Full Definition of Business Law

Business law, also known as commercial law, is the legal area which governs the operations of business and commercial activities. Business law is often viewed as a branch of civil law and handles matters of both private law and public law. Business and commercial law enforces corporate and commercial contracts, hiring and certain employment activities, and the manufacturing and sales of goods. Several regulatory bodies and agencies control the operation and conduct of business, as well as legal matters associated with safety, privacy, and food and drugs.

Business law also deals with issues such as starting, selling, or buying a small business, managing a business, dealing with employees, and interpreting contracts. Commercial law includes all aspects of business, including advertising and marketing, collections and bankruptcy, banking, contracts, negotiable instruments.

The Uniform Commercial Code (UCC), which has been adopted in part by every state in the United States, is the primary authority that governs commercial transactions. The UCC is divided into nine articles, covering a broad spectrum of issues that arise in commercial transactions. The Uniform Commercial Code (UCC), which governs sales and commercial paper, has been adopted in some form by almost all states.