Importance of Commercial Law

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What is commercial law? There is no legal definition of commercial law. However, there are some acceptable definitions. First and foremost, W.H.Disney defined commercial law as “…all that portion of the law of [England] which is more especially concerned with commerce, trade and business.” Besides, H.C.Guntteridge states that “…commercial law can be defined as the special rules which apply to the contract of the sale of goods and to such other contracts as are adscititious thereto, namely contracts for the carriage and insurance of goods and contracts. The main objective of which is to finance at the carrying out contract of sale.” Last but not least, Prof.Roy Goode defined commercial law as “…. The totality of the Law’s response to mercantile disputes…” Thus, in a simple definition, commercial law also known as business law. Commercial law can be understood as the body of law that governs and administers business and commercial transactions. Besides, commercial law is considered to be a branch of civil law and it deals with both private law and public law. Apart from that, commercial law includes titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; fire, marine, life, and accident insurance; bills of exchange and partnership. Commercial law can also be understood to regulate hiring practices, corporate contracts, the manufacture and sales of consumer goods. Many countries have used civil codes that contain comprehensive statements of their commercial law. Commercial law is a broad discipline with several fields that are very important in business. First and foremost, in a free market system, commercial law is very important in the business environment. Companies depend on the enforcement of law to protect their business interests while conducting operations. Local, state and federal court systems can help companies enforce

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