Apr 1, 2009

Business Law

Business law involves rules as well as regulations which are related to commercial transactions as well as provide a legal framework within which business transactions may be managed. The term Commercial Law is also associated with Business Law in some cases.

Business law is very diverse and includes areas such as business formation and organization, business negotiations and planning, banking and finance law, sale of business, business litigation etc. Some of the subsets of business laws include Corporate Law, Commercial Real Estate, Trusts and Enforcing Foreign Judgments. This Law deals with providing financial information related to a particular organization to managers to assist them to manage their business.

Business law form an important part of everyday lives through every contractual dealing undertaken. A contract, is generally in the form of a commercial bargain involving some kind of exchange of goods or services for a price, is a legally binding agreement which is made by two or more persons and is enforceable by the courts. The contract can be either written or oral. For the contract to be binding, these need to exist-an offer and unqualified acceptance ,the intention to create legal intentions, consideration which is valuable as well as genuine consent. The terms need to be legal as well as of performance.