Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law.
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; bills of exchange and partnership. It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. 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, 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 of the Uniform Commercial Code, which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia, 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.
Famous quotes containing the words commercial and/or law:
“The commercial class has always mistrusted verbal brilliancy and wit, deeming such qualities, perhaps with some justice, frivolous and unprofitable.”
—Dorothy Nevill (1826–1913)
“The image cannot be dispossessed of a primordial freshness, which idea can never claim. An idea is derivative and tamed. The image is in the natural or wild state, and it has to be discovered there, not put there, obeying its own law and none of ours. We think we can lay hold of image and take it captive, but the docile captive is not the real image but only the idea, which is the image with its character beaten out of it.”
—John Crowe Ransom (1888–1974)