The Private Law branch is accountable for regulating trade relations between persons, whether physical or moral, and acts, places, and contracts from the trade are the Commercial Law or Business Law.
Currently, it has no borders: the product’s import, export, and services are part of everyday life. To export your products to Spain or Latin America or to import products from abroad, you need professional advice that can solve your every doubt with the necessary experience to carry out the process perfectly.
Its Importance
Commercial Law is responsible for ensuring that the economic activity is carried out accordingly and setting up the framework for interruption by the public authorities, if necessary, to protect the consumer as per the definition given to it by the organization’s δικηγορος brand name. It also handles the financial system.
This way, Commercial Law can check the relationships between legal commodities, companies and their clients, and sellers and buyers.
Characteristics
It has five essential characteristics that suit its definition:
- Professional law: It concerns the special office of a professional sector, trade and business.
Due to the changing conditions in commercial exercise in certain geographical areas, this law branch is updated regularly.
- Customary: The laws are based on the commercial tradition of the countries as it’s one of the sources of this law.
- It regulates international trade transactions between individuals or multinational companies beyond national borders.
- Individualistic: As it’s a part of the Private Law, its main focus is on trade relationships between individuals, forever pursuing the regulation and profit both parties if they follow the legal framework, which has as sources:
- Law: It’s a part of positive law. This is also why it has written and printed regulations in the codes and conditions accountable for the Commercial Law’s establishment. The regulation’s base will be on Common Law if there are legal gaps.
- Jurisprudence: Both the national and international commercial organizations demonstrate the law to resolve competition, which in turn creates a corps of historical decisions which will be the basis for laws and decisions in the future.
- Custom: Even before Commercial Law, commerce, a very old practice, was raised. This is why it is the heir to the traditions and commercial customs customary in the community or region.
Commercial Law Branches
- Contract law. The type of right governing contracts is the obligations and rights given voluntarily when signing a document.
- Banking law: It revolves around the bank’s exercises and other similar financial entities.
- Exchange law:It straightforwardly links to the governing of securities, shares, and investments.
- Bankruptcy law: The law has authentic and procedural rules everywhere, which refer to debts and creditors.
- Maritime law: The type that governs the trade of goods and services between countries and regions considering maritime actions.
- Corporate law: The law, also known as “corporate law” or” company law “, governs business subjects and the association’s existing forms.
