commercial law

חוֹק

2022

We explain what commercial law is. Importance, characteristics, sources and branches of commercial law. Application examples.

An example is international trade agreements and regulations.

What is commercial law?

commercial law or business law It is a particular branch of private right, which has as objective regulate and accompany dynamic of exchange of goods and services, that is, the commercial acts contemplated in the law, as well as the legal implications arising from them.

In other words, commercial law ensures the proper development of economic activity and establishes the framework for the intervention of public authorities if necessary, as in the case of the protection of consumers. The financial system, in particular, is heavily guarded, given the enormous sums of money it mobilizes.

Thus, this branch of law has to do with the relationships between different Businessbetween them and their clientele, between sellers and buyers, and even with the mechanisms to found a company or open a trade.

In variants of law such as the Anglo-Saxon, however, this law does not have a united approach, but rather consists of different legal parcels that do not have a close relationship with each other, as is the case with commercial law.

Characteristics of commercial law

Commercial law is considered as follows:

  • It is a professional right. That is, it concerns the specific job of a professional sector (commercial and business).
  • It is individualistic.Well, it does not usually consider transactions involving public authorities, but rather focuses on private law.
  • It is customary. Since it is based on tradition commercial of the countries.
  • It is progressive, since it is updated as the conditions of the commercial exercise change.
  • It is global or internationalized. Since it goes beyond national borders and also regulates international commercial transactions between individuals or transnational companies.

Sources of commercial law

Commercial law develops primarily from three sources:

  • The law. Since commercial law is also a form of positive right, has a written and published regulation of the codes and conditions that constitute commercial law. If there are gaps in it, common law will govern instead.
  • Custom. Given that commerce is long before the emergence of this branch of law, it is heir to the specific commercial traditions and customs of its community or region.
  • jurisprudence. The different national and international mercantile organizations interpret the law to settle disputes, thus creating a corpus of historical decisions that serves as the basis for future laws and decisions.

Branches of commercial law

Commercial law is subdivided into the following specialized branches:

  • Banking law. The one who regulates the exercise of banks and other similar financial entities.
  • Bankruptcy law. That contains the substantive and procedural rules in everything related to debts and creditors.
  • Contract law. The one that has to do with contracts, the obligations and rights acquired voluntarily by signing a document.
  • Corporate law. Also called right of societies or corporate law, deals with business subjects and their forms of association.
  • Industrial property law.The one that defends the productive exercise, industrial creativity and the way in which industrial activities operate, are founded and grow.
  • Exchange law. Linked to the regulations on securities, shares and investments.
  • maritime law. The one that regulates the exchange of goods and services between countries and/or regions, through the merchant marine.

Importance of commercial law

Commercial law is a key branch of legal practice to pursue the Justice and economic equity, and combat corruption and economic crime, by establishing clear rules and regulations for all commercial acts.

Sales, purchases, rentals, business foundations, all financial and economic agreements for the exchange of goods constitute the basis of the flow of wealth in the nations, even more so in times of globalization economic.

Examples of commercial law

A simple example of the application of commercial law is constituted by international commercial agreements and regulations, which regulate and protect the flow of raw material, manufactured goods and other goods and services between one geographic region and another. These international financial treaties and free trade They are part of international commercial law.

Another possible example is the promissory notes Y commitments of payment, which are legal documents signed by the parties involved in which a payment commitment is acquired before the law and justice, such as payment for the provision of services or goods received.

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