Definition

All of the laws that govern the formation and operation of a business are referred to as business law. All of the laws that govern how to create, buy, manage, close, or sell any form of business are included in this category. Business laws lay up the groundwork for all businesses to follow. A wise businessperson will be aware with business laws in general and will know when to seek legal guidance. State and federal laws, as well as administrative rules, make up business law.

The elements of business law

Furthermore, business law encompasses corporate law, contracts, commercial papers, intellectual property, secure transactions, income tax, and other business-related contacts and transactions.

Sources of Business law

1. Statutory law.

2. Customary law

3. Case Law

4. Natural Law

5. English Law

Types of Business Law 

Contracts, the law of Corporations and other Business Organizations, Securities Law, Intellectual Property, Antitrust, Secured Transactions, Commercial Paper, Income Tax, Pensions & Benefits, Trusts & Estates, Immigration Law, Labor Law, Employment Law and Bankruptcy. It is a branch of law that examines topics that impact the operation of a business.

Objective of business law

The purposes and functions of business law include 

> maintaining order, 

> protecting rights and liberties, 

> establishing standards, and 

> resolving disputes 

when it comes to businesses and their interactions with individuals, government agencies, and other businesses.