One of the most common law services being offered by firms is those that pertain to commercial law. What is it, exactly? Well, I will cover everything that you need to know about that in this article.
What is Commercial Law?
Also known as Business Law, Commercial Law is basically a body of law that helps regulate the conduct of merchants and persons who pretty much engage in sales, trade, and commerce.
This is considered to be a really broad area of law that can also interact with other branches of law, including real estate, food/safety laws, and environmental regulations.
One of the most common premises that commercial law is applied are contract violations. It forms a huge part in most of the cases that involve commercial legal issues.
Any transaction that happens between a merchant and a customer will typically involve some form of contract and legal issues may stem in connection with the terms that are stipulated therein.
A breach of contract can, therefore, cause significant losses for the parties involved. Other common commercial law legal issues may include (but are not limited to):
- Issues that may arise as a result of competition
- Marketing and advertising violations and disputes
- Terminating or transferring a business
- Starting a new business
- Protection of Intellectual property and trade secrets
- Consumer Complaints
To reiterate, commercial disputes may involve a mixture of laws in other areas, such as real estate law, environmental law, etc.
How Are Commercial Law Cases Resolved?
There are some areas in law that can only be resolved in one way, but that is not the case when it comes to commercial law disputes. Depending on the violation, commercial law disputes may use a couple of different solutions including breach of contract remedies such as contract rescission, Business mediation or other alternative dispute resolution methods, monetary damage for losses, equitable remedies such as an injunction.
It is important to note that the legal remedies may be different depending on the liable party. In other words, the resolution is different for an average citizen or a commercial merchant.
In the event that there are a lot of people that are affected by the same case, then the disputes would require a class action lawsuit.
Do I Need a Lawyer for Help with Commercial Law Issues?
The resolution for a case that involves commercial law disputes may involve a complex series of different statutes and laws. If there are things that you do not know about your country’s commercial laws, then hiring a business law attorney is needed to provide you with assistance in this matter.
The lawyer may give you research and legal advice, among other services that will help you win the case. In the event that you are called upon by a court of law, your attorney may be your legal representation if you want to.