Commercial and Business Law

business law and commercial law are two fields of law that have related and overlapping issues. What this means is that lawyers who practice both areas.While commercial law is an area of law that deals with sale and financing of commercial transactions, business law on the other hand focuses on issues around formation of companies, mergers and acquisitions, leases and shareholder rights.

Extra information about commercial and business law

Business law is highly regulated by federal as well as state law. The federal government regulates stocks and other related investments employment law and workplace law. States world over have different regulations and legislation governing practice of law.

Commercial law on the other hand is governed by uniform commercial code which is a set of regulations that focuses on sale of goods, leases and other negotiable instruments. While other modifications to these sets of law have been introduced to suit various jurisdictions and situations, they remain largely the same in their manner of application.

Some common Terms to Know in commercial and business law

Uniform commercial law (UCC) is a law that is often employed to govern the sale of goods and negotiable instruments.

Negotiable instruments: These are documents such as cheques, notes, which are unconditional promises to settle a specified amount of money on demand to a named person at a particular time.

Merger -- Refers the absorption of an entity by another entity while acquisition is the gaining of a controlling interest in an entity

Secured Transactions--are transactions which are intended to establish a security interest in a property.

Security - It is a financial asset which is offered to make a promise that a payment will be fulfilled.

Things to Consider When Hiring a Business and commercial attorneys

Different industries face business and commercial law issues unique to each of the industries industry faces its own unique business and commercial law issues. Hiring a lawyer with experience in your specific area of business will help you sort all your issues and get you the best legal solution.

Businesses and companies require the services of an experienced lawyer to help in litigation of business related issues. The most unfortunate thing is that owners of businesses only hire attorneys when they know it is untenable to go it alone and this causes more problems. Some other businesses decide to take the litigation of business related issues in their own hands without requiring the help of a legal professional. What this means is that such businesses end up with many cancelled business contracts, legal penalties, loss of profits and many dissatisfied clients because of failure to conclude transactions as per the contracts.

Instead of adopting DIY approaches when it comes to business litigation and execution of legal contracts, businesses need to consult commercial and business law professionals to be sure that their legal rights are preserved.