Commercial law (or business law), which is also known by other names such as mercantile law or trade law depending on

jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...

; is the body of law that applies to the rights, relations, and conduct of

persons A person (: people or persons, depending on context) is a being who has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relations such ...

and organizations engaged in commercial and

business Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for ...

activities. It is often considered to be a branch of civil law and deals with issues of both

private law Private law is that part of a legal system that governs interactions between individual persons. It is distinguished from public law, which deals with relationships between both natural and artificial persons (i.e., organizations) and the st ...

and

public law Public law is the part of law that governs relations and affairs between legal persons and a government, between different institutions within a state, between different branches of governments, as well as relationships between persons that ...

. Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

; bills of exchange, negotiable instruments,

contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of thos ...

s and partnership. Many of these categories fall within

Financial law Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. Understanding financial law is crucial to appreciating the creation and formation of banking and finan ...

, an aspect of Commercial law pertaining specifically to financing and the financial markets. It can also be understood to regulate

corporate A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of s ...

s, hiring practices, and the manufacture and

sales Sales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred ...

consumer goods A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. W ...

. Many countries have adopted civil codes that contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the

United States Congress The United States Congress is the legislature, legislative branch of the federal government of the United States. It is a Bicameralism, bicameral legislature, including a Lower house, lower body, the United States House of Representatives, ...

, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general

adoption Adoption is a process whereby a person assumes the parenting of another, usually a child, from that person's biological or legal parent or parents. Legal adoptions permanently transfer all rights and responsibilities, along with filiation, fro ...

of the

Uniform Commercial Code The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through U ...

, which has been adopted in all 50 states (with some modification by state legislatures), the

District of Columbia Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and Federal district of the United States, federal district of the United States. The city is on the Potomac River, across from ...

, and the U.S. territories. Various regulatory schemes control how commerce is conducted, particularly ''vis-a-vis'' employees and customers. Privacy laws, safety laws (e.g., the Occupational Safety and Health Act in the United States), and food and drug laws are some examples.

Content

Commercial law covers the following legal areas : * legal status of businesses ** Sole traders ** Corporate law *

Competition law Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust ...

* Consumer law *

Advertising Advertising is the practice and techniques employed to bring attention to a Product (business), product or Service (economics), service. Advertising aims to present a product or service in terms of utility, advantages, and qualities of int ...

and

marketing Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or ma ...

regulations * Contract law *

Goods and services Goods are items that are usually (but not always) tangible, such as pens or Apple, apples. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the Production (economics), production, distributio ...

law *

Intellectual property law Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, ...

** Copyright law ** Patent law ** Trademark law *

** Credit and securities laws * Tax law * Banking regulations * insurance law * Bankruptcy Law * International trade law * E-commerce law This broad area of law covers many topics, from forming new companies, drafting business contracts, employment processes, corporate mergers, consumer rights to commercial litigation. It also provides a comprehensive legal framework that supports the operations of businesses regardless of their size. It ensures that businesses or other entities that engage in commerce adhere to set rules and guidelines, creating a fair and competitive commercial environment while providing legal remedies to resolve disputes.

History

During the

Middle Ages In the history of Europe, the Middle Ages or medieval period lasted approximately from the 5th to the late 15th centuries, similarly to the post-classical period of global history. It began with the fall of the Western Roman Empire and ...

, Italy was the cradle of many modern institutions at the basis of commercial law. Around the 16th century, the trade of Italian maritime republics was the promoter of the birth of commercial law: the jurist Benvenuto Stracca, ( Ancona, 1509–1579) published in 1553 the treatise ''De mercatura seu mercatore tractats''; it was one of the first, if not the first, legal imprint dealing specifically with commercial law. This treatise focused on merchants and merchant contracts, practices and maritime rights, to which he soon added extensive discussions of

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

, factors and commissions, third party transfers, and

. For this reason, Stracca is often considered the father of commercial law and author of the first Italian treaty about the insurance contract, beyond about the commerce. The legal work of Italian jurists had an impact on Holland,

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...

and

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

. *''Modernisation, National Identity and Legal Instrumentalism'' (Vol. I: Private Law): ''Studies in Comparative Legal History'', Brill, 2019 (p. 118); *Vito Piergiovanni, ''The Courts and the Development of Commercial Law'', Duncker & Humblot, 1987 (p. 14); *Encyclopedia Treccani,
Benvenuto Stracca
'

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Content

History

See also

Notes

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