business law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters.

But luckily for you, there are only a handful of types of business law most SMBs need to know:

(1) Business formation and governance – Done! ... 

(2) Contract law – ... 

(3) Employment law – ... 

(4) Intellectual property law – ... 

(5) Regulatory law 

You might encounter business laws when dealing with creditor and consumer protection, insurance, or will and estate planning. Other examples include managing, starting, buying, or selling a business, managing contractors, and working with employees. ... Regulation of contract laws for commercial transactions.

Business Law is an intellectually challenging study of the constantly changing legal puzzles that face businesses of all sizes and types. The Program of Study in Business Law prepares law students for a variety of practice areas, including business transactions, commercial litigation, tax, nonprofit law, and more.