without interference from government or state. Roman law had features of commercial law incorporated in their regulations which was not handled separately in special courts but simply a part of the legal system.

               

    The barbarian invasions in Europe caused disruption in the social aspect of the commercial law and its practices and it wasn’t until the Middle Ages that commerce became possible in Europe and merchants were able to determine rules and regulations where they could safely operate.

               

    In Italy and France at this time of the invasions, the merchant class dominated the state and could change the rules and regulations at their own discretion. There was an organization developed to protect the merchants at this time and their trading interests called “Hanseatic League”. This league dominated commercial activity in Europe from the 13-15th century. It protected the transport of goods by quelling pirates and enabled safe navigation for all ships by building lighthouses. Their main goal was to organize and control trade by winning commercial privileges and tried to establish trading overseas. In extreme cases, there was violence.

     

    In other parts of Europe as well associations of merchants bought protection from powerful lords or kings who granted them safe conduct and permitted the merchants to enact rules of enforcement. Both classes of merchants had special courts where they determined the outcome of the law without the necessity of any special courts or lawyers.

    “Law Merchant” was applied to these types of principles and developed later in England and continental Europe but not until the 16th century. In England the law was administered by special courts and lawyers and only had jurisdiction over those who engaged in trade.

               

    The royal courts in those days refused to hear the merchants’ issues until the 17th century where the courts reversed their original decision. At first the merchants would have to provide proof of the law in each case. In the 18th century this special proof was abolished and the law merchant was a part of the common law. The United States also adopted these principles.

               

    In present day Commercial Law (Business Law) there are various regulations and policies as to how commerce is conducted. There are privacy laws and safety laws; food and drug laws were also developed. It encompasses titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life and accident insurance; bills of exchange and partnership.

               

    Many countries have adopted civil codes which contain statements of their commercial law. In the United States, commercial law is regulated by the United States Congress to ensure commerce between countries. Efforts have been made to create a unified law to enable each country to trade fairly with laws in place to protect all parties.


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