Commercial law, also known as business law, is a body of legal rules within the branch of civil law that governs the rights and duties of parties or organizations engaged in business, consumer transaction, trade, and commerce. The development and application of commercial law is responsible for establishing specific legal systems which apply to and regulate commercial systems and activities. Commercial law governs disputes arising out of traditional buyer and seller transactions, engages with the distribution of goods and proper procedure for payment, and settles issues related to banking, affreightment, and insurance.
Commercial law deals with both the public and private sector, regulating bills of exchange, merchant shipping, product carriage via different transportation channels, corporate contracts, hiring practices, and the manufacture and sale of consumer products. Commercial law incorporates industrial design rights, establishment of intellectual property, international trade law, product liability, malpractice, and more. This field of law also determines the various regulatory practices and structural workings of commerce conduct itself, and is responsible for authorization of privacy laws, safety laws, and food and drug jurisdictions.
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