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What is commercial law?

| Apr 11, 2021 | Commercial Law

Commercial law closes relates to business. It may also involve money and finances.

Cornell Law School says commercial law oversees the areas of consumer transactions, business and finance. There are a variety of areas in which it applies and various subcategories of commercial law.

Consumer protection

Consumers get protection through various areas of commercial law. These areas include real estate law, which helps protect you during a transaction where you buy or sell property. It also covers landlord and tenant issues and all aspects of sales.

Financial security

Commercial law also will cover many aspects of finance. It includes laws governing banking and investments. It also covers credit, including debt collection. Bankruptcy also falls into the category of law.

Business

Business law is an extensive portion of commercial law. It covers a variety of things, from the starting of a business to how a business runs. It also will govern the various legal aspects of operating a business.

Other aspects

Commercial law is a civil concept. Some aspects of commercial law may blend with criminal law. For example, in the case of white collar crimes, there may be some instances of commercial law coming into the case. However, in general, cases in this area of law are not criminal in nature.

What this means is if you have a commercial law issue, you will handle it in civil court. The penalties for any issues will be financial in nature and not involve jail or prison time. They may also include the court ordering you to do something, such as honor a contract or pay a debt.