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Corporate contracts, the manufacture and sales of consumer goods and hiring practices are all regulated under Commercial law. Some countries have adopted civil law codes that are complete explanations of the comprehensive statements of commercial law. However, in the United States, commercial law is the result of both the United States Congress with its power to regulate interstate commerce and also the states under police power. It is hopeful that the law can be unified to create one body of commercial law in the U.S. The most success to date has been the general adoption of the Uniform Commercial Code.
Some topics dealt with in Commercial or Business law are:
Unsecured vs. Secured Loans
- A secured loan means the creditor has contracted with the debtor for a secured status and the loan is backed up by collateral. Secured loans are from consensual liens.
- Unsecured loans are from general creditors or ordinary creditors.
- An unsecured loan does not have property that can be repossessed from the debtor.
- A judgment creditor or loan is an unsecured loan that has a court judgment to establish liability.
- An Account receivable is a loan where the creditor has the right to receive payment from the debtor over time.
- A Mechanic's Lien is when someone has possession of your property due to a service performed. The service provider has a right to hold onto that property until they are paid for the service performed.
- A lien is a charge against an interest in property used to secure payment of a debt or obligation.
- 3 Types of Liens:
- security interest (contractual lien)
- statutory lien
- judicial lien
As you can see there are legal Commercial laws that (1) govern the obligations and duties of parties engaged in the sale of commercial products, (2) laws to govern disputes from the sale and trade of everyday transactions for buying and selling, and (3) laws to settle issues concerned with banking and insurance.
Where is the study of Business or Commercial law utilized? This type of law is very important in many arenas of buying and selling. As an undergraduate quite a few courses are required for Business students such as finance and accounting to mention a few. Up to 9 hours of course work is required for business students who might end up in the credit or banking business. The course is a challenge and usually students who have grown up with the terminology discussed above have better familiarity with the course before beginning. In law school students take Business law and commerce law to represent the disputes or infractions of the law in court.
The salary a lawyer can earn in Business law and Commerce vary by area from $95,000 in Florida to $128,000 in New York.
Commercial Litigation is most often practiced in the law firms who specialize in commercial litigation. More recently e-commerce has surfaced as an up and coming field with laws of its own. This law is also taught in some law schools. It appears there is much work in commerce and business law.
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