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April 30, 2019 - Advice and Strategy > Legal
Everything you need to know about the branches of commercial law

Understanding the commercial law firms in Melbourne is important for any business that deals with the purchasing or selling of any product or service. While the branches of commercial law dealing with business and financial transactions. Commercial law mainly includes contract law, property law, corporate law, intellectual property law, tax law, negotiable instrument law, and uniform commercial code.


 


Moreover, commercial law or business law comprises the whole set of laws related to trade and sales. This includes laws on business contracts, sale of goods, banking, insurance, finance, bankruptcy, and taxation. Commercial law also defines the rights and obligations of parties in various types of contracts like agency agreements, guarantees, contracts for carriage and many more.


 



Elements of a Contract


 


Without a clearly defined contract, it is difficult for sellers and buyers to make transactions. There would be no assurance that the other party will honor the transaction without a contract. In order to form these agreements, there are certain rules that need to be followed. They make sure that the contract becomes enforceable through the legal system.  


 


Generally, there are three elements of a contract.


 


Offer


 


The party that proposes to enter into a contract must make an offer setting out the terms of the contract. Here the offer must be made with an intention of entering into a legally binding contract.


 


Acceptance


 


The party to whom the offer is made must accept it unconditionally and should convey its acceptance to the offerer. However, conditional acceptance and counter-offers do not form a valid contract.


 


Consideration


 


If a party is forgoing something then they should also get something in return. That “something in return” thing is a promise to do which is also known as consideration. A contract without consideration is not enforceable.


 


Branches of Commercial Law


 


Contract Law


 


This law seeks to regulate the formation and enforcement of contracts. Contract law sets out the essential elements of a valid contract and the remedies available to parties in the case of a breach of contract.


 


Corporate Law


 


Corporations get their power from this corporate law. You will need a corporate lawyer in Melbourne to deal with formation, management, and termination of corporations. This law sets out legal provisions for issues such as the election of directors, raising of capital, prevention of insider trading, distribution of dividends, the redemption of shares, and mergers and acquisitions.


 


Property Law


 


As the name suggests, this law governs the transactions pertaining to different types of property. Property law mainly includes sale, transfer, lease, and rental of immovable property which also covers within its ambit bailment of moveable property.


 


Business Regulations


 


This set of law covers government rules and regulations for business organizations, factories, trade unions, and labor.


 


Tax Law


 


It covers the levy of direct and indirect taxes on business transactions. While the primary type of taxes includes incomes, sales, excise, gift, capital gain, and profit distribution taxes.


 


Intellectual Property Tax


 


Patenting of inventions and copyrighting of creative work is done under intellectual property tax.


 


Uniform Commercial Code


 


The UCC or the Uniform Commercial Code aims to bring consistency of commercial law across all the states.


 


Common Legal Issues in Commercial Law


 


As you might already know that all commercial and business laws are associated with various types of legal issues. The most common legal issues among them are the violation of contracts. Apart from that, there are several other issues such as advertising disputes, marketing term violation, unfair trade practices, deficiency in service, and many more.



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