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Business Law

Business law which is also known as commercial law is a type of law which is applied on various business entities. These provide legal obligations for business entities like for any business partnership, merger, acquisition etc. The acquaintance of business laws are very important while setting up a new business or while going through or operating it.

Business law helps in survival and development of organization and also helps the management in decision making. The business law also provides help in case of any breach of contract by the organization.

Areas covered under Business law -

1.      Corporate contracts

2.      Human resource practices

3.      Transporting of goods

4.      Manufacturing

5.      Sales

6.      Accidents while job

7.      Fire

8.      Banking

9.      Secured transaction

10.  Bankruptcy

11.  Mortgages

12.  Tax laws

Each and every country has its own set of legal rules and obligations which are defined under the category of business law. The main purpose is to describe the rights and responsibilities of a business or people involved in business.  As all countries are moving towards globalization it's very important to defined business rules which an organization needs to follow.

The existence of branch of law is enormously important for the business and also the parties associated with the business. The reason for all this is in the absence of this there would be no authority to curb the unfair or malpractices any of the business might decide to get into. The existence of business law ensures that all the business is following justifiable and fair practices in the business and hence is sustainable.